Demand for Smart Thermostats Increases as they Allows Analysis of Energy Savings
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The technological advancements in thermostats have led to the development of smart thermostats that are increasingly being used in various industrial verticals. A large number of consumers are opting for smart thermostats as they offer a better solution for saving energy and reducing energy bills. The biggest advantage of these thermostats is that they provide optimum energy efficiency while using household utilities, thereby forming an integral part of home solutions. Owing to these reasons, companies offering telecommunications and broadband services, heating, ventilating, and air conditioning (HVAC) installers, and home security companies are integrating smart thermostats in their devices.
Smart thermostats are being integrated with cloud-based software and services that enable an understanding of the collected data. Thus, smart thermostats are allowing users to understand the amount of energy consumption and savings, which in long-term will play a vital role in energy management. According to the research report, North America holds a major share in the global market, which is closely followed by Europe. Analysts predict that rise in residential and commercial construction activities is expected to propel the demand for smart thermostats in Asia Pacific region as well.
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Some of the leading players operating in the global smart thermostats market are EcoFactor, Ecobee, Nest Labs, Schneider Electric, EnergyHub, WeatherBug, tado, Quby, Energate, and Honeywell. The research report includes a special chapter that discusses the profiles of these companies and provides an insightful take on business strategies they are likely to adopt in the coming years. Furthermore, the research report also provides a thorough assessment of the recent developments of these players, the potential mergers and acquisitions, and the futuristic approach that these players are likely to take.
The extensive document also includes the market share of key companies and segments of the global smart thermostats market. The chapter explains the development of these the leading companies and segments along with identifying the market drivers and restraints that will determine their trajectory. The research report includes recommendations that companies must consider in order to benefit from the ever-changing nature of market dynamics in the near future.
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