Rapid Urbanization in APAC a Boon for Global Smart Thermostat Market

"Smart thermostat market driven by increase in urbanization and rising carbon emission, growing internet users and smartphone penetration, government regulations to use energy saving devices and growing advancements in the thermostat technology."

MarketResearchReports.biz announces the availability of a fresh business and commerce report in its repository, titled “Global Smart Thermostat Market Analysis By Technology (Wired, Wireless - Wi-Fi, ZigBee, Others), Application, Components, By Region, By Country: Opportunities and Forecast (2012-2022) – By Application (Residential, Commercial, Others), By Components (Temperature sensor, Humidity sensor, Power management, Others).” The report, prepared by a group of professional and experienced research analysts, aspires to serve as a credible business tool for its targeted audiences such as contractors, operators, and service providers in the smart thermostat market, government agencies, environmental bodies, and business development executives. The report segments the global smart thermostat market on the basis of technology, application, wireless technology, and components, gauges the potential of various regions, and provides insights into the competitive landscape by profiling a number of companies operating in this market.

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As per the evaluations of the 186-pages report, the opportunities in the global smart thermostats market have grown nearly 20 percent during the period of 2012 to 2017, and it was worth US$1.36 bn in 2017. The report has estimated that the demand in the global smart thermostat market will increment at a CAGR of 35.29% during the forecast period of 2017 to 2022, gaining traction from a number of factors but none bigger than rapid urbanization in various regions with which the carbon emission has increased. Owing to the ubiquity of smartphones and escalating number of internet users, the awareness regarding environment has spread quickly among the masses, and several government have also pushed with regulations to use energy saving devices. In addition to that, the technology pertaining to thermostat has improved with the advent of configurable and programmable thermostats, which is expected to drive its adoption during the forecast period. The growth of the smart home market and growing demand for self-learning automated devices are also expected to reflect positively on the global smart thermostat market. On the other hand, incompatibility issues in wireless networks, ability to work offline, and false trigging of switches by sensors are some of the challenges obstructing the prosperity of the global smart thermostat market.

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Based on application, the report segments the smart thermostat market into residential, commercial, and others, whereas on the basis of components, the market has been classified into temperature sensor, power management, humidity sensors, and others. Technology-wise, the market has been bifurcated into wired, wireless, and ZigBee. The report contains market value of each of these segments during the period of 2012 to 2022. Geographically, the report studies the potential of smart thermostat market in the regions of North America including the U.S. and Canada, Europe including Germany, France, and the U.K., Asia Pacific including China and Japan, and the Rest of the World including the U.A.E. Currently, the developed country of the U.S., which is also the fourth most populated country in the world, serves the maximum demand for smart thermostat, whereas the APAC market is driven by China and India, wherein urban population has increased rapidly owing to emergence of various industries.

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One of the key feature of this report is its section on the competitive landscape. The report has detected that a few players are ahead of the curve and will remain so during the forecast period too, owing to their broad product portfolio and strong distribution network. The report profiles Honeywell, Quby, Ecobee, Nest, Tado, Ingersoll Land Plc., Carrier, Emerson Inc., and Schneider Electric for their current business overview, recent strategic decisions, and geographical presence. Partnerships and collaborations with utilities and energy agencies is expected to help these key players gain popularity for this industry.

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