The latest report by IMARC Group, titled “Smart Thermostat Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, finds that the global smart thermostat market reached a value of US$ 1.54 Billion in 2019. Smart thermostats allow users to control the heating and air conditioning of their homes or offices via the internet. These devices collect data related to the behaviour and specific needs of the user and adjust themselves accordingly. Smart thermostats can also be used with home automation systems to offer customized settings which minimize energy use while maximizing comfort. Some of the other advantages offered by smart thermostats include recording the runtime of HVAC systems, monitoring internal/external temperatures as well as improving indoor air quality. Owing to the convenience provided by smart thermostats, the demand for these devices is being accelerated worldwide.
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Smart Thermostat Market Trends:
Smart thermostats are highly efficient and help homeowners in reducing the overall electricity consumption and related operating costs. Moreover, they enable the users to monitor energy utilization as well as adjust temperatures from remote locations. In addition, the growing base of tech-savvy consumers has led to a rise in the adoption of smart homes and connected devices, which is projected to create a positive outlook for the smart thermostat industry. This is supported by the growing sales of smart home assistants, such as Google Home and Amazon Echo, coupled with the increasing number of consumers opting for home automation solutions. Looking forward, IMARC Group expects the global smart thermostat market to exhibit strong growth during 2020-2025.
Market Breakup by Product:
- Standalone Smart Thermostats
- Connected Smart Thermostats
- Learning Smart Thermostats
Amongst these, standalone smart thermostats are the most widely used products owing to their cost-efficiency.
Market Breakup by Component:
- Temperature Sector
- Humidity Sensor
- Motion Sensor
On the basis of component, temperature sensor represents the leading segment, accounting for the majority of the global market share.
Market Breakup by Technology:
- Wireless Smart Thermostats
Currently, wireless smart thermostat dominates the market, holding the biggest market share. The wireless smart thermostat segment is further divided into Wi-Fi, Zig Bee and others.
Market Breakup by Application:
- Residential Sector
- Industrial sectors
On the basis of application, the report finds that the residential sector is the largest segment
Market Region Summary:
Region-wise, the market has been segmented into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America. Amongst these, North America is the leading market for smart thermostats.
The competitive landscape of the market has also been examined with some of the key players being:
- Control4 Corporation
- Nest Labs Inc.
- Emerson Electric Co.
- Honeywell International Inc.
- Ecobee Inc.
- Schneider Electric SE
- Tado GmbH
- Nortek Inc
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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