Smart Thermostat Market From a value of US$ 3379.99 Mn in 2022 to US$ 31579.28 Mn in 2032, the market for smart thermostats is projected to develop at a CAGR of 23.9%.
Smart thermostats are the kind of equipment used to regulate the heating and cooling in both residential and commercial structures. A smart thermostat enables users to regulate a room’s temperature using a schedule, for example, by setting a different temperature during the day and at night.
Smart thermostats are internet-connected, allowing their users to adjust the heating setting using a variety of internet-connected devices, including smartphones, tablets, and other mobile devices. Additionally, it enables users to conveniently turn on and off a room’s heating or air conditioning even when they are outside their house or place of business.
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Key Market Trends
Increasing Demand for Energy-Saving Devices
Under the existing regulations, according to the US Energy Information Administration (EIA), the global energy demand will rise 2.1% yearly through 2040. The power share will rise to 24% in 2040 due to the surge in demand. The use of technologies, modifications to governmental rules, emerging economies, and market conditions to protect environmental levels are driving the development of low-carbon sources. Consuming power has a direct impact on the carbon footprint since creating energy requires burning non-renewable resources, which raises the carbon footprint.
HVAC systems used 38% of the energy provided to buildings in 2019; this percentage will go up in the following years. The necessity to lower electricity bills and HVAC systems’ wasteful energy usage must lead to an increase in the use of smart thermostats. Emerson Electric, Siemens AG, Nest Labs, and Eco bee are just a few of the companies that are now on the market and working toward a sustainable future. The adoption of smart thermostats is encouraged by the governments of the United States, Germany, the United Kingdom, and other nations.
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Smart Thermostat Market: Drivers and Restraint
Over the anticipated time frame, a substantial growth in the smart thermostat industry is anticipated. The availability of configurable and reconfigurable thermostats, technological advancements, rising urbanisation, rising demand for connected or smart homes, rising demand for energy-efficient devices, and increased consumer awareness of the benefits of smart thermostats are all factors driving the growth of the global market for these devices.
On the other hand, improper switch triggering by sensors and inconsistent behaviour in wireless networks are limiting the growth of the global market for smart thermostats. However, during the course of the projection period, the market for smart thermostats is anticipated to benefit greatly from the desire for self-learning automated devices.
Smart Thermostat Market: Segmentation
Component, network technology, and application-based segmentation are all viable options for the worldwide smart thermostat market. The global market for smart thermostats can be divided into segments based on component, including display, motion sensor, humidity sensor, temperature sensor, and others.
The global market for smart thermostats can be divided into wired technology and wireless technology based on network technology. The global market for smart thermostat sensor growth is anticipated to benefit greatly from wireless technology. Wi-Fi, Z-Wave, Zigbee, and Bluetooth are further subcategorized under wireless network technology.
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Smart Thermostat Market: Key Players
Nest Labs, Inc., Emerson Electric Co., ecobee inc., tado° GmbH, Schneider Electric, Honeywell International Inc., and Carrier Corporation are the leading participants in the worldwide smart thermostat market. In order to offer consumers cutting-edge solutions, key players are concentrating on product advancements.
For instance, Nest Labs, Inc. unveiled the third version of its Next Learning Thermostat in September 2015. This model is thinner in size, has a larger and higher quality screen, and an upgraded user interface that makes it simple to read temperatures, messages, and alarms.
The report covers exhaustive analysis on
- Smart Thermostat Market Segments
- Smart Thermostat Market Dynamics
- Historical Actual Market Size, 2012 – 2014
- Smart Thermostat Market Size & Forecast 2015 to 2025
- Supply & Demand Value Chain
- Smart Thermostat Market Current Trends/Issues/Challenges
- Competition & Companies involved
- Technology
- Value Chain
- Smart Thermostat Market Drivers and Restraints
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