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Home Automation Vertical Is Strengthening The Demand For Smart Thermostats Market
by nareshpatil · June 18 Luis Suarez Barcelona Jersey , 2019


San Francisco, 18 June 2019鈥娾€斺€奣he global smart thermostat market is expected to reach USD 2.99 billion by 2022, according to a new study conducted by Grand View Research, Inc. These thermostats enable users to remotely control their air conditioning as well as heating systems through wireless connectivity and mobile apps. Smart thermostats form an integral part of smart homes and have gained high traction in developed regions such as Europe and North America. The industry is anticipated to witness a high adoption of these gadgets as they display the energy consumption level in real-time and are capable of adjusting to ambient conditions automatically. These devices can be connected to the internet and offer analytics and performance measurement tools through web-based portals. They are usually an integral part of the home automation ecosystem.


Energy utility retailers play a vital role in promoting the adoption of these devices in households. Many utilities offer these products as a part of their home energy management schemes. The involvement of energy retailers amplifies the potential for the smart thermostat industry growth. Additionally Lucas Digne Barcelona Jersey , the proliferation of mobile phones and their convergence with thermostats make these products much more attractive for the end-users.


The growing penetration of smartphones, rising per unit energy costs, the need for effective energy management solutions, and the favorable regulatory scenario are expected to propel the market growth over the coming years. The increased penetration of Near Field Communication (NFC) and ZigBee home automation devices is further expected to augment the demand. However Lionel Messi Barcelona Jersey , the high cost of devices and the associated data security concerns may restrain the growth prospects of this industry.


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Further key findings from the study suggest:


The market primarily includes devices based on connectivity technologies such as Wi-Fi, ZigBee, and other technologies including NFC Jordi Masip Barcelona Jersey , Bluetooth, and Ethernet. ZigBee-enabled devices are expected to gain a significant share with the increasing consumers鈥?shift toward home automation devices.
North America and Europe, together, accounted for about 90% of the overall market share (in terms of revenue) in 2015 owing to the high demand for such devices in the region and favorable government mandates. The surge in the constructional activities and growing popularity of smart homes is expected to spur the demand.
Key players Jordi Alba Barcelona Jersey , including Honeywell International, Inc., Nest Labs, Inc. (Google) Jeremy Mathieu Barcelona Jersey , and Ecobee, together, accounted for over 40% of the overall market share (in terms of revenue) in 2015. OEMs have been focusing on the development of new products as well as upgrading the existing product portfolio. Strategic agreements and collaborations have been practiced for gaining competitive advantage.
Grand View Research has segmented the smart thermostat market on the basis of technology and region:


Smart Thermostat Technology Outlook (Revenue, USD Million Javier Mascherano Barcelona Jersey , 2012鈥?022)


Wi-Fi
ZigBee
Others (Near Field Communication (NFC), Bluetooth, and Ethernet)
Smart Thermostat Regional Outlook (Revenue, USD Million Jasper Cillessen Barcelona Jersey , 2012鈥?022)


North America
US.
Canada
Europe
Germany
UK
Asia Pacific
China
Australia and New Zealand
Japan
Latin America
Brazil
MEA
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About Grand View Research


Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports Ivan Rakitic Barcelona Jersey , and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.


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