San Francisco, Oct 15 The
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, 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, the high cost of devices
and the associated data security concerns may restrain the growth prospects of
this industry.
Browse full research report on Smart Thermostat Market:
www.grandviewresearch.com/industry-analysis/smart-thermostat-market
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, Bluetooth, and
Ethernet. ZigBee-enabled devices are expected to gain a significant share
with the increasing consumers’ 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,
including Honeywell International, Inc., Nest Labs, Inc. (Google), 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.
Browse more reports of this category
by Grand View Research: www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
Grand
View Research has segmented the smart thermostat market on the basis of
technology and region:
Smart
Thermostat Technology Outlook (Revenue, USD Million, 2012 - 2022)
- Wi-Fi
- ZigBee
- Others (Near
Field Communication (NFC), Bluetooth, and Ethernet)
Smart
Thermostat Regional Outlook (Revenue, USD Million, 2012 - 2022)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- Asia Pacific
- China
- Australia
and New Zealand
- Japan
- Latin America
- Brazil
- MEA
Browse press release of this report
by Grand View Research: www.grandviewresearch.com/press-release/global-smart-thermostat-market
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, 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.
For more information:
www.grandviewresearch.com
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