Growing need to power which will cut short energy bills is driving demand for the Smart Thermostats Market. The device that is used for controlling the air conditioning and heating in commercial buildings, as well as residential, are the smart thermostats.
The smart thermostats also control the heat setting using different Internet-connected devices and allow user to control the temperature of the room throughout the day using a schedule. This feature provides a benefit to the user to switch on/off the heating or air conditioning room even when they are not inside home or office. This device is of two types such as wired thermostat and wireless thermostat.
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Scope & Regional Forecast of the Smart Thermostats Market
Increasing energy prices and growing demand for smart thermostats in developed regions are driving the growth of the Smart Thermostats Market. Advancement in technology owing to research and development has provided different types of new thermostats. These technological advancements are also acting as a major factor that is driving continued growth for the market. Increasing adoption of smart thermostats in residential, industrial and office buildings drives fast growth for the market.
However, low disposable income hampers the growth of the market, especially in developing countries. Additionally, incorrect triggering of switches by thermostat sensors and incongruity issues in wireless networks also restraints the adoption of thermostat systems. But, demand for self-learning automated devices is expected to create a great growth opportunity for the growth of Smart Thermostats Market over the forecast period. On the basis of network technology, wireless network smart thermostats are anticipated to have the fastest growth.
North America is dominating the Smart Thermostats Market due to technological advancements coupled with growing demand for home and office automation. Europe is projected to register the fastest growth during the forecast period, just because of the same factors. Asia-Pacific is expected to register significant growth due to increasing adoption of smart thermostats. Residential application segment is the largest one among all applications because of increasing demand for connected homes or smart homes.
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Segmentations & Key Players Involved in the Smart Thermostats Market
According to IndustryARC findings, the Smart Thermostats Market can be broken down into various segmentations on the basis of –
• New Technology: Wired Network and Wireless Network.
• Component: Display, Temperature Sensor, Humidity Sensor, Motion Sensor and Others.
• End-User: Residential, Office Building, Educational Buildings, Industrial Building, Retail, Hospitality, Health-care and Others.
• Region: Europe, Asia-Pacific, North America and Rest of the World.
Some of the key players involved in the Smart Thermostats Market according to IndustryARC are as follows:
• Nest Labs, Inc.
• Emerson Electric Co.
• Schneider Electric SE
• Control4 Corporation
• Carrier Corporation
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