According to a new market report by Lucintel, the future of the smart thermostats market looks promising with opportunities in the residential, office building, educational buildings, industrial building, retail, hospitality, and healthcare industries. The smart thermostat market is expected to grow with a CAGR of 31% from 2019 to 2024. The major drivers for this market are stringent government regulations on energy saving, increasing demand for energy-efficient devices, and increasing adoption of smart home technology.
In this market, various wire and wireless communication technologies, such as Wi-Fi, Zigbee, Z-Wave, and Bluetooth are used to control the temperature in smart thermostats devices. Lucintel forecasts that the Wi-Fi enabled smart thermostat market is expected to witness the highest growth over the forecast period due to the increasing adoption of smart thermostats in residential and commercial building to minimize the energy consumption.
Within the smart thermostat market, residential will remain the largest end use industry and it is also expected to witness the highest growth due to the increasing adoption of smart home devices and growing awareness for energy saving among consumers.
APAC will remain the largest region over the forecast period and it is also expected to witness the highest growth due to the increasing adopting the smart assistant devices and government policy of green home.

Nest Labs, Honeywell International, Ecobee, Emerson Electric, Schneider Electric, Tado, Control4, Ingersoll Rand, Carrier Corporation, Nortek, are among the major manufacturers of smart thermostats.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the smart thermostats market by technology, component, end use industry, and region. Lucintel has prepared a comprehensive research report entitled "Growth Opportunity in the Smart Thermostat Market 2019-2024: Trends, Forecast, and Opportunity Analysis." This Lucintel report serves as a catalyst for growth strategy as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the smart thermostats market by technology, component, end use industry, and region as follows:

By Technology [$M shipment analysis for 2019 – 2024]:

• Wired networking
• Wireless networking: (Wi-Fi, ZigBee, Z-Wave and Bluetooth)

By Component [$M shipment analysis for 2019 – 2024]:

• Display sensor
• Temperature sensor
• Humidity sensor
• Motion sensor
• Others

By End Use Industry [$M shipment analysis for 2019 – 2024]:

• Residential
• Educational
• Office and industrial building
• Retail
• Hospitality and healthcare

By Region [$M shipment analysis for 2013 – 2024]:
• North America
– United States
– Canada
– Mexico
• Europe
– Germany
– UK
– Italy
• Asia Pacific
– China
– Japan
– India
• Rest of the World

A more than 150 pages research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or visit us at [email protected].
About Lucintel
Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision makers in a variety of industries. For further information, visit www.lucintel.com.
This report answers following 11 key questions:

Q.1 What are some of the most promising potential, high-growth opportunities for the smart thermostats market by technology (wired networking, wireless network, Wi-Fi, Zigbee, Z-wave and bluetooth), component (display sensor, temperature sensor, humidity sensor, motion sensor, others), end use industry (residential, educational, office and industrial building, retail, hospitality and healthcare) and region (North America, Europe, Asia Pacific, and the Rest of the World)?

Q.2.Which segments will grow at a faster pace and why?
Q.3.Which region will grow at a faster pace and why?
Q.4.What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5.What are the business risks and competitive threats in this market?
Q.6.What are the emerging trends in this market and the reasons behind them?
Q.7.What are some of the changing demands of customers in the market?
Q.8.What are the new developments in the market? Which companies are leading these developments?
Q.9.Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10.What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11.What M&A activity has occurred in the last 5 years and what has its impact been on the industry?