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Global smart thermostat market

  • 4100.00 Dollar US$
  • Published date: June 21, 2020
    • Pune, Maharashtra, India [ Ads Views - 11 ]

Global smart thermostat market was valued US$ 1.10 Bn in 2018 and is expected to reach 7.30 Bn by 2026, at a CAGR of 26.69 % during a forecast period. A smart thermostat is a device, which is used for controlling the heating and air conditioning purposes in residential and commercial buildings. A Smart thermostat permits the consumer to control the temperature of the room. The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis. The increasing demand for energy-efficient equipment and the surge in residential and commercial construction activities across the globe are the key factors driving the growth of the global smart thermostats market. A significant rise in the installation of smart home systems and technologies in households applications are some of the prominent drivers in the global smart thermostat market. Additionally, the Increase in the sales of various smart home voice assistants like Amazon Echo and Google Home is also expected to boost the global smart thermostat market. On the other hand, factors like lack of infrastructure, high installation cost and contradiction among the wireless networks are limiting the growth of the global smart thermostats market. Residential applications are projected to grow XX % rate of CAGR in the global smart thermostat market during the forecast period. Advancement in home automation technology, increasing demand for connected homes or smart homes and growing awareness about energy saving devices among consumers are expected to increase the demand for smart thermostats in residential applications. The growing popularity of smart homes and benefits offered by thermostat like the easiness of use by cloud-based services and enhanced energy management by self-learning capabilities serves are expected to increase product demand. A wireless network is expected to dominate the global smart thermostat market. The subsegment of a wireless network like Wi-Fi and ZigBee network technology is projected to boost the growth in the global smart thermostat market by massive network technology. Simple mode of implementation and operation is projected to increase the demand for wireless networks across the globe. North America is expected to share significant growth in the global smart thermostat market followed by the Asia Pacific. The growth in the market is attributed to factors like Increasing government regulation on energy efficiency and IoT expansion, augmented the demand for smart thermostats. Developments to existing technologies and the appearance of new smart thermostats models are projected to drive the smart thermostat market during the forecast period. Furthermore, Asia Pacific is projected to grow at a XX rate of CAGR in the global smart thermostat market. Rapid urbanization, increasing internet users and smart phone penetration is expected to drive the growth in the smart thermostat market.

This Report Is Submitted By : Maximize Market Research Company

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Maximize Market Research provides B2B and B2C research on 20,000 high growth emerging opportunities & technologies as well as threats to the companies across the Healthcare, Pharmaceuticals, Electronics & Communications, Internet of Things, Food and Beverages, Aerospace and Defense and other manufacturing sectors.

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Address : Pune, Maharashtra 411051, India.

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