Smart Thermostats Market Size 2021, Opportunities, Share Analysis to 2030 – The Courier
Global Smart Thermostats Market – Overview
A smart thermostat is a device used in heating, ventilation and air conditioning (HVAC) equipment to control the temperature of a space or room where these equipment are installed. A smart thermostat has the ability to make automated and intelligent adjustments for customers to achieve energy savings and communicate with sources external to an HVAC system. Thus, the demand for smart thermostats is increasing at a rapid rate. Additionally, a smart thermostat is a major energy saving device for smart homes / buildings. Smart thermostats are widely used in residential buildings. Improvements in residential and commercial buildings have also boosted the RFID industry. The global smart thermostats market is estimated to reach a value of US $ 8,729.2 million by 2026 from US $ 1157.6 million in 2017, with a CAGR of 23.7% during the forecast period.
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Rising energy prices and the growing need to optimize energy to lower energy bills are expected to drive the global smart thermostats market during the forecast period. Encouraging governments to use energy saving devices is also boosting the smart thermostat market. In addition, companies are continuously aiming to integrate smart thermostats with IoT to operate smart thermostats remotely. This is expected to boost the smart thermostats market during the forecast period. The increased consumer awareness of the safety and efficiency of smart thermostats is also likely to propel the smart thermostats market during the forecast period. In addition, smart thermostats have become a priority for scientists and researchers in the electronics industry. Smart thermostats are increasingly adopted by small and medium-sized enterprises (SMEs), due to the growing trend of digitalization and the growing adoption of building automation solutions. Wi-Fi enabled smart thermostats are faster and more secure than other types of smart thermostats available on the market. This in turn is expected to boost the smart thermostat market, creating better opportunities for smart thermostat manufacturers in the near future. In addition, Wi-Fi enabled smart thermostats are continuously adopted in many applications such as smart home / buildings and commercial buildings to minimize their power consumption. Smart thermostats adjust the temperature of the home, reducing energy consumption and energy costs. Moreover, the advanced features of smart thermostats, increasing disposable income of people and increasing demand for energy saving devices are expected to fuel the global smart thermostats market during the forecast period. However, lack of knowledge of smart thermostat and increasing price based competition are major factors likely to hamper the smart thermostat market during the forecast period.
The global smart thermostats market is consolidated with a limited number of companies operating in the market. The main players are currently focused on providing technologically advanced products to customers. The growing demand for smart thermostat applications, which will decrease in cost in the long run, should encourage investors to invest in smart thermostat technology in the coming years. Maintaining quality standards is essential for smart thermostat manufacturers to comply with strict government regulations established for different end use industries in various countries around the world. In addition, as part of their strategy, companies make various acquisitions; focusing on expanding their business; and enter into strategic partnerships.
Some of the major players operating in the global smart thermostats market and presented in the study are Carrier Corporation, Control4 Corporation, Ecobee, Inc., Nest Labs, Ingersoll Rand Inc., Emerson Electric Co, Honeywell Inc., Schneider Electric SE, NorTek Inc., Tado GmbH and Pro1 IAQ.
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