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Smart Thermostat Market – Research by Industry CAGR Status, Share, Future Prospects, Demand Status and Size Forecast to 2021-2024

Smart Thermostat

This “Smart Thermostat Market” report provides a thorough analysis of estimating market size and current trends of industry. The report evaluates the important characteristics of the market development status, upcoming opportunities, and growth rate. The research study diminishes the risks involved in making decisions as well as strategies for companies and individuals interested in the industry. The report includes details of emerging trends, growth history, sales channel, manufacturers profiled in business, market share of product, application and regional scope of industry.

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Market Overview:

  • The smart thermostat market was valued at USD 689.8 million, in 2018, and is expected to reach a value of USD 2322.2 million by 2024, at a CAGR of 23.1% during the forecast period (2019 – 2024). Lighting and other household appliances consume a considerable amount of energy and presently there is a dire need to use these energy resources efficiently. Therefore, governments are emphasizing on the use of smart devices in homes.
  • – The main factors driving the need for smart thermostat are the convenience, energy conservation, energy tracking, and need for an increase in potential savings. For example, Ecobee claims its gear can save an average of 23 per cent off bills whereas Nest claims its systems can save between 10 and 12 per cent on heating and 15 per cent on cooling.
  • – The BYOT (Bring-your-own-Technology) trend is expected to stimulate the growth of the market over the forecast period. Consumers have independently begun purchasing smart Wi-Fi enabled thermostats capable of receiving demand response control signals. Additionally, with a wi-fi connection and smart thermostats, virtual assistants, like Amazon Alexa, or Google Assistant, are increasingly being used to control and monitor the home temperature, program schedules, or crank up the A/C.
  • – It was estimated that around 60.5 million Americans used virtual personal assistants and voice-controlled speakers at least once a month, according to an investment firm Cowen & Co. Also, in 2017, 24% of Americans used Amazon Echo and 31% used Google Home for home control settings following music, shopping, and requesting information applications. With the increase in the use of virtual assistants in home control, the forecast period is likely to witness the exponential adoption of smart thermostats.

    Smart Thermostat Market Covers Manufacturers:

  • Nest Labs Inc.
  • Honeywell International Inc.
  • ecobee
  • Schneider Electric SE
  • Emerson Electric Co.
  • Lennox International Inc.
  • Alarm.com Inc.
  • LUX Products Corporation
  • Siemens AG
  • Johnson Controls PLC

    Scope of the Report:

    These thermostats are termed as ‘smart‘, due to the inherent capabilities of being able to communicate with IoT devices within a smart building, ability to learn with AI capabilities, active geo-fencing features, reduce energy consumption, and ability to communicate with emerging virtual private assistants. Smart thermostats refer to the devices that allow remote connectivity and can be managed through a handheld device, finding its applications in residential sectors. These are the devices that are connected and allow remote connectivity in the consumer sector.

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    Some of the Key Questions Answered in this Report:

    • Detailed Overview of Smart Thermostat Market will help deliver clients and businesses making strategies.
    • Influencing growth factors that are thriving demand and latest trends running in the market.
    • Smart Thermostat Market forecast for global market split into segments like region, product, applications, end-user, technology, etc.
    • What trends, challenges and barriers will impact the development and sizing of the Global Smart Thermostat Market?
    • SWOT Analysis of each defined key player along with its profile and Porter’s five forces analysis to complement the same.
    • What is the Smart Thermostat Market growth momentum or market carries during the forecast period?
    • Which region may tap the highest market share in the coming era?
    • Which application/end-user category or Product Type may seek incremental growth prospects?
    • What focused approach and constraints are holding the Smart Thermostat Market demand?

    Key Market Trends:

    Increasing Internet Penetration and Connected Devices are Driving the Market Growth

    – Increasing internet penetration, coupled with the increased usage of smartphones and other mobile devices has resulted in an increased spread of connectivity, owing to the rise in internet-connected devices.
    – Owing to technological advancements, the appliances in residential buildings, such as washing machines, heating, and cooling equipment, and refrigerators, are increasingly going smart. This means that they can be connected to the internet.
    – Due to this, smart thermostats (that also have the ability to be connected to the internet) are increasingly being adopted. This is because they enable users to adjust heating settings from other internet-connected devices, such as smartphones or laptops, which allows them to control the thermostat remotely. This ease of use is necessary for ensuring energy savings.
    – Additionally, M2M is expected to take home-based IoT to the next level. Manufacturers, like LG and Samsung, are already slowly unveiling smart home appliances to help ensure a higher quality of life for occupants.
    – For instance, an M2M-capable washing machine could send alerts to the owners’ smart devices once it finishes washing or drying, and a smart refrigerator could automatically order groceries from Amazon once its inventory is depleted.
    – The increasing popularity of these connected devices is expected to lead to an increased need for control, thereby driving the market growth.

    Asia-Pacific to Witness a Significant Growth Rate Over the Forecast Period

    – Consumers are adopting the smart assistant devices, such as Amazon Echo and Google Home for many purposes, with almost one-third of people using it as an information provider responding to questions, and over 40% as an audio speaker for listening to streaming music. The smart thermostats find application among the smart assistants, thereby, fueling its demand across the residential sector across the region.
    – Moreover, the Chinese government launched the ‘New-Type Urbanization Plan,’ focusing primarily on new-type, smart, and humanities city construction from 2014 – 2020.
    – Besides, in India, the IGBC (Indian Green Building Council) Green Homes is the first rating program that has been developed, exclusively for the residential sector, whose objective is to facilitate the effective use of site resources, water conservation, energy efficiency, handling of household waste, optimum material utilization, and design for healthy, smart homes.
    – This will encourage industry players to invest in smart home services, thus, having a positive impact on the smart thermostat market growth.

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    Target Audience of Smart Thermostat Market:

    • Manufacturer / Potential Investors
    • Traders, Distributors, Wholesalers, Retailers, Importers and Exporters.
    • Association and government bodies.

    Key Reasons to Smart Thermostat Market Report:

    • Analysing various perspectives of the Smart Thermostat market with the help of Porter’s five forces analysis
    • The End User that is expected to dominate the Smart Thermostat market is analyzed in detail
    • The regions which are expected to witness fastest growth during the forecast period are analyzed and estimated for growth of Smart Thermostat market.
    • Identify the latest developments, market shares and strategies employed by the major market players.
    • Regional analysis of Smart Thermostat market studied, during the forecast period
    • The segments that are expected to dominate the Smart Thermostat market studied.

    Detailed TOC of Smart Thermostat Market Report 2024:

    1 INTRODUCTION
    1.1 Study Deliverables
    1.2 Study Assumptions
    1.3 Scope of the Study

    2 RESEARCH METHODOLOGY

    3 EXECUTIVE SUMMARY

    4 MARKET DYNAMICS
    4.1 Market Overview
    4.2 Value Chain / Supply Chain Analysis
    4.3 Industry Attractiveness – Porter’s Five Forces Analysis
    4.3.1 Bargaining Power of Suppliers
    4.3.2 Bargaining Power of Buyers/Consumers
    4.3.3 Threat of New Entrants
    4.3.4 Threat of Substitute Products
    4.3.5 Intensity of Competitive Rivalry
    4.4 Introduction to Market Drivers and Restraints
    4.5 Market Drivers
    4.5.1 Increasing Internet Penetration and Usage of Internet Connected Devices
    4.5.2 Increasing Popularity of Smart Homes
    4.6 Market Restraints
    4.6.1 High Installation Costs and Lack of Interoperability Challenges the Market
    4.7 Technology Snapshot

    5 MARKET SEGMENTATION
    5.1 Geography
    5.1.1 North America
    5.1.2 Europe
    5.1.3 Asia-Pacific
    5.1.4 Rest of the World

    6 COMPETITIVE LANDSCAPE
    6.1 Company Profiles
    6.1.1 Nest Labs Inc.
    6.1.2 Honeywell International Inc.
    6.1.3 ecobee
    6.1.4 Schneider Electric SE
    6.1.5 Emerson Electric Co.
    6.1.6 Lennox International Inc.
    6.1.7 Alarm.com Inc.
    6.1.8 LUX Products Corporation
    6.1.9 Siemens AG
    6.1.10 Johnson Controls PLC

    7 INVESTMENT ANALYSIS

    8 MARKET OPPORTUNITIES AND FUTURE TRENDS

    For Detailed TOC Click Here

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