Global Residential Smart Thermostats Market Size By Type, By Application, By Geographic Scope And Forecast

Residential Smart Thermostats Market Size And Forecast

Residential Smart Thermostats Market size is growing at moderate pace with substantial growth rates over the last few years and is estimated that the market will grow significantly in the forecasted period i.e. 2020 to 2027.

The rising popularity of technology-drivers platforms for self-growth amongst millennials is also expected to positively impact market growth during the forecast period. The Global Residential Smart Thermostats Market report provides a holistic evaluation of the market. The report offers comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Residential Smart Thermostats Market Definition

Residential smart thermostats are electronic devices that regulate the operation of heating and cooling devices for residential applications. A smart thermostat is a device that is integrated in a smart infrastructure to provide users remote access to ambience heating or temperature. This provides the convenience of switching heating systems through internet-connected devices. Further, smart thermostats can also be scheduled as per the need of users, which brings energy efficiency by reducing human error and negligence at times, which assist in the growth of the Residential Smart Thermostats Market growth globally.

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 geofencing features, reduce energy consumption, and ability to communicate with emerging virtual private assistants. Residential 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 thermostats can be wired and wireless with the same features but different installation process. These are the devices that are connected and allow remote connectivity in the consumer sector.

Smart thermostat offers self-learning capabilities and learn the user behaviour over time. Thereby, automatically adjusting the temperature of the ambience. Smart thermostats are equipped for connection over Wi-Fi and further advancements in these smart devices enables access to them via voice control, which assist in the market growth globally.

Global Residential Smart Thermostats Market Overview

The main factors drivers the need for smart thermostat are the convenience, energy conservation, energy tracking, and need for an increase in potential savings. The proliferation of smartphones acts as an enabler toward energy management solutions. The provision of open-source developer APIs enhances the usability and performance of these devices. The rise in the average energy expenditure and the need for remote access solutions to monitor and control energy consumption are spurring the market demand.

Rapid adoption of smart infrastructure in residential infrastructure, penetration of IoT and AI based technologies, and increased use of smart technology in medical monitoring influences the market growth. Advancements in technology and rise in population heading toward convenient methods to remotely control electronic and electrical appliances increase the demand of smart infrastructure.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 manage the Air conditioning. However, data security concerns and the high cost of devices are the potential factors acting as constraints for the adoption of residential smart thermostats. Further, increased advancements and adoption of automated systems in residential and industrial sectors are expected to provide lucrative opportunities for the smart thermostat industry during the Residential Smart Thermostats Market forecast period.

Global Residential Smart Thermostats MarketSegmentation Analysis

The Global Residential Smart Thermostats Market is Segmented on the basis of Type, Application And Geography.

Residential Smart Thermostats Market, By Type

• Wi-Fi Thermostats• ZigBee Thermostats• Others

Based on Type, The market is bifurcated into Wi-Fi Thermostats, ZigBee Thermostats, And Others.

Residential Smart Thermostats Market, By Application

• Apartment• Single-family Home

Based on Application, The market is bifurcated into Apartment, Single-family Home.

Residential Smart Thermostats Market, By Geography

• North America• Europe• Asia Pacific• Rest of the World

On the basis of Geography, the Global Residential Smart Thermostats Market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. The North American Regional market is expected to dominate the global industry due to the increasing demand for managing energy consumption solutions and a wide distribution network of key vendors in the region. The increasing average unit rate of power is encouraging household consumers, industries, and enterprises to adopt smart energy solutions, which is one of the primary reasons for market growth. The European regional industry is expected to gain traction over the forecast period, which is led by favourable government initiatives in the region.

Key Players

The “Global Residential Smart Thermostats Market” study report will provide a valuable insight with an emphasis on the global market. The major players in the market are Nest, Honeywell, Energate Inc., Tado GmbH, Emerson, Carrier, EcoBee, Schneider Electric, LUX/GEO, and Control4. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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