This market research report offers a comprehensive breakdown and segmentation of the global smart thermostat market by products (standalone smart thermostats, networked smart thermostats, and learning smart thermostats) and also by technology (Wi-Fi, Zig Bee, etc.). It covers the classification of the market by key geography, focusing on North America, Europe, APAC, and MEA. The main players in the market are Carrier Corporation, ecobee, Honeywell, Ingersoll-Rand, and Nest Labs.
Technavio’s market research analysts estimate the global smart thermostat market to generate revenue worth US $1314 million by between 2015 and 2019. North America, which is home to many smart thermostat manufacturing companies such as Nest Labs and Honeywell, is the largest market for smart thermostats.
“Wi-Fi enabled smart thermostats are the most commonly used ones owing to their convenient usage. It is the fastest growing wireless technology used by smart thermostats. Users can easily use the internet to adjust remotely the settings on Wi-Fi thermostats. These thermostats are equipped with monitoring systems that track energy use through personal online accounts,” says Navin Rajendra, Lead Analyst, Engineering Equipment, Technavio Research.
Smart thermostats can control HVAC equipment remotely from apps operated on smartphones or tablets. They can lower power consumption by 20% when used via remote control devices. Thermostat-using households prefer smart thermostats equipped with intelligent sensor systems, as these detect users’ cooling and heating requirements through previous preferences. These devices adjust power consumption according to the user patterns, and regulate energy usage and minimise household expenditure.
The most basic type of thermostat is the standalone smart thermostats that are controlled by either wall mounted control panels or remote controls. These thermostats are relatively cheaper than other thermostats that are available in the market and are, at the same time, easy to install.
The key vendors in the global smart thermostat market are Carrier Corporation, ecobee, Honeywell, Ingersoll-Rand, and Nest Labs. Intense competition prevails in the market due to the presence of several new players entering the market. Smart thermostat vendors are expanding their market partnerships to boost product sales and gain market share.
A more detailed analysis is available in the Technavio report, Global Smart Thermostat Market 2015-2019.
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