Smart thermostat: Key market research findings
- Increased applications in smart homes
- Availability of open source smart thermostats
Technavio has added a new market research report on the smart thermostat market in APAC, which is expected to generate around US $73 million by 2019 between 2015 and 2019. Smart thermostats help users to monitor their heating and cooling patterns and remotely monitor appliances so that they can conserve energy. These devices observe consumer behaviour through self-learning algorithms and adjust energy consumption accordingly.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for growth, as well as the segments with the maximum growth potential.
“To counter the high installation costs of smart thermostats, various open source vendors and start-ups are introducing electronic library where they help end users to develop their own smart thermostat. These thermostats are available at reasonable prices with features like monitor and control temperature of home remotely. Vendors are also aiming to reduce the average selling price of smart thermostats to increase the revenue of this market,” says Navin Rajendra, Lead Analyst, IT Hardware, Technavio Research.
Also, smart thermostats help countries to lower the overall consumption of energy resources such as crude oil, natural gas, coal and other resources, through their smart and efficient technology. They optimise the use of these energy resources as per the weather conditions in homes by providing necessary heating or air condition.
The smart thermostat market in APAC is directly proportional to the smart home market in APAC. As a result, smart thermostats vendors have collaborated with HVAC solution providers to give complete heating systems or smart HVAC solutions as a bundle product to promote sales.
The leading vendors in the smart thermostat market in APAC include Carrier, Ecobee, Emerson, Energate, Honeywell, Nest, and Trane. Since the market in APAC is highly sensitive to price and customer sentiments, many vendors will have to strategically market their product under various schemes like coupons, discounts, or dynamic pricing strategies to augment sales during the forecast period.
A more detailed analysis is available in the Technavio report, Smart Thermostat Market in APAC 2015-2019.
We can customize reports by other regions and specific segments upon request.
Other Related Reports:
- Global Smart Thermostat 2015-2019
- Smart Thermostat Market in North America 2015-2019
- Global Smart Thermostats Market 2014-2018
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