New York, NY, Sept. 18, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Smart Thermostats Market by Components (Display, Temperature Sensor, Humidity Sensor, Motion Sensor, and Others), by Network Technology (Wired Networking and Wireless Network), by Application (Residential, Commercial, Industrial and Other Applications): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024”. According to the report, the global smart thermostats market accounted for USD 1,294.1 million in 2017 and is expected to reach USD 7,904.4 million by 2024, growing at a CAGR of around 29.5% between 2018 and 2024.
Smart thermostats help users to change several thermostat settings from their smartphone and, in some cases, a computer and web browser or with user’s voice using a device such as the Amazon Echo.
Browse through 36 Tables & 27 Figures spread over 140 Pages and in-depth TOC on “Global Smart Thermostat Market Size & Share 2017 Report: Industry Growth, Segments Analysis and Forecast to 2024”.
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The growth of global smart thermostats market is primarily attributed to increasing awareness of energy management paired with advancement in technology. Furthermore, the growth of the smart home market, need for remote access solutions to monitor and control the energy consumption, rising energy prices are some of the key factors expected to propel the market growth in the forecast period. Availability of well-positioned apps for operating different systems is assisting the adoption of the smart thermostats. However, data security concerns and the high initial cost of devices are some factors estimated to hamper the smart thermostats market growth. Nonetheless, availability of configurable and reconfigurable thermostats and raising awareness of energy saving and power are the factors expected to open up significant growth opportunities for the smart thermostats market in the years to come.
Components segment is fragmented into motion sensor, display, humidity sensor, temperature sensor, and others. The temperature sensor is expected to become the most attractive components segment in the year to come due to development of sensor technology. Display components segment is also expected to favor the market growth in the near future.
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Wireless network emerged as a leading network technology for smart thermostats in 2017 & accounted for over 68.07% of the market share. Wi-Fi and ZigBee network technology are predicted to spur the growth of this network technology massively. Easy mode of implementation and operation is expected to further flourish the demand for wireless network significantly.
The residential application is expected to be the fastest growing segment and held the largest market share, owing to the increase in demand for smart homes, and connected homes, home automation technologies, and growing awareness about energy saving devices among consumers. Use of smart thermostat in the industrial sector is also rising as this technology is being opted at all levels from warehouses to the assembly line.
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North America held the largest share of the global smart thermostats market. The major factors motivating the growth of the market are high disposal income, significant penetration of smart home solutions, increasing demand for managing energy consumption solutions, and high-technology adoption rate in the region. Currently, the U.S. accounted for the largest market share in North America & is predicted to retain its position throughout the forecast period.
Europe acquired the second highest market share of the smart thermostat market & is expected to grow with the highest CAGR. The smart home is still at its initial stage in the European market and is poised for exponential growth in the forecast period. The widespread presence of internet networks in the European household is expected to drive the residential application segment of this market. In 2017, the U.K. held the largest market share of the Europe smart thermostats market. Presence of more diverse landscape of vendors such as Netatmo, Hive, and eQ-3 is expected to have a positive impact on the market growth.
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The rise in the disposable income in countries such as China, Japan, South Korea, and India is expected to offer massive opportunities for the smart thermostat market in near future in Asia Pacific region. Even if the market for smart thermostats is at an initial phase in rising economies of Asia Pacific, the prominent players in the smart thermostat market are likely to turn their attention to emerging countries in the coming years.
Latin America also has potential markets for the future growth of the smart thermostats. This is mainly due to rising awareness for energy-efficient devices in the region. Brazil is expected to show noticeable growth owing to the increasing disposable income in this economy. The Middle East and Africa region are also estimated to show significant growth in the coming years. Saudi Arabia, U.A.E., and South Africa are some of the countries in which activities for the smart home are on grass root level and is expected offer alluring opportunities in the years to come.
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Some of the major players in the smart thermostats market are Honeywell International Inc., Schneider Electric, Ecobee, Inc., Tado GmbH, Control4 Corporation, Ingersoll Rand Plc, Nortek, Inc., Nest Labs, Inc., Emerson Electric Co., and Carrier Corporation, among others.
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The report segments the global smart thermostats market as follows:
Global Smart Thermostats Market: Components Segment Analysis
- Display
- Temperature Sensor
- Humidity Sensor
- Motion Sensor
- Others
Global Smart Thermostats Market: Network Technology Segment Analysis
- Wired Networking
- Wireless Network
- Wi-Fi
- ZigBee
- Others
Global Smart Thermostats Market: Application Segment Analysis
- Industrial
- Residential
- Commercial
- Others
Global Smart Thermostats Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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