The size of the smart thermostat market is estimated to surpass 40 million units by 2022. Thermostats are electronic instruments that control cooling and heating devices in commercial or residential applications. They form the next generation of home mechanization instruments that are an important part of smart homes.
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Smartphone proliferation assists energy management solutions. The worldwide smart thermostat market has gained significance with time. This is due to augmented operations in residential applications of Europe and North America. Usage ease and better management of energy provided by such instruments support the global market.
Increasing average energy expenses and demand for distant access will also steer market sales. Data safety concerns and high instrument prices could restrain the smart thermostat market. Energy bill reductions and enhanced return on investments provided by these instruments significantly boost their demand in households.
Moreover, business and other sectors use this technology to administer their HVAC systems. Smart thermostats can program on their own and do not require programming on a daily basis by users. Demand for these devices would also arise from availability of wireless networks and recognition of smart homes. The smart thermostat market is bifurcated into technologies and regions.
The major technologies are ZigBee, WI-Fi, and other technologies. Other technologies comprise Bluetooth & Ethernet, Power Line Communication, and NFC. They facilitate the connection of these devices with internet and provide performance assessment tools through web platforms.
PLC technology facilitates the distribution of data over current power cables. North America is estimated to lead the smart thermostat market owing to demand for energy efficiency and existence of key sellers in the region. The expanding sector of home automation devices in Asia Pacific will positively affect the region.
Europe is anticipated to gain profits in the future. It will be led by supportive regional governmental initiatives. Major players in the global market comprise Honeywell, Ecobee, and Google Nest. Other players of the smart thermostat market include Lux Products Corporation, Schneider Electric, British Gas Hive, and Emerson Climate Technologies.
Market players better their product offerings by integrating advanced features that facilitate checking the commoditization of products whilst differentiation. To make sure they survive and profit in the long run, these companies depend on their capacity to utilize and recognize latest technological trends.
Information Source: Radiants Insights