Published Date : 04 Nov 19 | Views: 56 | Industry : Electronics & Semiconductor
High Popularity of Smart Home Expected to Increase Use in Residential Application
On the basis of product type, the global smart thermostats market is segmented into ZigBee thermostats, Wi-Fi thermostats, and others. The report also includes comprehensive segmental analysis of key applications of smart thermostats, viz. commercial and residential. High adoption of smart devices by modern homeowners and the rising trend of smart home are expected to boost the demand for smart thermostats in the residential sector. Increasing use of Wi-Fi technology because of its high speed, fast connection, and ease of use could help strengthen the demand for Wi-Fi smart thermostats.
Europe Predicted to Show Fast Growth, Asia Pacific Likely to Create Opportunities
Europe is anticipated to register quick growth in the global smart thermostats market, whereas North America is expected to secure a significant market share during the forecast period. Early adoption of smart technology could be one of the chief drivers of the smart thermostats market in these developed regions. Asia Pacific could also become a highly important market for smart thermostats due to improving investments in smart home services and increasing government initiatives to promote smart and green homes.
Players Expected to Concentrate on Product Innovation to Attract Attention of Consumers
The global smart thermostats market marks the presence of leading players such as Nest, Hive Home, Honeywell, Netatmo, ecobee, Schneider Electric, Control4, Emerson, tado° GmbH, LUX/GEO, Energate Inc., Carrier, and Vivint. With more players entering the global smart thermostats market, the nature of the competitive landscape could move toward fragmentation in the coming years. Manufacturers are anticipated to expand their product lines by adding new products with more innovative features. User friendliness could be a major point of focus of most players when introducing new offerings in the global smart thermostats market.
Need to Reduce Heating and Cooling Bills Anticipated to Augment Demand
Demand for smart thermostats is likely to improve on the back of the growing penetration of smart devices in the residential as well as commercial sector. Rising need for effective energy management and savings could play a significant role in improving the adoption of smart thermostats. Addition of advanced features such as smart assistants and cloud-based services is anticipated to help smart thermostat manufacturers to keep their customers interested. Growing popularity of connected devices could be another important factor augmenting the demand for smart thermostats. Technological advancement allowing the development of ultra-modern smart thermostats such as those with learning capability is predicted to boost the global market growth.
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