According to Market Research Future (MRFR), the global smart thermostat market is estimated to grow at USD 3.5 Billion at a CAGR of 23.4% from 2016 to 2022 (forecast period). The report assesses and discusses the effect of the outbreak of COVID-19 on the global smart thermostats market, including potential opportunities and obstacles, drivers, and risks.
A smart thermostat is a device that automates the regulation of the HVAC system's air conditioning and heating in commercial and residential buildings. These devices use both wired and wireless technology to allow users to control the system's heating and cooling.
Market Dynamics
The smart thermostat market growth is being fueled by internet penetration and demand for IoT-based services. The Smart Thermostat Market Share has a huge possibility to increase due to rising urbanization and rising demand for connected and smart homes.
According to the survey, the reduction in energy waste and the high energy-saving characteristics of these devices have raised customer awareness, strengthening the market for smart thermostats. Consumers can use tablets, smartphones, or desktop computers to manage the temperature of their homes utilizing these smart technology-enabled gadgets. Furthermore, smart thermostats for domestic use have a dial or control panel that may be used to modify the temperature.
Factors like lack of infrastructure, high implementation costs, and inconsistencies between wireless networks are some of the limiting factors for the growth of the market for smart thermostats.
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COVID-19 Impact on the Global Smart Thermostat Market
Hardware manufacturing is heavily reliant on China in the Smart Thermostat Market share. According to Business Standard, Covid-19 had a significant impact on Chinese exports, which fell in April. The production of smart thermostats has been hampered by a drop in exports. Furthermore, the United States' increase in taxes on Chinese produced goods has put pressure on smart thermostat makers like Ecobee, which rely on China for hardware.
Market Segmentation
The global smart thermostat market has been segmented based on components, deployment type, and applications.
By components, the global smart thermostat market has been segmented into display, humidity sensor, motion sensor, temperature sensor, and others.
By deployment type, the global smart thermostat market has been segmented into wired and wireless.
By application, the global smart thermostat market has been segmented into residential, commercial, and others.
Regional Analysis
The regional analysis of the global smart thermostat market is being studied for regions such as Asia Pacific, North America, Europe, and the Rest of the World.
Due to reasons such as greater internet penetration and technological advancements, the North American area dominates the smart thermostat market, according to the study. Cloud deployment and increased demand for energy-efficient devices are also key drivers for the Asia Pacific region to grow significantly in the smart thermostat market over the forecast period, according to the study. In addition, the smart thermostat industry is being driven by the increased adoption of IT services.
Key Players
Notable players in the global smart thermostat market are Nest Labs, Inc. (U.S.), Emerson Electric (U.S.), Carrier Corporation (U.S.), Schneider Electric (France), Tado (Germany), Ingersoll Rand (Ireland), Nortek, Inc. (France), Ecobee (Canada), Honeywell International Inc. (U.S.), Control4 Corporation (U.S.) and among others.
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Industry News
In January 2020, Nest Labs launched a new feature that alerts customers to possible HVAC issues. It also helps the customer to make a booking for the HVAC professional to repair it. This new feature is the result of Nest Labs' collaboration with Handy.
About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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