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(Construction.IndustryNews247.Com, September 05, 2019 ) Market Overview
Smart Thermostats are thermostats equipped with additional features like Wi-Fi connectivity, sensors and voice assistance features which are used in controlling the temperature and air-conditioning of a building or an industry.
Smart Thermostats are connected to IoT enabled devices like smartphones, tablets, smart watches, and laptops which allow the user to control the temperature from any part of the room via their devices. Smart Thermostats consist of different sensors like temperature sensors and humidity sensors which help in conveying important information such as temperature and humidity of the room to the user via an inbuilt display.
Market Dynamics
Concerns over energy savings, increase in customers preferring smart home solutions, rising sales of smart home products such as Google Home and Amazon Echo and demand for connected and IoT devices are the major factors responsible for the growth of the global smart thermostat market.
According to the Global Energy Statistical Yearbook 2018, the total power consumption accelerated in 2017 with a growth rate of +2.6%. The global power consumption in 2017 was 21,742 terra watt hours compared to 21,190 terra watt hours in 2016 and 20,937 terra watt hours in 2015. Owing to these reasons, concerns over energy savings is a significant factor driving the growth of the global smart thermostat market..
Market Segmentation
Based on the type of technology, the market is segmented as wired and wireless technology. The wireless technology is further segmented into Wi-Fi, Bluetooth, and Z-Wave. Wi-Fi is the dominant segment of the global Smart Thermostat market owing to its unique advantages like affordable performance, unlicensed spectrum operation, ease of use, self-deployment and long-term compatibility.
According to the Wi-Fi Alliance, the global economic market of Wi-Fi is estimated at USD 1.96 trillion. There are 340.8 million Wi-Fi hotspots across the world in which 12.2 million are commercially managed, and 328 million are community access points. Owing to the dominance of Wi-Fi networks, consumers widely prefer Wi-Fi-based products and the Wi-Fi technology of the smart thermostats is anticipated to dominate the global smart thermostat market.
Based on the application, the market is segmented as residential applications, industrial application, and commercial applications. Residential uses are the dominant segment of the global smart thermostat market owing to the increasing demand for smart thermostat devices in home automation and smart home solutions.
Geographical Analysis
The Global Smart Thermostat Market is segmented into North America, Europe, Asia Pacific, South America and Middle East and Africa.
According to a research study, The United States Smart Home market generated the highest market revenue in 2019 amounting to USD 23,556 million in 2018 compared to USD 17655 million in 2017.
More than 42.2 million homes are equipped with smart home solutions as of now in 2019, and the average revenue per installed home amounts to USD 186.55. Owing to these factors, the North American region is the dominant segment of the global smart thermostats market.
Company profiles
The report profiles the following companies
Nest Labs Inc,
Schneider Electric,
Siemens Corporation,
Others
View full sample: https://www.datamintelligence.com/research-report/smart-thermostat-market
Download free sample : https://www.datamintelligence.com/download-sample/smart-thermostat-market
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