Smart Thermostat Market By Product, Components, Technology, Application and top Key Players- 2024

Global Smart Thermostat Market Research Report and Forecast Report Edition: 2019 © 2019 IMARC All Rights Reserved

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Global Smart Thermostat Market Overview: The latest report by IMARC Group, titled “Smart Thermostat Market: Global industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024�, estimates that the global smart thermostat market size reached US$ .32 Billion in 2018. Smart thermostat form an essential component of control systems that are used to manage the temperature at homes or offices. They aid in controlling the central heating via remotes, tablets or smartphones through the internet. These systems are used with home automation services to enable automatic adjustment of settings based on the user’s preferences.

Since they consist of features like sensors and Wi-Fi connectivity, they provide customized stings which minimize the energy consumption while maximizing the comfort.

Malic Acid Market Trends Rising environmental consciousness is one of the key factor driving the market growth. The introduction of energy star certified smart thermostats in the market are considered and environmentfriendly and enhanced energy-efficient recourse, which is aiding its widespread adoption across the globe. Furthermore, owing to the rise of smart homes installations on account of improving living standards and elevating disposable income levels , the demand for smart thermostats has increased.

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157.3 146.7 152.0 141.4 136.1 125.5 130.8

160 140 120 100 80 60 40 20 0

120.2 2011

2012

2013

2014

2015

2016

2017

2018

In Million US$

in Million US$

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180 160 140 120 100 80 60 40 20 0

160.0 2019

175.9

181.2

186.5

165.3

170.6

2020

2021

2022

2023

2024

In addition to this, these systems offer various advantages to users like monitoring energy utilization and improving indoor ai quality. Apart from, this, the escalating sales of smart homes voice assistants like Amazon Echo and Google Home are also providing impetus to the market growth. On account of these factors, the market in anticipated to reach a value of US$ 4.07 Billion by 2024, registering a CAGR of 20.87% during 2019-2024.

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Also, since they are extremely energy efficient, they assist in reducing the overall expenditure on electricity consumption.

Key Market Segmentation: Market Segmentation by Product • • •

Standalone Smart Thermostats Connected Smart Thermostats Learning Smart Thermostats

On the basis of the product, the market has been divided into standalone smart thermostats, connected smart thermostats and learning smart thermostats. Amongst these ,standalone smart thermostats are the most preferred product type.

Market Segmentation by Component • •

Display Temperature Sensors

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Humidity Sensors Motion Sensors Others

Based on component, the temperature sensor accounts for the majority of the overall market share.

Other major components include display, humidity sensors, motion sensors and others.

Market Segmentation by Technology • •

Wired Wireless o Wi-Fi o Zig Bee o Others

On the basis of the technology, the market has been bifurcated into wired and wireless smart thermostats. Presently, wireless smart thermostat the dominant segment. The wireless smart thermostat segment is further classified into Wi-Fi, Zigbee and others.

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Market Segmentation By Application • • •

Residential Commercial Industrial

Based on the application, the residential sectors holds the majority of the total market share, followed by the commercial and industrial sectors.

Market Segmentation By Region • • • • •

North America Europe Asia Pacific Middle East and Africa Latin America

Based on region, the market has been categorized into North America, Asia Pacific, Europe, Middle East and Africa, & Latin America. Currently, North America holds the leading position in the market.

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Report Description Competitive Landscape:

The competitive landscape of the market has also been examined with some of the key players.

• • • • • • • • •

Nest Labs, Inc Honeywell International Inc Ecobee, Inc Emerson Electric Co, Schneider Electric SE Tado GmbH Contraol4 Corporation Carrier Corporation Nortek, Inc

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