Harrisburg, NC -- (SBWIRE) -- 02/12/2019 -- The report elaborates the complete details covering product definition, product type, and application. The report covers useful details which are categorized based on Smart Thermostat production region, major players, and product type which will provide a simplified view of the Smart Thermostat industry. The Smart Thermostat market report presents the competitive scenario of the major market players based on the sales revenue, customer demands, company profile, the business tactics used in Smart Thermostat market which will help the emerging market segments in making vital business decisions.
The global smart thermostat market was valued at USD 962.97 million in 2017, and is expected to reach a value of USD 10745.40 million by 2023, at a CAGR of 49.16%, during the forecast period (2018 - 2023).
Global Smart Thermostat Market by Top Manufacturers (2019-2023): NEST LABS INC., TEXAS INSTRUMENTS LIMITED, SIEMENS CORPORATION, SCHNEIDER ELECTRIC, EMERSON ELECTRIC, HONEYWELL INTERNATIONAL INC., LENNOX INTERNATIONAL INC., ECOBEE COMPANY, CONTROL4 CORPORATION, ENERGATE INC., amongst others.
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Essential points covered in Smart Thermostat Market 2019 Research are:-
- What will the market size and the growth rate be in 2023?
- What are the key factors driving the Smart Thermostat market?
- What are the key market trends impacting the growth of the Smart Thermostat market?
- What are the challenges to market growth?
- Who are the key vendors in the Smart Thermostat market?
- What are the market opportunities and threats faced by the vendors in the Smart Thermostat market?
- What are the key outcomes of the five forces analysis of the Smart Thermostat market?
This independent 107 pages report guarantees you will remain better informed than your competition. With figures examining the Smart Thermostat market, the report gives you a visual, one-stop breakdown of the leading products, submarkets and market leader's market revenue forecasts as well as analysis to 2023.
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High Return on Investments and Energy Savings to Drive the Adoption of Smart Thermostats
The Smart thermostats have witnessed rapid growth in adoption in the developed nations, owing to increasing consumer interest in smart devices. While the industry initially focused on tech savvy consumers, growing adoption of smart homes and connected devices across consumer segments have propelled the adoption of smart thermostats. The market is experiencing boost with sales of smart home voice assistants, such as Amazon Echo, and Google smart home growing. Many companies are integrating compatibility with these systems enabling users to completely automate homes, while also building the abilities of smart thermostats, with consumers willing to take advantage of energy savings and automation. However, limited awareness in the developing nations is one of the major challenges, while slowdown in innovations is leading to a wide product category offering similar features.
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Wi-Fi to Witness The Fastest Growth Over The Forecast Period
Wi-Fi has become one of the most widely used networks across the world, offering a range of Wi-Fi compatible devices. Also, the technology has the highest penetration rates in comparison with other deployment models with most of the residential, commercial, and industrial spaces enabled with Wi-Fi compatibility. Thus, Wi-Fi enabled smart thermostats gain huge consumer demand, with an extensive compatibility across multiple devices. The Global shipment of Wi-Fi enabled smart devices was estimated to USD 65 million, in 2017. With most of the smart devices in market being Wi-Fi compatible, the demand for devices working on similar networks is growing. While many companies are offering devices with cross network compatibility that can operate on multiple technologies, such as NFC, and Bluetooth, Wi-Fi is expected to remain the standard technology. Wi-Fi is expected to become the go-to technology, with next generation smart thermostat devices focused on smart home assistants, allowing many smart home assistants to work on Wi-Fi.
Reasons to Purchase This Report
- Identifying how high return on investments, and energy savings have been a driver to the global market scenario.
- Analyzing various perspectives of the market with the help of Porter's five forces analysis.
- Outlining the types of deployment and application that are expected to dominate the market.
- Analyzing the regions that are expected to witness fastest growth during the forecast period.
- Identifying the latest developments, market shares, and strategies employed by the major market players.
- 3-month analyst support, along with the Market Estimate sheet (in Excel).
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