New Research Report on “Smart Thermostat Market” presents an in-depth analysis of Smart Thermostat which includes market size, share, growth, and demand forecast until 2024 (in USD billion). The report sheds light on latest market developments and prominent trends of the market. Smart Thermostat market report includes research methodology, value chain analysis, industry analysis by the power of suppliers and consumers. Smart Thermostat market report also includes new upcoming technology of Smart Thermostat Industry that will help our clients.

Smart Thermostat Market Covers manufacturers on the basis of market status, production, consumption, and forecast details.

– It was estimated that around 60.5 million Americans used virtual personal assistants and voice-controlled speakers at least once a month, according to an investment firm Cowen & Co. Also, in 2017, 24% of Americans used Amazon Echo and 31% used Google Home for home control settings following music, shopping, and requesting information applications. With the increase in the use of virtual assistants in home control, the forecast period is likely to witness the exponential adoption of smart thermostats.

Scope of the Report:

These thermostats are termed as ‘smart‘, due to the inherent capabilities of being able to communicate with IoT devices within a smart building, ability to learn with AI capabilities, active geo-fencing features, reduce energy consumption, and ability to communicate with emerging virtual private assistants. Smart thermostats refer to the devices that allow remote connectivity and can be managed through a handheld device, finding its applications in residential sectors. These are the devices that are connected and allow remote connectivity in the consumer sector.

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Key Market Trends:

Increasing Internet Penetration and Connected Devices are Driving the Market Growth

– Increasing internet penetration, coupled with the increased usage of smartphones and other mobile devices has resulted in an increased spread of connectivity, owing to the rise in internet-connected devices.
– Owing to technological advancements, the appliances in residential buildings, such as washing machines, heating, and cooling equipment, and refrigerators, are increasingly going smart. This means that they can be connected to the internet.
– Due to this, smart thermostats (that also have the ability to be connected to the internet) are increasingly being adopted. This is because they enable users to adjust heating settings from other internet-connected devices, such as smartphones or laptops, which allows them to control the thermostat remotely. This ease of use is necessary for ensuring energy savings.
– Additionally, M2M is expected to take home-based IoT to the next level. Manufacturers, like LG and Samsung, are already slowly unveiling smart home appliances to help ensure a higher quality of life for occupants.
– For instance, an M2M-capable washing machine could send alerts to the owners’ smart devices once it finishes washing or drying, and a smart refrigerator could automatically order groceries from Amazon once its inventory is depleted.
– The increasing popularity of these connected devices is expected to lead to an increased need for control, thereby driving the market growth.

Asia-Pacific to Witness a Significant Growth Rate Over the Forecast Period

– Consumers are adopting the smart assistant devices, such as Amazon Echo and Google Home for many purposes, with almost one-third of people using it as an information provider responding to questions, and over 40% as an audio speaker for listening to streaming music. The smart thermostats find application among the smart assistants, thereby, fueling its demand across the residential sector across the region.
– Moreover, the Chinese government launched the ‘New-Type Urbanization Plan,’ focusing primarily on new-type, smart, and humanities city construction from 2014 – 2020.
– Besides, in India, the IGBC (Indian Green Building Council) Green Homes is the first rating program that has been developed, exclusively for the residential sector, whose objective is to facilitate the effective use of site resources, water conservation, energy efficiency, handling of household waste, optimum material utilization, and design for healthy, smart homes.
– This will encourage industry players to invest in smart home services, thus, having a positive impact on the smart thermostat market growth.

Smart Thermostat Market Report contents include:

  • Analysis of the laboratory balance market including revenues, future growth, market outlook
  • Historical data and forecast
  • Regional analysis including growth estimates
  • Analyzes the end user markets including growth estimates.
  • Profiles on laboratory balance including products, sales/revenues, and market position
  • Market structure, market drivers and restraints.

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Detailed TOC of Smart Thermostat Market Report 2020-2024:

1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study



4.1 Market Overview
4.2 Value Chain / Supply Chain Analysis
4.3 Industry Attractiveness – Porter’s Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
4.4 Introduction to Market Drivers and Restraints
4.5 Market Drivers
4.5.1 Increasing Internet Penetration and Usage of Internet Connected Devices
4.5.2 Increasing Popularity of Smart Homes
4.6 Market Restraints
4.6.1 High Installation Costs and Lack of Interoperability Challenges the Market
4.7 Technology Snapshot

5.1 Geography
5.1.1 North America
5.1.2 Europe
5.1.3 Asia-Pacific
5.1.4 Rest of the World

6.1 Company Profiles
6.1.1 Nest Labs Inc.
6.1.2 Honeywell International Inc.
6.1.3 ecobee
6.1.4 Schneider Electric SE
6.1.5 Emerson Electric Co.
6.1.6 Lennox International Inc.
6.1.7 Inc.
6.1.8 LUX Products Corporation
6.1.9 Siemens AG
6.1.10 Johnson Controls PLC



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