Smart Thermostat Market worth 5.9 Billion USD by 2020

(EstateNewsWire.com, March 01, 2017 ) Smart Thermostat Market by Component by Network Connectivity (Wired, Wireless), by Application (Residential, Office Building, Industrial Building, Educational Institutional, Retail, Hospitality, and Healthcare), and Geography - Forecast to 2020, the smart thermostat market is segmented on the basis of component, network technology, application, and geography, and all the existing and emerging technologies in this market have been covered.

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The smart thermostat market is expected to witness a high-growth phase in all applications including residential, commercial, and industrial. The residential application is expected to grow at the highest CAGR and holds the largest market share, owing to the increasing awareness among consumers about the benefits of smart thermostats. The overall smart thermostat market including hardware and service is expected to grow from USD 585.09 Million in 2014 and reach 5.9 Billion by 2020, at a CAGR of 31.82% between 2015 and 2020. The industrial application is also growing this technology is being increasingly adopted at all levels from the warehouse to the assembly line in the industry. The recently developed second-generation smart thermostats by Nest Labs (U.S.) are being adopted in the residential application as they are easy to install have an attractive look.

The product components of smart thermostats include display unit, humidity sensor, temperature sensor, motion sensor, and others. The report analyzes the market for network technologies including wired and wireless technology. The wireless technology is further segmented into Wi-Fi, Zigbee, Z-Wave, and Bluetooth. This report also covers the major applications of smart thermostat such as residential, office building, industrial application, educational institution, retail, hospitality, and healthcare among others with qualitative as well as quantitative industry insights.

One of the objectives of the report is to analyze the market trends for each of the smart thermostat market segments along with their respective growth rates. Apart from the market segmentation, the report also provides in-depth analyses such as Porter’s five forces analysis, value chain with a detailed process flow diagram, and market dynamics such as drivers, restraints, opportunities, and challenges for the smart thermostat market.

The market size for the smart thermostat market is included for the four major geographical regions, namely, North America, Europe, Asia-Pacific, and Rest of the World (RoW). The North Americas is expected to hold a major share of this market, whereas Europe is expected to witness the highest growth during the forecast period.

The key players in this market include Nest Labs (U.S.), Honeywell international (U.S.), Ecobee (Canada), Schneider Electric SE (France), Emerson Electric Co. (U.S.), Tado (Germany), Control4 Corporation (U.S.), Ingersoll Rand (Ireland), Carrier Corporation (U.S.), and Nortek, Inc. (France).

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