Smart thermostats are electronic devices which are being used along with home automation for monitoring the household's heating and/or air conditioning. The functions of smart thermostats are similar to Programmable thermostat which permit the user to control the home temperature throughout the day by scheduling the setting of the thermostats with different temperature at day and night. Some of the major drivers which strengthen the demand of smart thermostats in the market are the boosting demand for energy-efficient devices, and configurable and programmable thermostat.
MARKET SCOPE
The "Global Smart Thermostats Market Analysis to 2028" is a specialized and in-depth study with a special focus on the global market trend analysis. The report aims to provide an overview of the smart thermostats market with detailed market segmentation by network technology, product type, verticals, and geography. The report provides key statistics on the market status of the leading smart thermostats market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
? Based on network technology, the global smart thermostats market is segmented into wireless network and wired networking.
? On the basis of product type, the market is segmented into connected smart thermostat and standalone smart thermostat.
? Based on verticals, the market is segmented into residential commercial, and industrial.
MARKET DYNAMICS
Drivers:
? The mounting technological advancement, the rising demand of smart homes, and self-learning automated devices are creating various opportunities which will increase the demand of smart thermostats in the forecast period.
Restraints:
? The incompatibility concerns in wireless networks and false trigging of switches by sensors are some of the factors which may hamper the smart thermostats market.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The smart thermostats market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the smart thermostats market in these regions.
IMPACT OF COVID-19 ON SMART THERMOSTATS MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.
MARKET PLAYERS
The report covers key developments in the smart thermostats market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from smart thermostats market are anticipated to lucrative growth opportunities in the future with the rising demand in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the smart thermostats market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
? Carrier
? Snap One, LLC
? Ecobee
? Emerson Electric Co.
? Honeywell International Inc.
? Johnson Controls
? Pro1iaq
? Schneider Electric
? tado GmbH
? Trane Technologies plc
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.