DUBLIN--(BUSINESS WIRE)--The "Global Smart Thermostat Market Research Report: Forecast (2021-2026)" report has been added to ResearchAndMarkets.com's offering.
According to this report the market is likely to grow at a CAGR of around 19% during 2021-2026F due to the rising inclination of customers toward energy & cost-saving technologies, burgeoning penetration of Smart home solutions, and snowballing application in smart homes to control smart appliances, such as heaters, boilers, and window AC.
Moreover, increasing integration of advanced technology like Wi-Fi, AI, and IoT to remotely access internet-connected devices entwined with the growing adoption of automated thermostats in commercial & residential sectors are other critical aspects likely to boost the market growth during the forecast period.
Market Segmentation
Residential Segment Acquired Considerable Market Share
Amongst various end-users, the Residential segment acquired a considerable share in the Global Smart Thermostat Market in the past few years. It owes to the surging automation in the residential sector and rising investments by customers in energy-efficient solutions due to their increasing awareness regarding energy conservation, energy tracking.
Additionally, paradigm shift of consumers toward buying smart homes with intuitive technologies & virtual assistants to operate their appliances is also a critical factor placing lucrative opportunities for the market growth. Furthermore, increasing adoption of smart electronic devices and appliances are other crucial aspects likely to fuel the need for smart thermostats in the forecast period, reveals the publisher in their research report, "Global Smart Thermostat Market Analysis, 2021."
Impact of COVID-19
The outbreak of the COVID-19 pandemic had a dual impact on the Global Smart Thermostat Market. It caused supply chain disruptions due to the closed down of borders, temporary shutdown of manufacturing units, and logistic & export restrictions. However, nationwide lockdown in the second and third quarters of 2020 had a positive impact on the market growth due to the rising interest of customers toward Smart thermostats.
The increasing concerns of substantial energy bills have promulgated the demand for thermostats to optimize energy consumption at homes. Moreover, with the rebound in the economy in the fourth quarter of 2020 and ease in lockdown & government restrictions, the demand for Smart thermostats gradually rose and is likely to attain robust growth during 2021-26.
Competitive Landscape
According to the publisher, the key players with a considerable market share in the Global Smart Thermostats market include Emerson Electric Co., Nest Labs, GridPoint, Inc., Tado GmbH, Honeywell International, Computime Group Ltd., Schneider Electric SE, Radio Thermostat Company of America, Ecobee, Inc., Control4 Corporation, Carrier Corporation, Siemens AG, Johnson Controls, Zen Ecosystems, Resideo Technologies, Inc., etc.
Key Questions Answered in the Market Research Report:
1. What are the overall market statistics or market estimates (Market Overview, Market Size- By Value, Forecast Numbers, Market Segmentation, Market Shares) of the Global Smart Thermostats Market?
2. What is the region-wise industry size, growth drivers, and challenges key market trends?
3. What are the key innovations, opportunities, current & future trends, and regulations in the Global Smart Thermostats Market?
4. Who are the key competitors, their key strengths & weaknesses, and how do they perform in Global Smart Thermostats Market based on a competitive benchmarking matrix?
5. What are the key results derived from the market surveys conducted during the Global Smart Thermostats Market study?
For more information about this report visit https://www.researchandmarkets.com/r/gkgboy
