Albany, NY -- (SBWire) -- 02/24/2016 --A new research report, titled "Smart Thermostats Market- Global Industry Analysis, Size, Share, Trends, Analysis, Growth and Forecast 2015 - 2023," from Transparency Market Research (TMR) offers the latest insights into the market. According to the report, the global smart thermostats market is driven majorly by the rising trend of energy saving. The rising demand for reducing energy consumption and consequently power bills is fuelling the global smart thermostats market.
A smart thermostat is a type of home automation device used for controlling a home's heating and, at times, air conditioning. The user can control the temperature of their home using thermostats throughout the day. Furthermore, smart thermostats also allow users to create a schedule for controlling the temperature pattern of a house through the day. These thermostats are connected to the Internet and a user can adjust their home's temperature using handheld devices such as smartphones or tablets. This allows users to save energy by switching quickly between cooling and heating from several locations. By efficiently programming smart thermostats, users can significantly minimize power consumption.
With the rising energy prices, the need to optimize power has significantly grown. Furthermore, saving power translates into reduced energy bills. This trend is driving the global smart thermostats market. However, the demand for smart thermostats is currently rising primarily in developed regions, i.e. Western Europe and North America.
Regionally, the global smart thermostats market is divided into Asia Pacific, North America, Europe, and Rest of the World (RoW). In North America and Europe, business owners are increasingly adopting smart thermostats for several HVAC purposes to manage their power consumption. Additionally, the advancement in thermostat technology in recent years has provided customers with various types of smart thermostats, which they can choose based on their needs. The rising energy demand, along with the growing energy prices, is pushing consumers to use smart thermostats in their houses. On the other hand, low disposable income is suppressing the growth of the global smart thermostats market in developing regions.
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By type, the global smart thermostats market is divided into learning zone systems, zoned systems, and learning thermostats. Certain smart thermostats can sense when the house is occupied and when it is empty. This is a significant benefit provided by smart thermostats, as they can preheat or pre-cool the home even before the user arrives home. Smart thermostats such as zoned systems are used to control the temperature in particular areas of the house such as individual rooms. Learning zoned systems are a hybrid of learning and zoned systems. These are the most advanced smart thermostats available in the market.
The key players operating in the global smart thermostats market are CPS Energy, Energate, Sigma Designs, Allure Energy, Radio Thermostat Company of America, Honeywell International, and Blue Line Innovations.
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Global Smart Thermostats Market Driven by Increasing Demand for Energy Saving Systems
Smart Thermostats Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth and Forecast 2015 - 2023