Smart Thermostat Market Size & Share Is Growing Globally by 2024
Zion Market Research, the market research group announced the analysis report titled "Smart Thermostat Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2024"
Sarasota, FL -- (SBWire) -- 10/04/2017 --To maintain the temperature of a system, a component of the control system senses the temperature within the system, this component is known as the thermostat. In a case of smart thermostats, everything is done automatically and it is used to control the air conditioning and heating of the house or any organization. Using a thermostat the users can control the temperature throughout the day. It gives the provision to the users to set a schedule for temperature controlling. The smart thermostats are connected to the internet; this gives the user another provision of adjusting the temperature using other devices that are connected to the internet such as smart phones, I-pads, etc.
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The global smart transportation market is segmented into its type, network connectivity, application, and regions. On the basis of the type, the global market is segregated into zoned systems, learning thermostats, and learning zoned systems. Based on the network connectivity, the market is divided into wireless and wired. On the basis of application, smart thermostat market is categorized into the office building, educational institutional, hospitality, residential, industrial building, retail, and healthcare. Region-wise, the market is diversified into North America, Asia-Pacific, Europe, and Rest of the World.
In the past few years, the global smart thermostat market has gained popularity owing to increasing need to use energy efficient solutions in the different sectors such as residential and commercial. The increase in the use of the smartphones helps in contributing towards the energy management solutions. In order to manage the average energy expenditure, there should be solutions to manage and control the consumption of energy; smart thermostats help in doing so thus increasing its demand in the market. The use of smart thermostats help in reducing the electricity bills and the good return on investments are offered.
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The organizations and industries have started adopting the smart thermostat technology as it is an effective way to manage their HVAC systems. Smart thermostats offer following benefits they help in identifying user behavior, adjusting the HVAC systems automatically, analyzing user patterns, and with the help of wireless connectivity offering remote monitoring. These factors contribute to increasing its demand in the global market.
The region that dominates the smart thermostat market is the North America. The factor that attributes this market growth is the rise in the demand for efficiently managing the energy and the presence of a large number of key vendors in the region. The average rate of unit power has increased which is encouraging the industries, household consumers, and enterprises to adopt the smart thermostat as a smart energy solution. The European smart thermostat market is also increasing owing to the favorable initiatives taken by the government.
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The key market players in the smart thermostat market include Allure Energy Inc., Radio Thermostat Company of America, Ecobee, Nest Labs, Energate Inc., CPS Energy, Honeywell International Inc., Schneider Electric, Blue Line Innovations Inc., Sigma Designs, Inc., Ingersoll-Rand Plc., and Venstar Inc.
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