Albany, NY -- (SBWIRE) -- 11/29/2016 -- The need to reduce electricity bills is anticipated to augment the growth of the global smart thermostats market, states Transparency Market Research (TMR) in a new research report. The report is titled, "Smart Thermostats Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth and Forecast 2015 – 2023."

The study offers an in-depth analysis of the historical growth trajectory, current market situation, and the future growth opportunities of the global smart thermostats market. It also assesses the predominant trends and the key elements at play in the market. The report further highlights the dynamics that are anticipated to drive or restrain the growth of the global smart thermostats market. The study also estimates the volume and revenue growth of the global smart thermostats market.

The report further explores the key strategies, product descriptions, and shares of leading players operating in the global smart thermostats market. To offer a clear understanding of the market, the study utilizes Porter's five forces analysis and presents an outlook of the competitive landscape of the global smart thermostats market. The report also highlights the degree of entry and exit barriers in the market. According to the report, the primary factor behind the growth of the global smart thermostats market is the mounting prices of energy.

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The study states that owing to the high cost of energy sources, consumers are being impelled towards optimization of power to reduce electricity bills. A smart thermostat is used as an automation device deployed in control systems for controlling the heating and air conditioning in houses. It enables the user to control the temperature of the house using thermostats. The user can adjust the temperature of the house using devices that can control the smart thermostats installed in the house through the internet. It allows the user to save electricity by easily controlling the heating and cooling of the house from various locations.

Other factors that are anticipated to boost the growth of the global smart thermostats market are the growing demand for devices that are energy efficient, the flourishing market for smart homes, and the benefits of thermostats such as easy programming and configuration. However, compatibility issues with wireless networks of smart thermostats are likely to act as a hindrance in the growth of the global smart thermostats market. Additionally, false triggering of switches by sensors is also likely to hamper the sales of smart thermostats over the forthcoming years.

Based on geography, the global smart thermostats market is segmented into North America, Asia Pacific, Europe, and the Rest of the World. The deployment of smart thermostats is significantly high in North America and Europe due to the high demand for efficient ventilation, cooling, heating systems from smart business and house owners. As a result of this, manufacturers of smart thermostats are focusing on advancing the technology used in smart thermostats. The leading companies in the global smart thermostats market are CPS Energy and Venstar Inc., Energate Inc., Nest Labs, Blue Line Innovations, Honeywell International Inc., and Allure Energy Inc. among others.