Smart Thermostats Market: Review of Micro and Macro factors essential for Existing Industry Players
Increasing energy prices and the need to optimize power which will cut short energy bills is expected to drive the global smart thermostats market during the forecast period. However, smart thermostat demand is increasing only in developed regions with high disposable income such as North America and Europe.
A component of a control system which maintained the temperature of a system by sensing the temperature of the system is known as a thermostat. A smart thermostat is an automation device responsible for controlling a home’s air conditioning and heating. The user can control the temperature of their home throughout the day by using thermostats. It allows users to set a schedule for controlling temperature. Smart thermostats are connected to the internet; this allows users to adjust their home’s temperature setting using other devices which are connected to the internet such as i-pads and smart phones. This also allows the user to save energy by easily switching the air conditioning or heating device from different locations. In order to minimize power consumption, the thermostats should be programmed correctly.
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The global smart thermostats market can be segmented based upon the type into learning thermostats, zoned systems and learning zoned systems. Some smart thermostats are capable of sensing then the house will be occupied and when it will be empty. This benefits the user as the house is preheated and pre cooled before the user arrives home. Zoned systems are used to control the temperature in particular zone such as rooms. This decreases the energy consumption as the heating or cooling is provided to the limited area or rooms. Learning zoned systems are the hybrid of learning thermostats and zoned systems. These are the most advanced smart thermostats. North America and Europe are the major players in the smart thermostats market.
Technology is a crucial tool in the smart thermostats market. Advancement in technology owing to research and development has provided different types of smart thermostats. Even some thermostats can sense a person depending upon range. If a person is in the range of thermostats sensing device, it will start cooling or heating system or else the system will remain off. Different ranges can be set on a device depending upon the user’s requirements. Some thermostats are even equipped with voice control system.
Energy saving is the major factor driving the growth of the global smart thermostats market. The technology helps in reduction of energy bills as well as save energy. In Europe and North America, smart business owners are increasingly adopting the smart thermostats for heating, ventilation, and air conditioning (HVAC) systems to manage their power consumption. Advancement in technology has provided the customers with different types of smart thermostats depending upon their needs. Increasing energy demand coupled with the rising energy prices is forcing the customers to use smart thermostat systems in their houses. Low disposable income is hampering the growth of the market in the developing countries.
Some of the key players in the global smart thermostats market are Allure Energy Inc., Honeywell International Inc., Radio Thermostat Company of America, Schneider Electric, Ecobee, Blue Line Innovations Inc., Nest Labs, Sigma Designs, Inc., Energate Inc., Ingersoll-Rand plc, CPS Energy and Venstar Inc. among others.
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