Smart Thermostat Market Overview:

Worldwide smart thermostat market volume is predicted to cross the revenue of forty million US dollars by end of the year 2023. These are the electronic equipments that control the functioning of cooling and heating equipments in commercial as well as business applications. It encompasses the next generation of home automation equipments that form main part of smart homes. Data backup in the cloud, management of data and applying analytics to improve the job performance and acquire self-learning are expected to encourage smart thermostat market volume.

Propagation of smartphones act as enabler towards energy management services and activities. The condition of open source developer application program interfaces elevates performance and use of these equipments. The grip of worldwide smart thermostat market in last few years increased due to use of residential business sectors in Europe and North America. Easy utility and increased energy management provided by these equipments has positively affected the growth of smart thermostat market. Increase in the on an average energy expenses and requirement for remote access is also predicted to stimulate the demand for smart thermostats.

Concerns related to data security and rising cost of equipments may refrain growth & expansion of smart thermostat market. Reduction in costs of energy bill and increased ROIs (return on investments) provided by these equipments have largely enhanced the demand for smart thermostat equipments in the family circles. In addition to this, businesses have also accepted the smart thermostat technique as a low cost manner used to handle the HVAC systems.

These equipments have the ability to recognize the customer activities, investigate the patterns and fine-tune with the HVAC systems naturally. It provides remote monitoring through wireless networks. Google Nest is one such example of a self learning equipment that studies user actions by the way of motion and infrared sensors, temperature sensors and humidity sensors. Such equipments have the capability of programming themselves and so users do not have to program the equipment regularly. Demand for the technology will be complemented by rising popularity of smart houses and ubiquity of wireless networks.

Smart Thermostat Market by Technology:

Key technology sections encompass ZigBee and Wi-Fi technologies plus other techniques like Ethernet, NFC, and Bluetooth and power line communication. They help these equipments link to the internet and provide analytics as well as tools of measuring internet performance through website portals.

PLC technology helps in sending data over the recently deployed power cables and this is accepted as means of interface communication when the network data communications is not well developed. Programmable equipments which do not characterize the modules of wireless connectivity are packed pre-programmed processors that handle the equipment.

Smart Thermostat Market by Region:

Smart thermostat market of the North American region is predicted to lead the global market, due to rise in demand for energy efficacy and presence of key vendors in the area. Increasing home automation equipment market in APEC region is predicted to positively affect the topographical penetration.

The smart thermostat market of Europe is predicted to get a grip over the estimated period led by favorable government initiatives in the area. For example, the Department of Energy & Climate Change in Great Britain introduced ECO (Energy Company Obligation) in year 2013 by to minimize UK's energy use and help people with lack of fuel by financially supporting development of smart thermostat equipments for household’s utility. Thus it contributed towards energy savings, energy consumption .It also contributed towards development and growth of energy and its proficient use in day today activities of life.

Competitive Landscape:

Key market participants and producers of the smart thermostat equipments include Google Nest, Honeywell systems and Ecobee which contributed to about forty percent of worldwide smart thermostat market share in year 2014.

Other key market players include Emerson Climate Technologies, Carrier Corporation, Schneider Electric, Allure Energy Incorporation, British Gas Hive, Tado GmbH and Lux Products Corporation. Rising business associations, business relations and partnerships with energy firms, utilities and technological giants have driven the scope for this industry.