The report covers forecast and analysis for the Wi-Fi thermostats market on a global and regional level. The study provides historic data from 2015 to 2018 along with a forecast from 2019 to 2025 based on revenue (USD Million). The study includes drivers and restraints for the Wi-Fi thermostats market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities and various trends in the Wi-Fi thermostats market on a global level.
As per the report, the global demand for Wi-Fi thermostats market was valued at approximately USD 689.8 million in 2018 and is expected to generate revenue of around USD 3500 million by end of 2025, growing at a CAGR of around 30% between 2019 and 2025.
The global market of Wi-Fi thermostats is anticipated to grow exponentially in the forecast period owing to the facilities provided by Wi-Fi thermostats. The energy can be effectively managed and money can be conserved by the use of Wi-Fi thermostats. Moreover, the advanced technologies can help utilities to control smart applications, driving the Wi-Fi thermostats market. Furthermore, the rise in government regulations on effective use of energy drives the market.
The growing popularity of connected devices leads to escalation in need of controlling the devices is anticipated to grow the target market in the forecast period. However, the complexities in installing the Wi-Fi thermostats systems in the consumer house can restrict the growth of the target market. The increasing concern of the people, industries, and the government towards conservation of energy can act as an important opportunity for the Wi-Fi thermostats market.
The Wi-Fi thermostats market is segmented on the basis of product, application, and region. Based on the product, the Wi-Fi thermostats market is bifurcated into connected smart thermostats, learning smart thermostats, and standalone smart thermostats. The learning smart thermostats segment anticipates to grow significantly owing to the automatic and better control over the appliances.
On the basis of application, the Wi-Fi thermostats market is divided into industrial, residential, and commercial. The increase in penetration of smartphones is presumed to fuel the growth of residential Wi-Fi thermostats market especially in Asia Pacific region.
The Asia Pacific region is anticipated to witness a momentous growth rate owing to the elevated use of smart assistance technology by the population in the region. Furthermore, the launch of ‘new type urbanization plan’ by the Chinese government that focuses on use of Wi-Fi thermostats is presumed to drive the market. The growing emphasis of people on smart home services is assumed to propel the Wi-Fi thermostats market. Moreover, the Wi-Fi thermostats market is driven by adoption of Indian green Building Council program even in the residential area.
North America is expected to grow exponentially owing to the increasing demand in the U.S. and Canada. Moreover, reduction in price of Wi-Fi thermostats by companies like Ecobee and Nest is presumed to elevate the Wi-Fi thermostats market. Moreover, deployment of Wi-Fi thermostats by governments, utility companies, and non-profit organizations to endure energy poverty will drive market growth for Wi-Fi thermostats market.
The major players for Wi-Fi thermostats market are Honeywell international, Nortek, Inc., Tado, Nest Labs, Emerson Electric Co., Carrier Corp., Schneider Electric SE, Ecobee, Control4 Corp., and Ingersoll Rand, among others.
Wi-Fi Thermostats Market: Product Type Segment Analysis
- Connected smart thermostats
- Standalone smart thermostats
- Learning smart thermostats
Wi-Fi Thermostats Market: Application Segment Analysis
Wi-Fi Thermostats Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa