smart thermostats market

Smart Thermostats Market Demand is Increasing only in
Developed Regions with High Disposable Income
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.
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.
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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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