Smart Thermostat Global Market Report 2023: Increasing Preference for Next Generation Home Automation Devices Bolsters Growth - ResearchAndMarkets.com

The "Smart Thermostat Market Research Report by Technology (Wi-Fi and ZigBee), Deployment, Application, Region - Cumulative Impact of COVID-19, Russia Ukraine Conflict, and High Inflation - Global Forecast 2023-2030" report has been added to ResearchAndMarkets.com's offering.

The Global Smart Thermostat Market size was estimated at USD 1,359.71 million in 2022, USD 1,679.83 million in 2023, and is projected to grow at a CAGR of 23.67% to reach USD 7,444.35 million by 2030.

Market Dynamics

Drivers

• Increasing Preference for Next Generation Home Automation Devices
• Demand for Energy Efficient Systems/Devices
• Growth in Adoption of IoT-Enabled HVAC Systems

Restraints

• High Cost for Installations

Opportunities

• Rising Consumer Investment in Smart Homes
• Emergence of Cloud-Connected HVAC Systems and Other New Technological Integrations

Challenges

• Complex Programing and Compatibility Issues With Existing Systems

Market Statistics:

The report provides market sizing and forecasts across 7 major currencies - USD, EUR, JPY, GBP, AUD, CAD, and CHF; multiple currency support helps organization leaders to make better decisions. In this report, the years 2018 and 2021 are considered as historical years, 2022 as the base year, 2023 as the estimated year, and years from 2024 to 2030 are considered as the forecast period.

Market Segmentation & Coverage:

• Based on Technology, the market is studied across Wi-Fi and ZigBee.
• Based on Deployment, the market is studied across Bluetooth and NFC.
• Based on Application, the market is studied across Commercial, Industrial, and Residential.

FPNV Positioning Matrix:

The FPNV Positioning Matrix evaluates and categorizes vendors in the Global Smart Thermostat Market. based on Business Strategy (Business Growth, Industry Coverage, Financial Viability, and Channel Support) and Product Satisfaction (Value for Money, Ease of Use, Product Features, and Customer Support) and placed into four quadrants (F: Forefront, P: Pathfinder, N: Niche, and V: Vital). The Global Smart Thermostat Market FPNV Positioning Matrix representation/visualization further aids businesses in better decision-making and understanding the competitive landscape.

Market Share Analysis:

The Market Share Analysis offers the analysis of vendors considering their contribution to the overall market, providing the idea of revenue generation into the overall market compared to other vendors in the space. This provides insights on vendors performance in terms of revenue generation and customer base compared to others. The Global Smart Thermostat Market Share Analysis offers an idea of the size and competitiveness of the vendors for the base year. The outcome reveals the market characteristics in terms of accumulation, fragmentation, dominance, and amalgamation traits.

Competitive Scenario:

The Competitive Scenario provides an outlook analysis of the various strategies for business growth adopted by the vendors. The news in this section covers valuable insights at various stages while keeping up with the business and engaging stakeholders in the economic debate. The Global Smart Thermostat Market Competitive Scenario represents press releases or news of the companies categorized into Merger & Acquisition, Agreement, Collaboration, & Partnership, New Product Launch & Enhancement, Investment & Funding, and Award, Recognition, & Expansion. All the news collected helps vendors understand the gaps in the marketplace and competitor's strengths and weaknesses, providing insights to enhance products and services.

The report answers questions such as:

1. What is the market size and forecast of the Global Smart Thermostat Market?

2. What are the inhibiting factors and impact of COVID-19 shaping the Global Smart Thermostat Market during the forecast period?

3. Which are the products/segments/applications/areas to invest in over the forecast period in the Global Smart Thermostat Market?

4. What is the competitive strategic window for opportunities in the Global Smart Thermostat Market?

5. What are the technology trends and regulatory frameworks in the Global Smart Thermostat Market?

6. What is the market share of the leading vendors in the Global Smart Thermostat Market?

7. What modes and strategic moves are considered suitable for entering the Global Smart Thermostat Market?

Companies Mentioned

• ABB Ltd.
• Control4 Corporation by Snap One, LLC
• Ecobee Inc.
• Emerson Electric Co.
• Energate Inc. by Tantalus Systems Holding Inc
• GE Lighting by SAVANT TECHNOLOGIES LLC
• Google LLC by Alphabet, Inc.
• Honeywell International Inc.
• Johnson Controls International PLC
• Lennox International Inc.
• Microsoft Corporation
• Schneider Electric SE
• Siemens AG
• Texas Instruments Incorporated
• Trane Technologies Company, LLC

For more information about this report visit https://www.researchandmarkets.com/r/6l20nm-thermostat?w=4

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View source version on businesswire.com: https://www.businesswire.com/news/home/20230130005459/en/