Global Wi-Fi Thermostats Market 2018-2025 - Market Set to Grow at a CAGR of 30% Between 2019 and 2025 - ResearchAndMarkets.com
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 "Wi-Fi Thermostats Market: Global Industry Perspective, Comprehensive Analysis and Forecast, 2018-2025" report has been added to ResearchAndMarkets.com's offering.
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, advanced technologies can help utilities to control smart applications, driving the Wi-Fi thermostats market. The rise in government regulations on effective use of energy is also driving the 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 is anticipated 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 expected to fuel the growth of the residential Wi-Fi thermostats market especially in the 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. North America is expected to grow exponentially owing to increasing demand in the U.S. and Canada. Moreover, a reduction in price of Wi-Fi thermostats by companies like Ecobee and Nest is expected to elevate the Wi-Fi thermostats market. In addition, the deployment of Wi-Fi thermostats by governments, utility companies, and non-profit organizations to combat energy poverty will drive market growth.
The major players in the 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
- Residential
- Commercial
- Industrial
Wi-Fi Thermostats Market: Regional Segment Analysis
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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