Global Smart Thermostat Market to Reach $10.74 Billion by 2023 - Analysis by Deployment (NFC, Wi-Fi, Zigbee), Application and Geography - ResearchAndMarkets.com

The "Global Smart Thermostat Market - Segmented by Deployment (NFC, Wi-fi, Zigbee), Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.

The global smart thermostat market was valued at USD 962.97 million in 2017, and is expected to reach a value of USD 10,745.4 million by 2023, at a CAGR of 49.16%, during the forecast period (2018-2023).

Energy saving has been the primary value proposition of smart thermostats among consumers, with statistics suggesting an average cost saving of around USD 100 to USD 150 per year. With the penetration of smart home technologies in common households, the capabilities of smart thermostats have also grown, allowing companies to incorporate more features with iteration of the device. These factors have been instrumental in driving the global smart thermostat market.

Key Highlights

• High Return on Investments and Energy Savings to Drive the Adoption of Smart Thermostats
• Wi-Fi to Witness the Fastest Growth Over the Forecast Period
• North America to Hold the Largest Market Share

Key Developments in the Market

• January 2018 - Honeywell group had announced partnership with Whirlpool electronics at CES 2017. Whirlpool's range of smart appliances are being integrated with Honeywell Wi-Fi smart thermostat systems. This move is expected to enable Honeywell further push its device compatibility, with the company joining Nest devices in terms of whirlpool smart appliance integration.
• November 2017 - Honeywell International introduced, Self-Monitored Smart Home Security System to safeguard and secure homes. The camera base station will enable enhancements in the future, such as facial recognition and wireless motion viewers, to provide expanded home coverage.
• September 2017 - Honeywell International and Lear Corporation developed an effective system to identify and validate the software commands. The company's software and security centers monitor in-vehicle network communications, and Lear's electric gateways, and security modules can be effective toolset to detect, and report anomalies preceding the mechanical failure, or intentional hack of the vehicles.

Companies Mentioned

• Nest Labs Inc.
• Texas Instruments Limited
• Siemens Corporation
• Schneider Electric
• Emerson Electric
• Honeywell International Inc.
• Lennox International Inc.
• Ecobee Company
• Control4 Corporation
• Energate Inc.

Key Topics Covered

1. Introduction

2. Research Methodology

3. Market Analysis

4. Market Dynamics

5. Technology Snapshot

6. Global Smart Thermostat Market Segmentation

7. Competitive Intelligence

8. Investment Analysis

9. Future of the Market

For more information about this report visit https://www.researchandmarkets.com/research/4gzf2f/global_smart?w=4

View source version on businesswire.com: https://www.businesswire.com/news/home/20180517005745/en/