Smart Thermostat Market Is Anticipated To Reach $2.99 Billion By 2022 | Key Industry participants Honeywell International, Inc., EcoBee

San Francisco, 16 October 2018 - The global smart thermostat market is expected to reach USD 2.99 billion by 2022, according to a new study conducted by Grand View Research, Inc. These thermostats enable users to remotely control their air conditioning as well as heating systems through wireless connectivity and mobile apps. Smart thermostats form an integral part of smart homes and have gained high traction in developed regions such as Europe and North America. The industry is anticipated to witness a high adoption of these gadgets as they display the energy consumption level in real-time and are capable of adjusting to ambient conditions automatically. These devices can be connected to the internet and offer analytics and performance measurement tools through web-based portals. They are usually an integral part of the home automation ecosystem.

Energy utility retailers play a vital role in promoting the adoption of these devices in households. Many utilities offer these products as a part of their home energy management schemes. The involvement of energy retailers amplifies the potential for the smart thermostat industry growth. Additionally, the proliferation of mobile phones and their convergence with thermostats make these products much more attractive for the end-users.

The growing penetration of smartphones, rising per unit energy costs, the need for effective energy management solutions, and the favorable regulatory scenario are expected to propel the market growth over the coming years. The increased penetration of Near Field Communication (NFC) and ZigBee home automation devices is further expected to augment the demand. However, the high cost of devices and the associated data security concerns may restrain the growth prospects of this industry.

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Further key findings from the study suggest:

• The market primarily includes devices based on connectivity technologies such as Wi-Fi, ZigBee, and other technologies including NFC, Bluetooth, and Ethernet. ZigBee-enabled devices are expected to gain a significant share with the increasing consumers’ shift toward home automation devices.
• North America and Europe, together, accounted for about 90% of the overall market share (in terms of revenue) in 2015 owing to the high demand for such devices in the region and favorable government mandates. The surge in the constructional activities and growing popularity of smart homes is expected to spur the demand.
• Key players, including Honeywell International, Inc., Nest Labs, Inc. (Google), and Ecobee, together, accounted for over 40% of the overall market share (in terms of revenue) in 2015. OEMs have been focusing on the development of new products as well as upgrading the existing product portfolio. Strategic agreements and collaborations have been practiced for gaining competitive advantage.

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Grand View Research has segmented the smart thermostat market on the basis of technology and region:

Smart Thermostat Technology Outlook (Revenue, USD Million, 2012 - 2022)

• Wi-Fi
• ZigBee
• Others (Near Field Communication (NFC), Bluetooth, and Ethernet)

Smart Thermostat Regional Outlook (Revenue, USD Million, 2012 - 2022)

• North America
  • US.
  • Canada
• Europe
  • Germany
  • UK
• Asia Pacific
  • China
  • Australia and New Zealand
  • Japan
• Latin America
  • Brazil
• MEA

Browse Press Release of this Report: www.grandviewresearch.com/press-release/global-smart-thermostat-market

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information: www.grandviewresearch.com

Smart Office Market Size Worth $57.05 Billion By 2025 | Key Industry Players ABB Ltd, Honeywell International, Inc.

San Francisco, 04 October 2018 - According to a report by Grand View Research, Inc., global smart office market is anticipated to value USD 57.05 billion by 2025. Growing requirement for optimal and effective utilization of IT resources and infrastructure is anticipated to propel demand for smart offices. Such offices are likely to offer automation and digitization of products and systems to enhance work efficiency. The working environment of any smart office is likely to improve in terms of efficient use of energy and occupant comfort. Smart features such as continuous monitoring and controlling of humidity, light, and temperature can facilitate improved management of smart devices. It can also offer connected experience to employers working in that office. This, in turn is likely to drive employee satisfaction in smart offices.

Global smart office market revenue, by office type, 2016 (%)

Increasing use of internet of things (IOT) in offices to enable inter-networking of physical devices using sensors, software, and network connectivity can influence market growth. Changing workforce demographics coupled with technological expectations of employers and employees can fuel demand for smart offices in the forthcoming years. Growing need for flexible work environment in offices to enhance employee productivity is likely to stimulate growth of market. Rising number of R&D activities to create reliable, cost-effective, and improved products owing to growing popularity of smart office technology can augment market growth. Improvement in internet accessibility and rising adoption of connected devices is likely to surge demand for IOT enabled offices during the forecast period (2014 to 2025).  

Access In-depth Analysis Report On Smart Office Market: www.grandviewresearch.com/industry-analysis/smart-office-market

The smart office market can be segregated on the basis of component, office type, and region. Based on component, the market can be categorized into software, hardware, and service. In 2016, hardware segment dominated the market and can continue to dominate from 2017 to 2025. Continual technological developments in hardware segment can influence growth of market. It can be segmented further into energy management systems (EMSs), smart lighting & controls, security systems & controls, audio-video conferencing systems, and HVAC control systems. Numerous advantages such as improved focus and convenience can fuel demand for EMSs in offices. Such systems can track energy usage and allow organizations to control energy losses. This, in turn, can lead to profit margins, comfort, and high work efficiency.

In addition, service segment is anticipated to grow at remarkable CAGR of 15% during the forecast period. High demand for cloud-based solutions coupled with growing need for domain expertise and quality services can fuel growth of segment.

Based on office type, the market can be classified into retrofit and new construction. In 2016, retrofit segment dominated the market and accounted for market share equivalent to USD 14.30 billion. It is expected to continue its dominance and account for highest revenue by 2025. Growing adoption of energy saving technologies in retrofit offices can influence market growth during the forecast period. Such offices may pose limitations for implementation of new systems and modifications.Similarly, new construction segment is likely to witness substantial growth during the forecast period. Such offices can offer ample flexibility to install new systems.

Regional segmentation includes Asia Pacific, Europe, North America, South America, and Middle East & Africa. In 2016, North America dominated the market and accounted for largest market share. It is likely to grow at CAGR of 10% from 2017 to 2025 owing to prevalence of well-established manufacturers and huge consumer base in the region.

In Asia Pacific, the market is expected to witness significant growth at CAGR of 19% during the forecast period. Presence of growing economies such as India and China is likely to increase number of offices in the region. This, in turn, is expected to create demand for establishment of smart offices in the region.

In South America, the market can grow well during the forecast period attributed to rising penetration of internet and wireless networks in the region.

Some of the leading companies offering smart offices are Cisco Systems, Inc.; Crestron Electronics, Inc.; Honeywell International, Inc.; Schneider Electric; and Siemens AG. Most companies are likely to adopt strategies such as mergers & acquisitions and new product development to maintain their market value.

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Grand View Research has segmented the global smart office market based on component, office type, and region:

Smart Office Component Outlook (Revenue, USD Million, 2014 - 2025)

• Hardware
  • Security Systems & Controls
  • Smart Lighting & Controls
  • Energy Management Systems
  • HVAC Control Systems
  • Audio-Video Conferencing Systems
• Software
• Service

Smart Office Type Outlook (Revenue, USD Million, 2014 - 2025)

• Retrofit
• New Construction

Smart Office Regional Outlook (Revenue, USD Million, 2014 - 2025)

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa

Browse Press Release of this Report: www.grandviewresearch.com/press-release/global-smart-office-market

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information: www.grandviewresearch.com