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Smart Thermostats Market size is set to grow by USD 5.51 billion from 2024-2028, Growth in number of HVAC equipment users boost the market, Technavio

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NEW YORK, Aug. 6, 2024 /PRNewswire/ — The global smart thermostats market size is estimated to grow by USD 5.51 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  24.07%  during the forecast period. Growth in number of hvac equipment users is driving market growth, with a trend towards increasing focus on integrated building management systems. However, high initial prices affect demand for smart thermostats  poses a challenge. Key market players include Alphabet Inc., Carrier Global Corp., Centrica Plc, Computime Group Ltd., Control4 Corp., ecobee, EcoFactor Inc., Emerson Electric Co., GridPoint Inc., Honeywell International Inc., Johnson Controls International Plc., Legrand SA, NETATMO SAS, Nortek, Radio Thermostat Co. Of America, Robert Bosch GmbH, Robertshaw Controls Co., Schneider Electric SE, tado GmbH, and Venstar Inc..

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Smart Thermostats Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 24.07%

Market growth 2024-2028

USD 5511.8 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

19.08

Regional analysis

North America, Europe, APAC, Middle East and Africa, and South America

Performing market contribution

North America at 56%

Key countries

US, Canada, Germany, China, and Mexico

Key companies profiled

Alphabet Inc., Carrier Global Corp., Centrica Plc, Computime Group Ltd., Control4 Corp., ecobee, EcoFactor Inc., Emerson Electric Co., GridPoint Inc., Honeywell International Inc., Johnson Controls International Plc., Legrand SA, NETATMO SAS, Nortek, Radio Thermostat Co. Of America, Robert Bosch GmbH, Robertshaw Controls Co., Schneider Electric SE, tado GmbH, and Venstar Inc.

Market Driver

The demand for energy efficiency and cost savings in both residential and commercial buildings is driving the growth of advanced systems for lighting, cooling, heating, and ventilation. Integration of these systems, such as lighting and HVAC, under one platform is optimizing energy usage and improving building management systems. This integration enables the regulation of temperature, humidity, and light based on occupancy levels, leading to energy savings and a more comfortable environment. Smart thermostats are a key component of these integrated systems, allowing for the adjustment and control of heating and cooling based on occupancy and energy usage patterns. The trend towards smart buildings is increasing, with the installation of these advanced systems to accommodate integration with existing building automation or upgraded systems. This integration results in optimized energy consumption, enhanced profit margins, and a more comfortable internal environment. The global smart thermostats market is poised to benefit from this trend in the near future.

The Smart Thermostats market is experiencing significant growth, driven by trends in HVAC systems, IoT technology, and customer-centric services. Remote appliance control, energy efficiency, and cloud technology are key features. Motion sensors, power usage monitoring, networking, and AI technologies enhance user experience. Companies like ScienceSoft offer skilled professionals for upgrading traditional thermostats to smart ones. Residential and commercial applications, including heating, cooling devices, and air conditioners, benefit from energy savings. Older people and energy efficiency standards also fuel demand. IoT infrastructure and wireless networks enable geofencing and temperature control via smartphones. Energy management solutions, such as Ecobee API with an HTTP-based interface, facilitate energy conservation and reduce power cost and electricity consumption. Smart gadgets continue to lead the way in home automation and energy savings.

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Market Challenges

The high initial cost of smart thermostats is a significant barrier for consumers, as most models are do-it-yourself (DIY) types. This requirement for professional installation adds to the overall expense, making traditional thermostats, which cost around USD50, a more attractive option for many. This high cost may hinder market penetration and negatively impact the growth of the smart thermostat market during the forecast period. Major vendors such as Nest Labs, Honeywell International, and ecobee Inc. Need to find ways to reduce the cost of their smart thermostats or offer more affordable installation options to expand their customer base.The market for smart thermostats is growing as consumers seek energy conservation and cost savings. Coolers, heaters, and air conditioners account for a significant portion of household energy consumption and power costs. Smart thermostats, as energy management solutions, enable users to control their HVAC systems using smartphones and APIs like Ecobee’s HTTP-based interface. These devices offer energy savings and ROI through user behavior analysis and monitoring capabilities. However, challenges include data security concerns, cost of devices, and user adoption in industrial settings. Smart gadgets like Google Nest use temperature and humidity sensors, IR technology, and wireless connectivity like ZigBee and Wi-Fi. The market is segmented into Wi-Fi, standalone, and connected segments, with the commercial segment showing potential for significant growth.

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Segment Overview 

This smart thermostats market report extensively covers market segmentation by

Technology 1.1 Wi-fi1.2 ZigBee1.3 OthersGeography 2.1 North America2.2 Europe2.3 APAC2.4 Middle East and Africa2.5 South America

1.1 Wi-fi-  The smart thermostat market is experiencing significant growth due to increasing energy efficiency and convenience. These devices allow homeowners to remotely control temperature settings and receive energy usage reports. Major players like Nest, Ecobee, and Honeywell dominate the market, offering advanced features such as learning capabilities and integration with voice assistants. The market’s growth is driven by consumer demand for cost savings and comfort, as well as government initiatives promoting energy efficiency.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report

Learn and explore more about Technavio’s in-depth research reports

The global Smart Home market is experiencing rapid growth, driven by increasing consumer demand for convenience, energy efficiency, and security. Key segments include smart lighting, security systems, and home automation, with major players such as Amazon, Google, and Apple leading innovations. The adoption of AI and IoT technologies is further propelling market expansion, making smart homes more accessible and integrated.

Research Analysis

Smart thermostats are IoT-enabled HVAC devices designed to optimize temperature control in homes and industries for energy efficiency. They offer customer-centric services through remote appliance control, enabling users to manage their heating and cooling systems using smartphones or cloud-based platforms. These devices use sensors, motion sensors, and AI technologies to learn user behavior and preferences, adjusting temperature settings accordingly. Energy management solutions, such as power usage monitoring and electricity consumption tracking, are also integral features. Networking capabilities enable seamless integration with other smart home gadgets, while cloud control and APIs, like Ecobee API with an HTTP-based interface, facilitate easy access and energy savings. The adoption of smart thermostats is growing rapidly in households and industries, offering significant return on investments through improved energy efficiency.

Market Research Overview

The Smart Thermostats market is a rapidly growing segment in the HVAC industry, driven by the Internet of Things (IoT) and customer-centric services. These devices enable remote appliance control, energy efficiency, and temperature management for both residential and commercial applications. Smart thermostats use sensors, temperature, humidity, motion, and power usage data to optimize energy consumption and savings. Cloud technology and AI technologies enhance the capabilities of these devices, allowing for real-time monitoring and control. Smart thermostats are compatible with various HVAC systems, including heating, cooling devices, and air conditioners. They offer features like geofencing, wireless network connectivity, and energy savings through API integrations with smart gadgets and platforms. The market includes standalone, connected, and Wi-Fi segments, catering to various user needs and budgets. Residential applications, particularly in new construction, are a significant market for smart thermostats, with older people and energy efficiency standards driving adoption. However, data security concerns and cost of devices remain challenges. Industrial adoption is also increasing, with energy management solutions and smartphone usage playing a role. Traditional thermostats are being upgraded with wireless connectivity and networking capabilities, making it essential for skilled professionals to provide installation and maintenance services. Energy savings and return on investments are key factors influencing household and industrial adoption. Smart thermostats are also being integrated with coolers, heaters, and air conditioners, as well as infrastructure for energy conservation and power cost reduction. The market includes various technologies like IR, temperature sensors, humidity sensors, and ZigBee technology, with Wi-Fi segment being the most popular. Smart thermostats offer various monitoring capabilities and energy management solutions, making them an essential component of smart homes and energy-efficient infrastructure.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TechnologyWi-fiZigBeeOthersGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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NASA Johnson Invites Proposals to Lease Vibration Test Facility

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HOUSTON, Nov. 14, 2024 /PRNewswire/ — NASA’s Johnson Space Center is seeking proposals for the use of its historic, but underused, Vibration and Acoustic Test Facility. Prospective tenants must submit facility walk-through requests by Monday, Nov. 18.

Final proposals are due by 12 p.m. EST Monday, Dec. 16, and must promote activities that will build, expand, modernize, or operate aerospace-related capabilities at NASA Johnson and help preserve the historic and iconic building through preservation and adaptive reuse.

NASA plans to sign a National Historic Preservation Act (NHPA) lease agreement for the facility, also known as Building 49, for a five-year base period and one five-year extension to be negotiated between NASA and the tenant. To request a walk-through, send an email to hq-realestate@mail.nasa.gov

“This historic facility has been used for decades to ensure the success and safety of all human spaceflight missions by putting engineering designs and hardware to the ultimate stress tests,” said NASA Johnson Director Vanessa Wyche. “For more than 60 years, NASA Johnson has been the hub of human space exploration and this agreement will be a vital part of the center’s efforts to develop a robust and durable space economy that refines our understanding of the solar system and space exploration.”

All proposals must adhere to the guidelines detailed in the Agency Announcement for Proposals describing concept plans for development of the property, including any modifications proposed to the building; a statement of financial capability to successfully achieve and sustain operations, demonstrated experience with aerospace-related services or other space-related activities, and a detailed approach to propelling the space economy.

The nine-story building complex has a gross square footage of 62,737 square feet and consists of a north wing measuring 62 feet long, 268 feet wide and 106 feet tall, and a central wing about 64 feet long and 115 feet wide. Building 49 currently houses five laboratories, including the General Vibration Laboratory, Modal Operations Laboratory, Sonic Fatigue Laboratory, Spacecraft Acoustic Laboratory, and Spacecraft Vibration Laboratory. The south administrative portion of the building is not included in the property offered for lease. 

As the home of Mission Control Center for the agency’s human space missions, astronaut training, robotics, human health and space medicine, NASA Johnson leads the way for the human exploration. Leveraging its unique role and location, the center is developing multiple lease agreements, including the recently announced Exploration Park, to sustain its key role in helping the human spaceflight community foster a robust space.

In the coming years, NASA and its academic, commercial, and international partners will see the completion of the International Space Station Program, the commercial development of low Earth orbit, and the first human Artemis campaign missions establishing sustainable human presence on the Moon in preparation for human missions to Mars.

Johnson already is leading the commercialization of space with the commercial cargo and crew programs and private astronaut missions to the space station. The center also is supporting the development of commercial space stations in low Earth orbit, and lunar-capable commercial spacesuits and lunar landers that will be provided as services to both NASA and the private sector to accelerate human access to space. Through the development of Exploration Park, the center will broaden the scope of the human spaceflight community that is tackling the many difficult challenges ahead.

Learn more about NASA Johnson’s efforts to collaborate with industry partners:

https://www.nasa.gov/johnson/frontdoor/ 

NASA Johnson Space Center news releases and other information are available automatically by sending an Internet electronic mail message to listserv@listserver.jsc.nasa.gov.  In the body of the message (not the subject line) users should type “subscribe hsfnews” (no quotes). This will add the email address that sent the subscribe message to the news release distribution list. The system will reply with a confirmation via E-mail of each subscription.  Once you have subscribed you will receive future news releases via e-mail.

 

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SOURCE NASA

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Cabana Partners with Virginia Department of Veterans Services to Provide Comprehensive, Free Mental Health Support for Veterans, Guard/Reserve Members, and Their Families

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RICHMOND, Va., Nov. 14, 2024 /PRNewswire/ — Cabana, a modern mental health provider offering confidential, tech-enabled support, has partnered with the Virginia Department of Veterans Services (DVS) to provide free, comprehensive mental health resources to Virginia’s veterans, Guard and Reserve members, as well as their spouses and caregivers. This collaboration expands access to Cabana’s digital mental health services, including live peer support groups moderated by Virginia-certified Veteran Peer Specialists.

Originally developed through research and development initiatives with the U.S. Air Force, Cabana’s services are designed to meet the unique needs of military and veteran communities. With this partnership, eligible Virginia users gain full access to Cabana’s digital suite, which includes the full range of virtual, professionally facilitated groups offered by Cabana, as well as dedicated Virginia Veteran peer-led support groups. Participants can connect discreetly on topics such as transitioning to civilian life, managing family relationships, and coping with stress, all within a secure and confidential environment accessible from any device.

David Black, Founder and CEO of Cabana, underscored the mission behind the partnership: “We’re honored to work with the Virginia Department of Veterans Services to offer a holistic mental health solution for Virginia’s military-connected community. With Virginia-certified Veteran Peer Specialists and our full array of live support groups, we’re providing a powerful, confidential resource that veterans and military families can rely on, whenever and wherever they need it.”

Key Features of the Partnership:

Comprehensive Access to Support: Virginia veterans, Guard/Reserve members, and their families will have unrestricted access to all live virtual groups available through Cabana, in addition to specialized peer-led groups run by Virginia-certified Veteran Peer Specialists.Support for Families and Caregivers: The initiative includes spouses and caregivers, addressing the unique mental health needs of military-connected families through sessions tailored to issues like family dynamics, stress management, and the transition to civilian life.Confidential and Flexible Access: Cabana’s services are available on mobile and desktop devices, providing Virginia’s veterans and their families with an easily accessible, cost-free solution for mental health support.

This collaboration highlights Cabana’s commitment to supporting the mental well-being of those who serve and their families. By joining forces with the Virginia Department of Veterans Services, Cabana seeks to strengthen the resilience and wellness of Virginia’s military community.

For more information on the partnership between Cabana and the Virginia Department of Veterans Services, please contact:

Nick Armstrong, Ph.D.
Head of Public Sector, Cabana
nick@cabanahealth.org

About Cabana™
Cabana is a leading, modern mental health provider offering confidential, tech-enabled support solutions tailored to the needs of diverse communities. Through live, professionally moderated group sessions, evidence-based content, and adaptable wellness tools, Cabana helps individuals proactively manage their mental health. Our mission is clear: to make mental health care more accessible through technology and human connection.

About the Virginia Department of Veterans Services (DVS)

The Virginia Department of Veterans Services (DVS) is a state government agency with more than 50 locations across the Commonwealth of Virginia. DVS traces its history to 1928 and the establishment of the Virginia War Service Bureau to assist Virginia’s World War I veterans. Today, DVS assists veterans and their families in filing claims for federal veterans benefits; provides veterans and family members with linkages to services including behavioral health, housing, employment, education, and other programs. The agency operates long-term care facilities offering in-patient skilled nursing care, dementia/memory care, and short-term rehabilitation for veterans; and provides an honored final resting place for veterans and their families at three state veterans cemeteries. It operates the Virginia War Memorial, the Commonwealth’s tribute to Virginia’s men and women who gave the ultimate sacrifice from World War II to the present. For more information, please visit www.dvs.virginia.gov.

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SOURCE Cabana

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East Side Games Group Reports Third Quarter 2024 Financial Results

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Revenue of $21.4M in Q3 2024 and $62.8M Year to DateA-EBITDA of $2.56M in Q3 2024 and $9.2M Year to DatePOWER RANGERS: MIGHTY FORCE launched globally

VANCOUVER, BC, Nov. 14, 2024 /CNW/ – East Side Games Group (TSX: EAGR) (OTC: EAGRF) (“ESGG” or the “Company”), is pleased to announce its financial results for the third quarter ended September 30, 2024. All amounts are stated in Canadian dollars on an IFRS basis unless otherwise indicated. Building on the momentum from Q2, the company achieved its first growth quarter of the year, reporting a top-line revenue of $21.4 million, a 4% increase quarter-over-quarter and a 3% increase year-over-year.

The company’s adjusted EBITDA for the quarter was $2.56 million, representing a 12% margin and marking the eighth consecutive profitable quarter above $2.5 million. East Side Games Group continues to demonstrate strong performance metrics across its core portfolio, with an average daily user count (DAU) of 236,000, a stickiness rate of 24%, and an average revenue per daily active user (ARPDAU) of $0.99.

“Our focus on profitability within our existing portfolio has paid off, and we are excited to further enhance our user acquisition strategies,” said Jason Bailey, CEO of East Side Games Group. “With $8.3 million in cash—our highest balance since Q2 2022—we are well-positioned to invest in our future game launches and bolster our share buyback program.”

One of the key drivers of growth this quarter was the launch of POWER RANGERS: MIGHTY FORCE in August, which quickly garnered nearly 30,000 daily active users and demonstrated impressive return on advertising spend (ROAS) figures.

In Q3, the company also enhanced its revenue generation through innovative strategies. The introduction of bi-monthly season passes for popular titles like Trailer Park Boys: Greasy Money and Cheech and Chong: Bud Farm resulted in a remarkable 40% increase in season pass revenue.

In a major collaboration, East Side Games Group partnered with BBC and Paramount to create the Intergalactic Friendship Day crossover event between Star Trek Lower Decks: The Badgey Directive and Doctor Who: Lost in Time, generating substantial organic traffic and setting new ARPDAU records.

Looking forward to Q4, East Side Games Group is excited to introduce team-based cooperative and competitive play features into titles such as Trailer Park Boys: Greasy Money and RuPaul’s Drag Race Superstar, anticipating a significant boost in player engagement and monetization.

Moreover, the company is preparing to launch Trailer Park Boys: Greasy Money on the Epic Games Store, expanding its reach in a new mobile marketplace with favorable revenue-sharing terms. This is a very exciting opportunity, only being afforded to a few game studios.

Finally, East Side Games Group is thrilled to announce our upcoming title, RuPaul’s Drag Race Match Queen, developed in partnership with Funkitron and World of Wonder. Slated for a 2025 release, this hybrid match-3 game combines beloved gameplay elements with captivating fashion and character features, catering to the passionate fanbase of RuPaul’s Drag Race.

Mike Edwards will be stepping down from the ESGG Board of Directors to focus on other pursuits, effective immediately. ESGG thanks him for his invaluable guidance over the past 12 years and is currently in discussions with several highly qualified candidates for his replacement.

Three Months Ended Sep 30, 2024 Financial highlights

For the quarter ended September 30th, 2024, revenue was $21.4M.Q3 2024 a-EBITDA of $2.56M and 12% a-EBITDA margin.Cashflow for the Company for the quarter ended September 30, 2024 increased by $700k, ending at $8.3M.Daily Active Users in Q3 were 236k, with an ARPDAU of $0.99On November 14, 2023, the Company announced a renewal of its Normal Course Issuer Bid (“NCIB”) authorizing the Company to purchase 4,076,819 of its shares. Through September 30, 2024, the Company purchased 1,540,719 shares at an average price of $0.76. The company continues to buy back stock as restrictions allow.

Certain information provided in this news release is extracted from the consolidated financial statements (the “Financial Statements”) and Management’s Discussion & Analysis (“MD&A”) of the Company for the quarter ended September 30, 2024, and should be read in conjunction with them. It is only in the context of the fulsome information and disclosures contained in the Financial Statements and MD&A that an investor can properly analyze this information. The Financial Statements and MD&A can be found under the Company’s profile on SEDAR and EDGAR.

Earnings Call Video

ESGG will release its third-quarter 2024 financial results and business outlook on its investor relations website https://eastsidegamesgroup.com/investors/financial-information on Thursday, November 14th, 2024, at approximately 2:00 p.m. Pacific Time.

ABOUT EAST SIDE GAMES GROUP

East Side Games Group is a leading free-to-play mobile game group, creating engaging games that produce enduring player loyalty. Our studio groups entrepreneurial culture is anchored in creativity, execution, and growth through licensing of our proprietary Game Kit software platform that enables professional game developers to greatly increase the efficiency and effectiveness of game creation in addition to organic growth through a diverse portfolio of original and licensed IP mobile games that include: The Office: Somehow We Manage, Star Trek: Lower Decks – The Badgey Directive, Bud Farm Idle Tycoon, Doctor Who: Lost in Time, RuPaul’s Drag Race Superstar, AEW: Rise to The Top, Cheech and Chong Bud Farm, and Trailer Park Boys: Grea$y Money.

We are headquartered in Vancouver, Canada and our games are available worldwide on the App Store and Google Play. Additional information about the Company continues to be available under its legal name, East Side Games Group Inc., at www.sedar.com.

Forward-looking Information

Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the proposed transactions described herein. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including factors beyond the Company’s control. These forward-looking statements are made as of the date of this news release.

SOURCE East Side Games Group Inc.

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