Coronavirus Business and Industry Impact Analysis for Global Smart Home Weather Stations and Rain Gauge Market 2020-2024 | Market to grow at a CAGR of almost 8% | Technavio
LONDON--(BUSINESS WIRE)--Aug 19, 2020--
The global smart home weather stations and rain gauge market size is expected to grow by USD 55.45 million during 2020-2024, progressing at a CAGR of almost 8% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of the Market Impact of COVID-19.
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Technavio has announced its latest market research report titled Global Smart Home Weather Stations and Rain Gauge Market 2020-2024 (Graphic: Business Wire)
Constant connectivity has become important in our day-to-day lives as it allows consumers to control essential tasks remotely. Wireless technologies such as Wi-Fi, Bluetooth, and ZigBee can be used in or accessed by smartphones and tablets. The addition of these technologies in home weather stations is a means of product differentiation for manufacturers, which attracts the tech-savvy consumer segment. Moving beyond smartphones, wireless connectivity is now being extended to a wide range of smart home products, enabling them to collect and exchange data. IoT helps to connect people and devices to each other via the Internet. Thus, the growing adoption of wireless connecting devices and the Internet of Things (IoT) is driving the global smart home weather station and rain gauge market.
- The major smart home weather stations and rain gauge market growth came from the smart home weather station segment in 2019. However, the growth of this segment will be slower than the growth of the overall market.
- North America was the largest smart home weather stations and rain gauge market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to factors such as the increase in the adoption of smart connected products and better internet connection.
- The global smart home weather stations and rain gauge market is concentrated. Ambient LLC, BloomSky Inc., Campbell Scientific Inc., Chaney Instrument Co., Davis Instruments Corp., La Crosse Technology Ltd., Lifetime Brands Inc., NETATMO SAS, Nielsen-Kellerman Co., and WeatherFlow Inc. are some of the major market participants. To help clients improve their market position, this smart home weather stations and rain gauge market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the global smart home weather stations and rain gauge market 2020-2024 is expected to have negative & inferior growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
Read the full report here:www.technavio.com/report/smart-home-weather-stations-and-rain-gauge-market-industry-analysis?
Product Innovation will be a Key Market Trend
Vendors that offer smart weather stations and rain gauges are currently focusing on technological innovations to add more value by introducing smart products that enhance their functionality. The concept of controlling home products through the Internet and smartphones has attracted considerable consumer attention in recent times. For instance, NETATMO personal weather station is a complete weather monitoring solution. The NETATMO personal weather station base kit comes with two main sensor units; one measures the weather conditions outside and the other is for monitoring the environment within the home. The users can have a direct overview of data such as outdoor temperature, outdoor relative humidity, outdoor air quality, barometric pressure, and weather forecast on smartphones. Thus, the introduction of such innovative products will drive the growth of the market.
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Smart Home Weather Stations and Rain Gauge Market 2020-2024 : Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist smart home weather stations and rain gauge market growth during the next five years
- Estimation of the smart home weather stations and rain gauge market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the smart home weather stations and rain gauge market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of smart home weather stations and rain gauge market vendors
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SOURCE: Technavio Research
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PUB: 08/19/2020 06:45 AM/DISC: 08/19/2020 06:45 AM