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Carrier (CARR) Boosts Offerings in China Via Kidde MOON Series
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Carrier Global Corporation’s (CARR - Free Report) Carrier has been consistently expanding offerings from the Healthy Homes Program in China.
The company’s recent introduction of the Kidde MOON series of smart home devices in the country is a testament to the above-mentioned fact.
The new series consists of smoke detectors and gas, temperature, relative humidity, water leak as well as motion detectors. These devices together provide customers with a complete smart home experience.
With the latest launch, Carrier has expanded the overall product portfolio in China. This is likely to expand its customer base in the country and thereby generate revenues in the near term.
The Kidde MOON series launch is likely to help Carrier in penetrating the booming smart home market in the country.
According to a report by iResearch Consulting Group, the people of China more than doubled their usage of smart home Internet of Things (IoT)-based devices in 2020 than the previous year.
Further, a statista report revealed that revenues generated from the smart home market in the country are expected to touch $20.1 billion in 2021. It is anticipated to progress at a CAGR of 18.8% between 2021 and 2025, resulting in a forecast market volume of $40.1 billion by 2025.
The report also indicates that the number of active households in this market is likely to hit 122.5 million by 2025.
Further, the smart home market in China is expected to hit $48.2 billion by 2027, per a report by Research And Markets.
The abovementioned growth opportunities are attributed to the growing adoption of IoT-enabled devices, government support, increasing urbanization, rising awareness of smart home technology and greater importance of home monitoring from remote locations.
Expanding Portfolio of Solutions in China
Carrier’s growing portfolio of solutions is helping it expand its presence in China. The latest launch is a step forward in this direction.
Apart from the recent move, the company introduced the newest edition of the AquaEdge 19DV water-cooled centrifugal chiller. The product added many features like free cooling and an expanded operating range for supporting China’s sustainable infrastructure projects for data centers, unmanned factories as well as other municipal facilities.
Further, Carrier recently completed the acquisition of a China-based HVAC manufacturer, Guangdong Giwee Group, and its subsidiaries, Guangdong Chigo Heating & Ventilation Equipment. The buyout bodes well for Carrier’s strong efforts toward expanding product offerings in the country and the global market.
Zacks Rank & Stocks to Consider
Currently, Carrier carries a Zacks Rank #3 (Hold).
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Carrier (CARR) Boosts Offerings in China Via Kidde MOON Series
Carrier Global Corporation’s (CARR - Free Report) Carrier has been consistently expanding offerings from the Healthy Homes Program in China.
The company’s recent introduction of the Kidde MOON series of smart home devices in the country is a testament to the above-mentioned fact.
The new series consists of smoke detectors and gas, temperature, relative humidity, water leak as well as motion detectors. These devices together provide customers with a complete smart home experience.
With the latest launch, Carrier has expanded the overall product portfolio in China. This is likely to expand its customer base in the country and thereby generate revenues in the near term.
Carrier Global Corporation Price and Consensus
Carrier Global Corporation price-consensus-chart | Carrier Global Corporation Quote
Smart Home Market Prospects in China
The Kidde MOON series launch is likely to help Carrier in penetrating the booming smart home market in the country.
According to a report by iResearch Consulting Group, the people of China more than doubled their usage of smart home Internet of Things (IoT)-based devices in 2020 than the previous year.
Further, a statista report revealed that revenues generated from the smart home market in the country are expected to touch $20.1 billion in 2021. It is anticipated to progress at a CAGR of 18.8% between 2021 and 2025, resulting in a forecast market volume of $40.1 billion by 2025.
The report also indicates that the number of active households in this market is likely to hit 122.5 million by 2025.
Further, the smart home market in China is expected to hit $48.2 billion by 2027, per a report by Research And Markets.
The abovementioned growth opportunities are attributed to the growing adoption of IoT-enabled devices, government support, increasing urbanization, rising awareness of smart home technology and greater importance of home monitoring from remote locations.
Expanding Portfolio of Solutions in China
Carrier’s growing portfolio of solutions is helping it expand its presence in China. The latest launch is a step forward in this direction.
Apart from the recent move, the company introduced the newest edition of the AquaEdge 19DV water-cooled centrifugal chiller. The product added many features like free cooling and an expanded operating range for supporting China’s sustainable infrastructure projects for data centers, unmanned factories as well as other municipal facilities.
Further, Carrier recently completed the acquisition of a China-based HVAC manufacturer, Guangdong Giwee Group, and its subsidiaries, Guangdong Chigo Heating & Ventilation Equipment. The buyout bodes well for Carrier’s strong efforts toward expanding product offerings in the country and the global market.
Zacks Rank & Stocks to Consider
Currently, Carrier carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader technology sector include Nikon (NINOY - Free Report) , Semtech Corporation (SMTC - Free Report) and Avnet (AVT - Free Report) , each currently flaunting a Zacks Rank of 1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term earnings growth rates for Nikon, Avnet, and Semtech are currently projected at 51.6%, 25.4%, and 12.5%, respectively.