Market Analysis
The global smart thermostat market is predicted to touch USD 3.5 billion at a 23.4% CAGR between 2016- 2022 states the recent Market Research Future (MRFR) analysis. Smart thermostat, is an electronic device that helps in regulating the operation of cooling and heating devices for commercial or residential applications. These thermostats have been specially designed for automatically controlling air conditioning and ambiance temperature. Such devices offer users the perk of controlling temperature all through the day utilizing a schedule. Besides, it is integrated with smart-net technology and sensors like Wi-Fi, which provides internet-connected devices remote access. A smart thermostat is utilized in smart infrastructure for controlling smart appliances like boilers, radiators, heaters, ACs, portables, split ACs, and window ACs. Temperature sensor, humidity sensor, and display are its different components and works on both wireless and wired technology. Owing to its alluring features and plentiful benefits, it has wide applications in commercial, residential, and others.
Various factors are propelling the global Smart Thermostat Market Share. As per the current MRFR report, such factors include the growing demand for connected & smart homes, growing urbanization, growing need for IoT based services, and growing internet penetration.
On the contrary, inconsistency in wireless networks, high implementation cost, lack of infrastructure, and COVID-19 impact are factors that may impede the global smart thermostat market growth over the forecast period.
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Market Segmentation
The MRFR provides an inclusive segmental analysis of the global smart thermostat market based on application, deployment, and component.
By application, the global smart thermostat market is segmented into commercial, residential, and others. Of these, the commercial application will lead the market over the forecast period.
By deployment, the global smart thermostat market is segmented into wireless technology and wired technology. Of these, the wireless technology will dominate the market over the forecast period.
By component, the global smart thermostat market is segmented into a temperature sensor, humidity sensor, and display.
Key Players
Key players profiled in the global smart thermostat market report include Control4 Corporation (U.S.), Ecobee (Canada), Nortek, Inc. (France), Ingersoll Rand (Ireland), Tado (Germany), Carrier Corporation (U.S.), Honeywell International Inc.(U.S.), Emerson Electric (U.S.), and Nest Labs, Inc.(U.S.). Industry players have encompassed several strategies to stay ahead in the competition and also cater to the consumers' burgeoning requirements. These strategies comprise but not limited to mergers, acquisitions, partnerships, collaborations and joint ventures, contracts, geographic expansions, extensive research and development activities, new product launches and new product developments, strategic alliances, to name a few.
Regional Analysis
Based on the region, the smart thermostat market report covers the recent trends and growth opportunities across North America, the Asia Pacific (APAC), Europe, & the Rest of the World (RoW). Of these, North America is predicted to spearhead the market over the forecast period. Increased internet penetration, technological advances, growing need to manage energy consumption solutions, key vendors’ wide distribution network, and rising average unit rate of power-boosting enterprises, industries, and household consumers to use smart energy solutions are adding to the global smart thermostat market growth in the region.
The global smart thermostat market in Europe is predicted to have a second-largest share over the forecast. Favorable government initiatives are adding to the global smart thermostat market growth in the region.
The global smart thermostat market in the APAC region is predicted to grow at a fast pace over the forecast period. Growing demand for energy-efficient devices, cloud deployment, and increasing use of IT services are adding to the global smart thermostat market growth in the region.
The global smart thermostat market in the MEA is predicted to have sound growth over the forecast period.
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