Published: Dec, 2018
According to a new market research report, published by Transparency Market Research , the smart thermostat market is expected to reach US$ 8,729.2 Mn by 2026, expanding at a CAGR of 23.7% from 2018 to 2026. According to the report, the smart thermostat market is likely to continue to be influenced by a range of macroeconomic and market-specific factors in the next few years. In terms of demand, Asia Pacific is projected to lead the global market during the forecast period. The market in the region is likely to expand at a CAGR of 26.9% from 2018 to 2026. China, India, Japan, and South Korea are expected to be major contributors to the smart thermostat market in Asia Pacific during the forecast period.
High returns on investments (RoI) and energy savings to drive adoption of smart thermostats
Smart thermostats and other connected devices are gaining traction in the consumer goods sector. This is primarily due to the rising demand for energy-saving equipment for use in smart homes/buildings. Different research studies have proved that usage of smart thermostats helps reduce energy consumption and increase the efficiency of households. Smart thermostats are highly useful and returns on investment of this product are high. Increasing demand for energy-saving devices for use in residential and commercial buildings is driving the market for smart thermostats. It is also expected to create better opportunities for manufacturers of smart thermostats in the next few years. Moreover, smart thermostats have become an important topic for scientists to research in. Furthermore, government organizations in the U.S. and countries in Europe have mandated use of smart thermostats in smart homes and new residential buildings. This is expected to propel the demand for smart thermostats in the next few years.
Global Smart Thermostat Market: Scope of Report
The global smart thermostat market has been broadly segmented in terms of component, connectivity, application, and geography. Among components, the motion sensor segment accounted for a major share of more than 30.0%, in terms of revenue, in 2017. The segment is anticipated to expand at a CAGR of 24.7% during the forecast period. In order to fulfill the global demand, various manufacturers of smart thermostats are currently focusing on research and development activities on a regular basis in order to invent advanced applications of smart thermostats. Developing infrastructure, economic growth, large population, increasing urbanization are expected to drive the smart thermostat market during the forecast period. Smart thermostats can fulfill the energy efficiency needs of a wide range of residential and commercial applications. Smart thermostats are cost effective, easy to operate, and with low maintenance costs. Factors such as rising disposable income and adoption of smart electronics devices are expected to augment the smart thermostat market in the next few years.
Based on connectivity, the smart thermostat market has been segregated into wired and wireless. The wireless segment has been sub-classified into Wi-Fi, Bluetooth, and others. The Wi-Fi segment held the maximum market share in 2017, in terms of revenue. Additionally, the segment is expected to expand at the maximum CAGR of 25.2% during the forecast period. The Bluetooth segment is also expected to expand at a high CAGR during the forecast period.
In terms of application, the smart thermostat market has been classified into residential, commercial, and industrial. The commercial segment has been sub-divided into education & research, retail, hospital, and others. In terms of revenue, the residential segment accounted for a major market share of more than 75% in 2017 and it is anticipated to expand at a CAGR of 24.1% during the forecast period.
As per TMR analysis, in 2017, North America accounted for the maximum i.e. more than 50% share of the global market, in terms of both revenue and volume. The Asia Pacific smart thermostat market is primarily driven by increased investments in modernization of infrastructure and risen urban population in the region, especially in developing economies such as China and India. The smart thermostat market is expected to witness further innovations and developments in the near future, as several leading manufacturing companies are investing in research and development activities.
Global Smart Thermostat Market: Competition Scenario
The research study includes profiles of leading companies operating in the global smart thermostat market. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments. Some of the key players operating in the global market are Carrier Corporation, Control4 Corporation, Ecobee, Inc., Nest Labs, Ingersoll Rand Inc., Emerson Electric Co, Honeywell Inc., Schneider Electric SE, NorTek Inc., Tado GmbH, and Pro1 IAQ. Various business strategies are being adopted by market leaders. Companies are focusing on expanding their business by forming strategic partnerships and offering innovative solutions.
The global smart thermostat market has been segmented as follows:
Global Smart Thermostat Market, by Component
- Temperature Sensor
- Humidity Sensor
- Motion Sensor
Global Smart Thermostat Market, by Connectivity
Global Smart Thermostat Market, by Application
- Education & Research
Global Smart Thermostat Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
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