Global Smart Thermostat Market - Snapshot
A smart thermostat is a device used in heating, ventilation, and air-conditioning (HVAC) equipment to control the temperature of a space or room wherein these equipment are installed. A smart thermostat has the ability to make automated and smart adjustments for customers so as to achieve energy savings and to communicate with sources external to an HVAC system. Thus, the demand for smart thermostats is rising at a rapid pace. Moreover, a smart thermostat is a major energy-saving device for smart homes/buildings. Smart thermostats are largely used in residential buildings. Improvements in residential and commercial buildings have also driven the RFID industry. The global smart thermostat market is estimated to reach value of US$ 8,729.2 Mn by 2026 from US$ 1,157.6 Mn in 2017, expanding at a CAGR of 23.7% during the forecast period.
Increasing energy prices and rising need to optimize power in order to cut energy bills are expected to drive the global smart thermostat market during the forecast period. Encouragement from governments for using energy-saving devices is also driving the smart thermostat market. Furthermore, companies are continuously aiming at integrating smart thermostats with IoT so as to operate smart thermostats from a remote location. This is projected to boost the smart thermostat market during the forecast period. Increasing consumer awareness about safety and efficiency of smart thermostats is also likely to propel the smart thermostat market during the forecast period. Furthermore, smart thermostats have become a point of focus for scientists and researchers in the electronics industry. Smart thermostats are increasingly being adopted by small and medium enterprises (SMEs), due to the growing trend of digitization and rising adoption of building automation solutions. Wi-Fi-enabled smart thermostats are more rapid and secure compared to other types of smart thermostats available in the market. This, in turn, is expected to drive the smart thermostat market, creating better opportunities for smart thermostat manufacturers in the near future. In addition, Wi-Fi-enabled smart thermostats are being adopted continuously in numerous applications such as smart homes/buildings and commercial buildings in order to minimize their energy consumption. Smart thermostats make adjustments in home temperature, thereby reducing power consumption and reducing energy costs. Moreover, advanced features of smart thermostats, surging disposable income of people, and increasing demand for energy-saving devices are expected to fuel the global smart thermostat market during the forecast period. However, lack of awareness about smart thermostat and rising price-based competition are major factors expected to hinder the smart thermostat market during the forecast period.
The global smart thermostat market is consolidated with a limited number of companies operating in the market. Leading players are currently focusing on providing technologically advanced products to customers. Increasing demand for smart thermostat applications with their cost decreasing in the long run is expected to encourage investors to invest in the smart thermostat technology in the next few years. Maintaining quality standards is essential for manufacturers of smart thermostats in order to adhere to stringent government regulations set for different end-use industries in various countries across the world. Moreover, as a part of their strategy, companies are engaging in various acquisitions; focusing on expanding their business; and entering into strategic partnerships.
Some of the major players operating in the global smart thermostat market and profiled in the study 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.
Global Smart Thermostat Market: Overview
This comprehensive report by Transparency Market Research analyzes and forecasts the smart thermostat market at the global and regional levels. The report provides analysis for the period from 2016 to 2026, wherein 2018–2026 is the forecast period and 2017 is the base year. An in-depth and unbiased market assessment has been made to provide readers with in-depth and accurate analysis. The report highlights all major trends expected to be witnessed in the smart thermostat market from 2018 to 2026. It also focuses on market drivers, restraining factors, and opportunities in the smart thermostat market during the forecast period. The study provides a complete perspective on growth of the smart thermostat market, in terms of both value and volume (in US$ Mn and million units), across various geographies including North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South America.
The report includes detailed value chain analysis, which is focused on providing an extensive view of the global smart thermostat market. Porter’s Five Forces analysis has also been provided to help understand the competition scenario in the global smart thermostat market. The study incorporates market attractiveness analysis, wherein component, connectivity, and application segments of the market have been benchmarked based on their size, growth rate, and attractiveness. In order to offer complete analysis of the overall competition scenario in the global smart thermostat market, every region mentioned in the report has been provided with attractiveness analysis.
A market overview chapter in the report explains market trends and dynamics including drivers, restrains, and the current and future opportunities for the smart thermostat market. Outlook analysis of the global market has been provided in the report. Additionally, the report provides analysis of different business strategies being adopted by leading players in the smart thermostat market. The market introduction chapter helps in getting idea of different trends in the global smart thermostat market.
Global Smart Thermostat Market: Scope of Report
The study provides a decisive view of the global smart thermostat market, by segmenting the market based on component into display, temperature sensor, humidity sensor, motion sensor, and others. Based on connectivity, the market has been divided into wired and wireless. In terms of application, the market has been segregated into residential, commercial, and industrial. The report provides detailed, region-wise segmentation of the smart thermostat market and categorizes it at various levels, thereby providing valuable insights at micro and macro levels.
The report highlights competition scenario in the smart thermostat market, thereby ranking all major players according to key recent developments and their geographic presence. Insights for the smart thermostat market is a result of extensive primary interviews, secondary research, and in-house expert panel reviews conducted by TMR. The market estimates have been analyzed by considering the impact of different economic, political, social, legal, and technological factors.
Based on country/sub-region, the market in North America has been divided into the U.S., Canada, and Rest of North America. The Europe market comprises France, Germany, the U.K., and Rest of Europe. The APAC smart thermostat market includes China, Japan, India, South Korea, and Rest of Asia Pacific. The market in Middle East & Africa has been segmented into GCC, South Africa, and Rest of Middle East & Africa. South America includes Brazil and Rest of South America. The report provides all strategic information required to understand the smart thermostat market in terms of component, connectivity, and application segments. The report provides insights into component, connectivity, and application segments of the market in various geographies mentioned above.
Global Smart Thermostat Market: Research Methodology
The research methodology is a perfect combination of primary research, secondary research, and expert panel reviews. Secondary sources such as annual reports, company websites, SEC filings and investor presentations, national government documents, internal and external proprietary databases, statistical databases, relevant patent and regulatory databases, market reports, government publications, statistical databases, World Bank database, and white papers are usually referred.
Primary research involves telephonic interviews, e-mail interactions, and face-to-face interviews for detailed and unbiased reviews on the smart thermostat market, across geographies. Primary interviews are usually conducted on an ongoing basis with market experts and participants in order to get the latest market insights and validate the existing data and analysis. Primary interviews offer new and fresh information on important factors such as market trends, market size, competition landscape, and growth trends. These factors help validate and strengthen secondary research findings. Moreover, the data collected and analyzed from secondary and primary research is again discussed and examined by TMR’s expert panel.
Global Smart Thermostat Market: Competition Scenario
The research study comprises 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. Parameters such as smart thermostat investments and spending and developments by major market players have been tracked. Some of the key players operating in the smart thermostat 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.
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