Over the projection period, the market for smart thermostats is expected to increase at a CAGR of 23.9%, from US$ 3379.99 Million in 2022 to US$ 31579.28 Million in 2032.
Smart thermostat is the type of device used for controlling the heating and air conditioning in residential as well as commercial buildings. Smart thermostat allows user to control the temperature of the room throughout the day using a schedule, for example setting different temperature during the day time and night time.
Smart thermostats are connected to with internet which enables its user to control the heating setting using different internet connected devices, like smartphones, tablets etc. It also allows user to easily switch on/off the heating or air conditioning of room even when they are not inside home or office.
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Smart Thermostat Market: Drivers and Restraint
The smart thermostat market is expected to grow rapidly over the period of forecast. Factors which are responsible for the growth of global smart thermostat market are increasing awareness among consumers about the various advantages of smart thermostats, technological developments, growing urbanization, rising demand of connected homes or smart homes, growing demand of energy efficient devices and availability of configurable and reconfigurable thermostats.
On the other hand, factors which are restraining the growth of global smart thermostat market are incorrect triggering of switches by sensors and incongruity issues in wireless networks. However, demand for self-learning automated devices are expected to create great growth opportunity for the growth of smart thermostat market over the forecast period.
Smart Thermostat Market: Segmentation
The global smart thermostat market can be segmented on the basis of component, network technology and application. On the basis of component, the global smart thermostat market can be segmented into display, motion sensor, humidity sensor, temperature sensor and others.
On the basis of network technology, the global smart thermostat market can be segmented into wired technology and wireless technology. Wireless technology is expected to create great growth opportunity for the growth of global smart thermostat sensor market. Wireless network technology can be further sub segmented into Wi-Fi, Z-Wave, Zigbee and Bluetooth.
On the basis of application, the global smart thermostat market can be segmented into residential, commercial, Industrial and others. Commercial application segment includes office building, healthcare and retail etc. Other Segment includes educational buildings such as school and colleges.
Among all these application, residential applications are expected to grow significantly over forecast period because of advancement in home automation technology, growing demand of connected homes or smart homes and increasing awareness about energy saving devices among consumers.
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Smart Thermostat Market: Region wise outlook
On the basis of region, the global smart thermostat market can be segmented into seven regions which includes, North America, Latin America, Western Europe, Asia-Pacific (excluding Japan), Eastern Europe, Japan and Middle East & Africa region. Further the market is sub-segmented as per the major countries of each region in order to provide better regional analysis of the smart thermostat market.
regions such as North America and Western Europe are expected to dominate the market as demand of home and office automation is high in these regions. However, Asia-Pacific region is expected to grow rapidly over forecast period.
Smart Thermostat Market: Key Players
The major players in the global smart thermostat market are Nest Labs, Inc., Emerson Electric Co., ecobee inc., tado° GmbH, Schneider Electric, Honeywell International Inc. and Carrier Corporation. Key players are focusing on product innovations to provide advanced solutions to consumers.
For example, In September 2015, Nest Labs, Inc., announced the third generation of Next Learning Thermostat which is slimmer in size, has a larger & high resolution screen and updated user interface which makes it easy to read temperatures, messages and alerts.
The report covers exhaustive analysis on
- Smart Thermostat Market Segments
- Smart Thermostat Market Dynamics
- Historical Actual Market Size, 2012 – 2014
- Smart Thermostat Market Size & Forecast 2015 to 2025
- Supply & Demand Value Chain
- Smart Thermostat Market Current Trends/Issues/Challenges
- Competition & Companies involved
- Technology
- Value Chain
- Smart Thermostat Market Drivers and Restraints
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Regional analysis for Smart Thermostat Market includes
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- Japan
- Middle East and Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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