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Global Smart Thermostat Market 2020: Market Share, Size, Competition Landscape, Manufacturers Analysis and Future Opportunity Outlook – 2027
Smart Thermostat Market
Apart from this, companies are focusing to expand their business forming strategic partnerships, mergers, acquisitions, and collaborations to gain a competitive edge in the market.
Some of the prominent players operating in the smart thermostat market are Honeywell International Inc., Schneider Electric, Tado GmbH, Control4 Corporation, and Ecobee, Inc.
According to a new report by TMR, the smart thermostat market is expected to reach US$8,729.2 mn by 2026. The market is anticipated to grow at an astonishing 23.7% CAGR from 2018 to 2026.
On the basis of demand, Asia Pacific is projected to lead the global market during the forecast period. This is mainly because of the rising demand from countries such as China, India, Japan, and South Korea. Based on application, the residential segment is expected to account for a major market share in the forecast period. The segment anticipated to expand at a CAGR of 24.1% during the forecast period.
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Need to Optimize Electricity Consumption to Augment Growth
The global smart thermostat market is likely to witness considerable growth in the upcoming years. This is mainly because of the rising demand for smart thermostat in residential and commercial sectors. Smart thermostat automatically achieves the required temperature changes for users, thus helps save energy. Prevailing energy crisis and growing need to optimize electricity consumption are the two key driving factors in the global smart thermostat market.
Along with this, supportive government initiatives to adopt energy saving equipment and growing awareness regarding the benefits offered by thermostat are anticipated to fuel the global thermostat market in coming years.
Furthermore, growing inclination of consumers towards connected devices and building automation solutions owing to growth of digitization could foster growth in the global smart thermostat market. Moreover, rising disposable income and technological advancements in the market are strong factors that will stimulate the smart thermostat market.
Rising Price based Competitions could Hinder Growth of the Market
Despite several growth opportunities, rising price-based competition and low awareness regarding product can hamper growth in the smart thermostat market. Other than this, stringent government regulations regarding quality of smart thermostats is likely to obstruct the smart thermostat market in the forthcoming years.
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However, continuous efforts by manufacturers to develop cost-effective and technologically advanced products are likely to offer lucrative opportunities in the smart thermostat market. For instance, Ecobee, a Canadian home automation company, developed a smart thermostat integrated with offers built-in Alexa voice service called ecobee4. This device offers features like auto adjust room temperature. The device can save up to 23% of electricity used in the house and is easy to install and simple to us. The growing adoption of novel thermostat devices among the consumers with advanced features and compatibility among consumers is projected to bolster growth of the global smart thermostat market in coming years.
The review is taken from report titled, “Smart Thermostat Market (Component - Display, Temperature Sensor, Humidity Sensor, Motion Sensor; Connectivity - Wired and Wireless (Wi-Fi, Bluetooth, and Others); Application - Residential, Commercial (Education and Research, Retail, Hospital), Industrial) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018-2026.”
The global smart thermostat market has been segmented as follows:
Component
Display
Temperature Sensor
Humidity Sensor
Motion Sensor
Others
Connectivity
Wired
Wireless
Wi-Fi
Bluetooth
Others
Application
Residential
Commercial
Education & Research
Retail
Hospital
Others
Industrial
Region
North America
U.S.
Canada
Rest of North America
Europe
Germany
France
U.K.
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Rest of Asia Pacific
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
South America
Brazil
Rest of South America
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Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through ad hoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
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