Smart Thermostat Market by Competitive Landscape and Demand 2022 - Ecobee, Emerson Electric Co., HoneywelL International Inc.

The Global Smart Thermostat Market size is estimated to be USD 1.70 billion in 2019 and is predicted to reach USD 21.04 billion by 2030 with a CAGR of 25.7% from 2020-2030.

Smart Thermostat is the devices which are used for the automatic control of the temperature and air conditioner. These devices helps to control the temperature throughout the day and it also consist of sensors and smart technology and it can be easily operated by any smart device. It is also capable of self learning based on the past data stored and can be easily programmed for the entire day and easily installed by the consumer.

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Top Companies: Ecobee, Emerson Electric Co., HoneywelL International Inc., Zen Thermostat, Johnson Controls, Netatmo, Siemens AG, Schneider Electric, Tado, and Nest Labs and others.

Market Dynamics and Trends

The improving and modernizing infrastructure with increase in smart cities and smart buildings over the period of time are expected to drive the market growth. Furthermore, increase in technological advancement coupled with increased penetration of internet IoT and AI in the daily use are expected to support the growth of smart thermostat market.

The other factors include increased use of sensors and smart technology in various commercial and residential buildings with easy installation, access and control are also expected to drive the market growth. However, increase in price competition and lack of awareness among people is expected to hinder the growth of smart thermostat market. Moreover, increased use of virtual assistants and increased demand of energy saving devices are also expected to create ample opportunities in the smart thermostat market in the near future.

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Market Segmentations and Scope of the Study:

The global smart thermostat market share is analyzed on the basis of type, application, end use and geography. On the basis of type, the market is segmented into WiFi, Infrared, Bluetooth, and Others. Based on application, the market is fragmented into Split AC, Window AC, Portable AC, and Others. On the basis of end use, the market is divided into Residential, Commercial, Industrial, and others. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America is expected to hold the major market share owing to the increased adoption of smart thermostat. Furthermore, presence of advanced technology and infrastructure coupled with increased use of smart devices are also expected to fuel the growth of smart thermostat market.

Asia Pacific is expected to witness the rapid growth with gradual increase in market share owing to the increased demand of smart building with increase in disposable income. Furthermore, increase in energy prices, increased internet penetration with IoT and AI are also expected to augment the market growth in the near future.

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