Smart Thermostat Market

Smart Thermostat Market is projected to reach USD 7699 million by 2027, exhibiting a CAGR of 20.3% during forecast period.

Introduction of Smart Thermostat Market Report

A smart thermostat is a type of thermostat that is used for home automation and can remotely control the temperature of home through a smart device. Smart thermostat allows access to the heating and air conditioning system and automatically schedules the temperature of the home throughout the day. Smart thermostats also offer various features, including sensors and Wi-Fi connectivity, which allow the users to adjust heating and cooling settings from other internet-connected devices, such as laptops, smartphones, tablets, and others.

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The factors driving the global smart thermostat market include the increasing demand for home automation, growth of the smart home market, and the rising demand for a programmable thermostat. Smart thermostats offer remote control of heating and cooling electronic devices at home and commercial spaces, schedules the desired temperature setting, and incorporates them into the home automation system. Thus, the rising adoption of smartphones and tablets is expected to support the growth of the smart thermostat market during the forecast. In addition to this, smart thermostats provide recording of internal and external temperatures to determine when it needs to turn the fan and AC or heat on and off and allow the users to set different temperatures for different times of the day.

The room sensors help in measuring the temperature in a specific room or area of the home and heat or cool that space accordingly. The easy to use feature and the ability to save more energy are some of the major factors propelling the growth of the smart thermostat market. Moreover, artificial technology is one of the major factors contributing to the growth of the smart thermostat market. For instance, Nest Learning Thermostat, Micronature Deep Learning A.I. Enhanced Thermostat, and others, are some of the AI-enabled thermostats. AI helps in enabling these thermostats to serve as per the requirements of the customers, thereby, boosting the demand for smart thermostat over the forecast period. Increasing application of smart thermostats in various industry verticals, including residential, commercial spaces, hotels, restaurants, hospitals, and educational institutes, among others, is expected to create lucrative opportunities for the smart thermostat market during the forecast period. On the other hand, the high cost and various complications related to the installation and usage of the thermostat may hamper the growth of the global smart thermostat market.

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Based on the component, the market is segmented into display, temperature sensors, humidity sensors, motion sensors, and others. Various sensors such as temperature, motion, humidity, and others, are installed in the smart thermostat to detect the temperature requirement in each room of the home, which in turn, controls the heating or cooling devices on a room-by-room basis. Temperature sensors is expected to grow at a faster CAGR during the forecast period owing to the ability of these sensors to provide heating or coaling according to the specific temperature requirement. For instance, too much heat produced from the stove in the kitchen would activate additional cooling in the room with the help of temperature sensors. Motion sensors have the ability to determine whether a room is occupied or not, on the basis of which the sensors will automatically stop heating or cooling.

Based on technology, the market has been segmented into wired networking and wireless network that includes Wi-Fi, ZigBee, Wave, and Bluetooth. Wireless network technology segment is anticipated to dominate the market over the forecast period due to the numerous advantages offered such as low power consumption and easy mode of application. Increasing usage of data and smart devices, such as mobiles, tablets, and others are further propelling market growth.

Based on the application, the market is segmented into residential, industrial, commercial, retail, educational, hospitality, and healthcare. Rising penetration of smart home devices and home automation systems, along with the increasing consumer awareness regarding the benefits provided by these home energy management systems, are the major factors contributing toward the adoption of smart thermostats in the residential sector. On the other hand, the commercial segment is anticipated to grow at a faster CAGR during the forecast period. The increasing deployment of sustainable building infrastructure and rising awareness towards energy efficiency will stimulate the smart thermostats market growth in the commercial sector.

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Based on the region, North America is projected to dominate the smart thermostats market in the coming years owing to the growing adoption of smart energy solutions in various industries and commercial buildings. The increasing demand for managing energy consumption solutions and the rapid adoption of smart infrastructure is encouraging household consumers to adopt smart thermostats in North America. Moreover, the growing penetration of IoT and AI-based technologies are further propelling the market growth in the region. On the other edge, the Asia-Pacific region is expected to witness a higher CAGR over the forecast period owing to the increasing per capita income of people in developing countries such as India, China, Bangladesh, and Thailand. In addition to this, the increasing demand for smart devices, including mobile phones and tablets and the growing adoption of energy-efficient devices in the region are further promoting the growth of the smart thermostats market in the region.

Various notable players operating in the global Smart Thermostat Market include Honeywell International Inc., Schneider Electric SE, Emerson Electric Co., General Electric Company, Trane Technologies Plc, Nortek, Inc., Ecobee Inc., Johnson Controls International Plc, Siemens AG, and Alphabet Inc., among others.

 Key Developments: 

• • In 2020, Johnson Controls International Plc announced the launch of the LUX CS1 Smart Thermostat. The LUX CS1 Smart Thermostat offers a simple interface that features a straightforward display, including large digits, backlighting, and easy access to temperature and scheduling settings. It can be connected to the Amazon Alexa and Google Assistant for hands-free control and voice activation. It can also provide notifications about abnormal room temperature or filter replacement requirements to the customers.
  • In 2019, Ecobee Inc. launched a new ecobee Smart Thermostat with voice control that can help customers in reducing their energy consumption and can control the temperature of their home remotely. This smart thermostat has a quad-core processor with crisp glass finish and LCD screen that offers a vivid colour display and enhanced touchscreen sensitivity for temperature control. This new ecobee SmartThermostat enables advanced machine learning and AI for improved natural language processing and speech detection.
  • In 2019, Honeywell International Inc. launched Home T-Series Smart Thermostats, namely the T9 and T10 Pro. These thermostats have wireless smart room sensors that can effortlessly deliver the desired temperature when and where it is needed. The T-Series Smart Thermostats feature sensors that measure temperature and humidity and help balance hot and cold spots in a home. They can also integrate with Amazon Alexa and Google Assistant.

The global Smart Thermostat market has been segmented on the basis of component, technology, application, and regions. Based on component, the market is segmented into display, temperature sensors, humidity sensors, motion sensors, and others. Based on technology, the market has been segmented into wired networking and wireless network that includes Wi-Fi, ZigBee, Wave, and Bluetooth. Based on application, the market is segmented into Residential, Office Building, Educational Buildings, Industrial Building, Retail, Hospitality and Healthcare.

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Key questions answered in this research report:

• • At what pace is global Smart Thermostat Market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Smart Thermostat Market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Smart Thermostat Market?
  • Which component generated maximum revenues in 2019 and identify the most promising component during the forecast period?
  • What are the various applications of global Smart Thermostat Market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Smart Thermostat Market by Component

• • Display
  • Temperature Sensor
  • Humidity Sensor
  • Motion Sensor
  • Others

Global Smart Thermostat Market by Technology

• • Wired Networking
  • Wireless Network
    • Wi-Fi
    • ZigBee
    • Z-Wave
    • Bluetooth

Global Smart Thermostat Market by Application

• • Residential
  • Office Building
  • Educational Buildings
  • Industrial Building
  • Retail
  • Hospitality
  • Healthcare

Global Smart Thermostat Market by Region

• • North America Smart Thermostat Market (Option 1: As a part of the free 25% customization)
    • North America Market by Component
    • North America Market by Technology
    • North America Market by Application
    • US Market All-Up
    • Canada Smart Thermostat Market All-Up
  • Europe Smart Thermostat Market (Option 2: As a part of the free 25% customization)
    • Europe Market by Component
    • Europe Market by Technology
    • Europe Market by Application
    • United Kingdom (UK) Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Smart Thermostat Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Market by Component
    • Asia-Pacific Market by Technology
    • Asia-Pacific Market by Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Smart Thermostat Market (Option 4: As a part of the free 25% customization)
    • RoW Market by Component
    • RoW Market by Technology
    • RoW Market by Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Smart Thermostat Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Honeywell International Inc.
  • Schneider Electric SE
  • Emerson Electric Co.
  • General Electric Company
  • Trane Technologies Plc
  • Nortek, Inc.
  • Ecobee Inc.
  • Johnson Controls International Plc
  • Siemens AG
  • Alphabet Inc.