GCC Smart Thermostat Market

GCC Smart Thermostat Market Overview

A smart thermostat is a type of thermostat that is used for home automation and can remotely control the temperature of the home through a smart device. A 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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Major GCC Smart Thermostat Market Drivers

The factors driving the GCC smart thermostat market include the increasing demand for home automation, growth of the smart home market, and the accelerating demand of energy-efficient devices within the GCC countries. Additionally, major constructional projects, including Seven City JLT, The Avenues Riyadh, Asian mall, Fayat Project, and others, are expected to propel the growth of the smart thermostat market. In addition to this, the construction of new cities such as NEOM, The Red Sea, Qiddya International City, King Abdullah Economic City, The Prince Abdulaziz Economic city, and The and Al-Faisaliah project in Saudi Arabia will further bolster the market growth during the forecast period. 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 period.

The 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. Additionally, room sensors help in measuring the temperature in a specific room or area of the home and heat or cool that room 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, Micro nature 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 thermostat in various industry verticals such as residential, commercial spaces, hotels, restaurants, hospitals, and educational institutes, among others, is expected to provide lucrative opportunities for the smart thermostat market during the forecast period. Moreover, various government initiatives such as the Dubai Expo 2020, the Energy Strategy 2050, the Sheikh Zayed Housing Programme, and Dubai Tourism Strategy will increase the investment in the residential and industrial sectors, thereby boosting the demand for smart thermostats in the region. On the other hand, the high cost and various complications related to the installation and usage of thermostat may hamper the growth of the GCC 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 including temperature, motion, humidity, and other, are installed in the smart thermostat to detect the specific temperature requirement in each room of the home, which in turn, controls the heating or cooling devices on a room-by-room basis. The temperature sensor segment is expected to grow at a higher 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 such as Wi-Fi, ZigBee, Wave, and Bluetooth. The wireless network technology segment is anticipated to dominate the market over the forecast period due to the numerous advantages, including low power consumption and easy mode of application. Increasing use 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, home automation systems, and the increasing consumer awareness regarding the benefits offered by the home energy management systems are the major factors contributing toward the adoption of smart thermostats in the residential sector. The healthcare sector is expected to grow at a higher CAGR during the forecast period due to the increasing adoption of smart thermostats in hospitals, medical research buildings, operation theatres, and diagnosis rooms. Additionally, according to the Dubai Health Authority, 12 new private hospitals will be opened in Dubai by the year 2020, totaling the number of private hospitals in Dubai to 38. Moreover, major healthcare projects, including Sultan Qaboos Medical City Complex in Barka, King Faisal Medical City in Asir, King Abdullah Medical City in Bahrain, and others are expected to propel the growth. 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 countries, the GCC Smart Thermostat market is segmented into UAE, Saudi Arabia, Oman, Kuwait, and the rest of GCC. The growing public-private partnerships for the development of the construction industry, residential, and commercial sector in Saudi Arabia and UAE is expected to drive the growth of the GCC smart thermostat market during the forecast period. Furthermore, major projects including the NEOM city, InterContinental Hotel Project, DoubleTree Hilton Hotel Project, Orchid Villas Project, Al Faisaliah City, New Jeddah Downtown, Al Noor City, Government Housing Plans, and Kuwait’s Silk City, among others are expected to increase the demand of smart thermostats in the region.

Various notable players operating in the 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.

The GCC Smart Thermostat Market has been segmented on the basis of component, technology, application, and countries. 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, Residential, Office Building, Educational Buildings, Industrial Building, Retail, Hospitality and Healthcare. On the basis of countries, the market is segmented into UAE, Saudi Arabia, Oman, Kuwait, and the Rest of GCC.

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Market Segmentation:

GCC Smart Thermostat Market by Component

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

GCC Smart Thermostat Market by Technology

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

GCC Smart Thermostat Market by Application

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

    GCC Smart Thermostat Market by Countries

• • UAE Smart Thermostat Market All-Up (Option 1: Free 25% Customization)
  • Saudi Arabia Smart Thermostat Market All-Up (Option 2: Free 25% Customization)
  • Oman Smart Thermostat Market All-Up (Option 3: Free 25% Customization)
  • Kuwait Smart Thermostat Market All-Up (Option 4: Free 25% Customization)
  • Rest of GCC Smart Thermostat Market All-Up (Option 5: Free 25% Customization)

GCC Smart Thermostat Leading Market Players (Option 6: 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.