Smart Thermostat Market size was valued at USD 2.38 Bn. in 2021 and the total Insulation revenue is expected to grow by 21.4% from 2022 to 2029, reaching nearly USD 11.23 Bn.
Smart Thermostat Market Overview:The thermostats are referred to as "smart" due to their built-in capability to connect to IoT devices in a smart building, learn with AI capabilities, have active geo-fencing features, use less energy, and connect to upcoming virtual personal assistants. Smart thermostats, which have applications in both the home and business sectors, are devices that provide remote communication and can be controlled by a portable device. With the same functions but a different installation procedure, these thermostats can be wired or wireless. These are the consumer-oriented linked devices that enable remote connectivity. The market has a promising growth potential as a result of the development of IoT-enabled HVAC systems, since the union of the HVAC industry with IoT enables remote appliance control and offers enhanced customer-centric services. Increasing smart home acceptance, government laws aimed at improving building energy efficiency, and soaring smart home voice assistant use are driving the smart thermostat market's growth across the globe. To know about the Research Methodology :- Request Free Sample Report Research Methodology: This report provides an analytical representation of the Smart Thermostat Market as well as current trends and future forecasts to identify potential investment areas. Both primary and secondary data sources were comprehensively used in the Smart Thermostat Market analysis. The report on various industry-affecting factors, such as government policy, the market environment, the competitive landscape, historical data, current market trends, technological development, upcoming technologies, and the technical advancement in related industries, as well as market risks, opportunities, barriers, and challenges, was a part of the research process. To obtain the final quantitative and qualitative data, every aspect that might have an impact on the markets covered by this report has been taken into account, examined in great detail, confirmed by primary research, and assessed. The market prediction takes into account the impact of other factors such as inflation, economic downturns, regulatory & policy changes, and sub-segment-level market size normalization. This information is merged with the publisher's thorough inputs and analysis to create the report. Scope of the Report: The report gives a complete analysis of the global Smart Thermostat Market. The study provides previous and present Smart Thermostat Market scenarios as well as anticipated market size and an analysis of complex data. The report also provides a quantitative analysis of the current Smart Thermostat Market trends, estimations, and dynamics of the market from 2021 to 2029 to identify the prevailing opportunities of the Smart Thermostat Market during the forecast period. The report provides insight into the growth dynamics of the Smart Thermostat Market across the globe. The report includes profiling of top key players in the market. In addition, detailed representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the internal or local market make the report investor’s guide. An industry's vulnerabilities and strengths can be ascertained using Porter's Five Forces, a model that identifies and examines five competitive forces that affect every industry. The structure of an industry is typically identified using the Five Forces analysis to develop bisiness strategy. An organization's primary external influences—political, economic, sociological, technological, legal, and environmental—are examined through a PESTLE analysis. It can be applied in a variety of situations and aid senior managers and human resource experts in making strategic decisions. In addition, Comprehensive analysis assist in determining the current Smart Thermostat Market potential.
Smart Thermostat Market Dynamics:Growing Demand for Energy-Saving Devices across the Globe: The US Energy Information Administration (EIA) estimates that if current trend are followed, the world's energy demand will increase by 2.1% annually until 2040. The spike in demand is expected to increase the power share to 24% in 2040. The growth of low-carbon sources is being fueled by the use of technologies, adjustments in governmental policies, developing economies, and market conditions to maintain environmental levels. Consuming electricity has a direct impact on the carbon footprint since producing energy requires burning non-renewable resources, which increases the carbon footprint. In 2021, 37.64% of the energy given to buildings was consumed by HVAC systems; this number is expected to rise significantly through the forecast period. The use of Smart Thermostats are expected to increase as a result of the need to reduce electricity costs and wasteful energy consumption by HVAC systems. Growing Demand for Smart Buildings and Smart City Projects: With an emphasis on smart cities, where linked technologies and Internet of Things (loT) solutions are used to improve key infrastructure, public safety, city lighting, energy efficiency, traffic flow, and traffic congestion, society is continuing to become more urbanised. The objective is to improve urban living, working, and recreational environments while reducing cities' carbon footprints. To live up to its name, a smart city must employ technology to promote long-term growth. Technology must increase resource efficiency while promoting responsible decision-making on the part of the public and government. This element covers buildings and companies owned by the city, as well as institutions of higher learning, medical facilities, charities, and private citizens. Sensor technologies, behavioural economics, and gamification will very probably be needed to address this element in order to change the physical infrastructure and promote wise resource allocation. These cities are expected to begin implementing technologies that use algorithms and sensors and gradually increase heating and cooling efficiency in order to become more energy-efficient. As a result, it is expected to directly influence Smart Thermostat Market growth across the globe. High Installation and Maintenance Costs of Smart Thermostat: To modernize control systems and create cutting-edge smart thermostats, substantial investments are necessary. As a result, Small and medium-sized businesses (SMEs) find it challenging to enter the market for smart thermostats. The HVAC sector is expected to grow rapidly through the forecast period. For optimal operation and the elimination of failure, HVAC systems linked with smart thermostats require fine-tuning and specific fabrication of parts during installation. Therefore, for the effective installation of smart thermostats connected with HVAC equipment, trained professionals are required. The end user may wind up paying more in the long run for repairs or the HVAC systems may not function well if the installation is not carried out by a qualified professional. Consequently, the need for professional personnel also raises the price of system installation.
Smart Thermostat Market Segment Analysis:By Product, the Smart Thermostat Market is segmented into connected, standalone, and learning. The Connected segment has dominated the market with highest share in 2021. The provision of connected thermostat devices makes use of technologies like WiFi, Bluetooth, Zigbee, and NFC, among others. Numerous businesses are investing in and releasing new goods in response to the rising demand for wirelessly connected devices. Due to its intuitive and intelligent features that provide a great customer experience, learning thermostats are expected to grow quickly through the forecasted period. Due to their effectiveness in utilising the least amount of energy possible, learning products are in greater demand. According MMR analysis, learning smart thermostats reduce energy costs significantly and are compatible with more than 90% of systems. By Network Technology, the wireless networks segment is expected to grow at the highest CAGR during the forecast period. Wireless networks make it possible for smart thermostats and heating and cooling equipment to communicate with one another, which enhances the efficiency of the energy-saving appliances. A variety of smart thermostats can be coordinated with the use of wireless networks, allowing for easy data transfer between them. It also aids in allowing features like geofencing, in which the smart thermostat uses GPS signals from a smartphone to detect the arrival of inhabitants. By Vertical, the residential segment held the greatest market share accounting for 68 % in 2021. In addition, it is expected to experience the highest CAGR growth through the forecast period. The need for HVAC equipment, such as coolers, heaters, and air conditioners, has increased as a result of the growing residential construction sector. The sector is booming primarily in nations like China, India and Japan. People are being encouraged to adopt energy-efficient technology and equipment in their daily lives by rising average disposable income, greater awareness of energy conservation, and rising power costs in these countries. The smart thermostats provide practical ways to lower the amount of electricity used by HVAC devices like heaters and coolers.
Smart Thermostat Market Regional InsightsThe Asia-Pacific region has dominated the market with the largest share of 41.8% in 2021. The region’s growth is attributed to the widespread use of smartphones and other smart electronic appliances in the residential, commercial, and industrial sectors. In addition, thanks to technological advances, household goods like refrigerators, heating and cooling systems, and washing machines are becoming smarter, which suggests that they have internet access. As a result, it is expected that all of these factors will boost market growth through the forecast period. The North American region is expected to grow at a significant CAGR of 18.6% through the forecast period. The region's current residential and commercial infrastructure being connected with the most cutting-edge facilities, which is fueling the market growth for smart thermostats in the region. The federal energy management regulations implemented by the Office of Energy Efficiency & Renewable Energy are forcing end-users to use energy-saving technology, which is driving up the market demand for Smart thermosets.
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Global Smart Thermostat Market Report Coverage Details Base Year: 2021 Forecast Period: 2022-2029 Historical Data: 2017 to 2021 Market Size in 2021: USD 2.38 Bn. Forecast Period 2022 to 2029 CAGR: 21.4 % Market Size in 2029: USD 11.23 Bn. Segments Covered: by Product • Connected Smart thermostat • Learning Smart Thermostat • Standalone Smart Thermostat by Network Technology • Wireless Network • Wired Network by Vertical • Residential • Commercial • Industrial
Smart Thermostat Market, by Region• North America • Europe • Asia Pacific • The Middle East and Africa • South America
Smart Thermostat Market Key Players• Nest Labs, Inc. • Honeywell International Inc. • Ecobee, Inc. • Lennox International • Control4 Corporation • Ingersoll Rand PLC • Carrier Corporation • Nortek, Inc. • Emerson Electric Co. • Schneider Electric SE • Tado GmbH • Resideo Technologies • Alarm.com • Centrica Hive • Empowered Homes • Radio Thermostat Company of America • Allure Energy Inc. • Eneco • British Gas Hive • Lux Products Corporation • Pro1iaq FAQs: 1. What is the study period of the market? Ans. The Global Smart Thermostat Market is studied from 2017-2029. 2. What is the growth rate of Smart Thermostat Market? Ans. The Smart Thermostat Market is growing at a CAGR of 21.4% over forecast period. 3. What is the market size of the Smart Thermostat Market by 2029? Ans. The market size of the Information Technology Market by 2029 is expected to reach at USD 11.23 Bn. 4. What is the forecast period for the Smart Thermostat Market? Ans. The forecast period for the Smart Thermostat Market is 2022-2029. 5. What was the market size of the Smart Thermostat Market in 2021? Ans. The market size of the Smart Thermostat Market in 2021 was valued at USD 2.38 Bn.
1. Global Smart Thermostat Market: Research Methodology 2. Global Smart Thermostat Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global Smart Thermostat Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Smart Thermostat Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12 COVID-19 Impact 4. Global Smart Thermostat Market Segmentation 4.1 Global Smart Thermostat Market, by Products (2021-2029) • Connected Smart thermostat • Learning Smart Thermostat • Standalone Smart Thermostat 4.2 Global Smart Thermostat Market, by Network Technology (2021-2029) • Wireless Network • Wired Network 4.3 Global Smart Thermostat Market, by Vertical (2021-2029) • Residential • Commercial • Industrial 5. North America Smart Thermostat Market(2021-2029) 5.1 North America Smart Thermostat Market, by Products (2021-2029) • Connected Smart thermostat • Learning Smart Thermostat • Standalone Smart Thermostat 5.2 North America Smart Thermostat Market, by Network Technology (2021-2029) • Wireless Network • Wired Network 5.3 North America Smart Thermostat Market, by Vertical (2021-2029) • Residential • Commercial • Industrial 5.4 North America Smart Thermostat Market, by Country (2021-2029) • United States • Canada • Mexico 6. Europe Smart Thermostat Market (2021-2029) 6.1. European Smart Thermostat Market, by Products (2021-2029) 6.2. European Smart Thermostat Market, by Network Technology (2021-2029) 6.3. European Smart Thermostat Market, by Vertical (2021-2029) 6.4. European Smart Thermostat Market, by Country (2021-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Smart Thermostat Market (2021-2029) 7.1. Asia Pacific Smart Thermostat Market, by Products (2021-2029) 7.2. Asia Pacific Smart Thermostat Market, by Network Technology (2021-2029) 7.3. Asia Pacific Smart Thermostat Market, by Vertical (2021-2029) 7.4. Asia Pacific Smart Thermostat Market, by Country (2021-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Smart Thermostat Market (2021-2029) 8.1 Middle East and Africa Smart Thermostat Market, by Products (2021-2029) 8.2. Middle East and Africa Smart Thermostat Market, by Network Technology (2021-2029) 8.3. Middle East and Africa Smart Thermostat Market, by Vertical (2021-2029) 8.4. Middle East and Africa Smart Thermostat Market, by Country (2021-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Smart Thermostat Market (2021-2029) 9.1. South America Smart Thermostat Market, by Products (2021-2029) 9.2. South America Smart Thermostat Market, by Network Technology (2021-2029) 9.3. South America Smart Thermostat Market, by Vertical (2021-2029) 9.4. South America Smart Thermostat Market, by Country (2021-2029) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1 Nest Labs, Inc. 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2 Honeywell International Inc. 10.3 Ecobee, Inc. 10.4 Lennox International 10.5 Control4 Corporation 10.6 Ingersoll Rand PLC 10.7 Carrier Corporation 10.8 Nortek, Inc. 10.9 Emerson Electric Co. 10.10 Schneider Electric SE 10.11 Tado GmbH 10.12 Resideo Technologies 10.13 Alarm.com 10.14 Centrica Hive 10.15 Empowered Homes 10.16 Radio Thermostat Company of America 10.17 Allure Energy Inc. 10.18 Eneco 10.19 British Gas Hive 10.20 Lux Products Corporation 10.21 Pro1iaq