Smart Thermostat Market: Global Industry Analysis and Forecast (2019-2027) – By Component, Network Technology, Application, and Region.

Smart Thermostat Market size was valued at US$ 2.07 Bn. in 2020 and the total revenue is expected to grow at a CAGR of 22.9% through 2021 to 2027, reaching nearly US$ 7.82 Bn.

Smart Thermostat Market Overview:

A smart thermostat is a device that is used in both residential and commercial buildings to control heating and air conditioning. A smart thermostat allows the user to manage the room's temperature. Increased adoption of smart homes due to the COVID-19 situation, the emergence of IoT-enabled HVAC systems, government regulations aimed at improving building energy efficiency, and the rising adoption of smart home voice assistants are some of the factors that are expected to boost the growth of the global smart thermostat market during the forecast period. Smart Thermostat Market To know about the Research Methodology :- Request Free Sample Report Though market forecasting through 2027 is based on real output, demand and supply of 2020, 2020 numbers are also estimated on real numbers published by key players as well all important players across the world. Market forecasting till 2027 is done based on past data from 2016 to 2019 with the impact of global lock down on the market in 2020 and 2021.

Global Smart Thermostat Market Dynamics:

Smart thermostats are used in smart homes to control temperature and humidity while also enabling fresh air intake, so assisting in the preservation of air quality. Furthermore, from local or remote locations, one can monitor system performance and respond to system-generated alarms. Smart thermostats can help to reduce the amount of energy used by an HVAC system to a great extent. Smart thermostats use wireless communications, internet connectivity, mobile devices, and cloud computing to save energy and control the operation of HVAC systems, lowering expenses. Customers' interest in using smart thermostats in smart homes has grown as technology has advanced and quick innovation in numerous devices has developed. These are the key benefits of Smart Thermostat that drive the growth of the Global Market during the forecast period 2021-2027. Upgrades to control systems and the development of novel smart thermostats will necessitate large investments. Small and medium-sized enterprises (SMEs) would find it difficult to break into the smart thermostat market as a result of this. The HVAC business is expected to grow at a fast pace. For optimal operation and failure prevention, HVAC systems with smart thermostats require fine-tuning and specific manufacture of parts during installation. As a result, competent technicians are required to properly install smart thermostats that are integrated with HVAC equipment. If the installation is not completed by a qualified professional, the end-user may have to pay extra for repairs in the future, or the HVAC systems may not function properly. As a result, the cost of system installation is increased by the need for professional staff.

Global Smart Thermostat Market Segment Analysis:

The Global Smart Thermostat Market is segmented by Component, Network Technology, and Application. Based on the Network Technology, the market is segmented into Wired Networking, and Wireless Network. The Wireless Network segment is expected to hold the largest market share of xx% by 2027. Wireless networks are the most commonly utilised networking technology in smart thermostats as it lowers installation and maintenance costs, offers greater flexibility and scalability, and improve connectivity. The accumulation of wireless connectivity improves the compatibility of smart thermostats with smart devices like smartphones, tablets, and laptops. The growing popularity of smart homes in the United States is driving up demand for wirelessly connected smart thermostats.. Smart Thermostat MarketBased on the Application, the market is segmented into Residential, Office Building, Educational Buildings, Industrial Building, Retail, Hospitality, and Healthcare. The residential segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2021-2027. The market for smart thermostats in residential applications is expected to rise due to advancements in home automation technology, rising demand for connected homes or smart homes, and rising consumer awareness of energy-saving gadgets. The rising popularity of smart homes, as well as the benefits provided by thermostats such as simplicity of use via cloud-based services and improved energy management via self-learning capabilities, is expected to drive up product demand. Smart Thermostat Market

Global Smart Thermostat Market Regional Insights:

The Asia Pacific dominates the Global Smart Thermostat market during the forecast period 2021-2027. The Asia Pacific is expected to hold the largest market shares of xx% by 2027. The adoption of HVAC controls, such as smart thermostats, is aided by the increasing population in this region's emerging countries, as well as environmental concerns. The use of smart thermostats in the region is being aided by the surge in green building uptake and government measures to regulate energy-efficient practises across the commercial sector. These are the major drivers that boost the growth of this region in the global market during the forecast period 2021-2027. North America is expected to grow rapidly at a CAGR of xx% during the forecast period 2021-2027. The market's growth is due to factors such as increased government regulation on energy efficiency and the spread of the Internet of Things, which have boosted demand for smart thermostats. During the forecast period, the smart thermostat market is expected to be driven by advancements in existing technologies and the introduction of new smart thermostat models. Smart Thermostat MarketThe objective of the report is to present a comprehensive analysis of the Global Smart Thermostat Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The reports also help in understanding the Global Smart Thermostat Market dynamic, structure by analyzing the market segments and project the Global Smart Thermostat Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Smart Thermostat Market make the report investor’s guide.

Global Smart Thermostat Market Scope: Inquire before buying

Smart Thermostat Market

Global Smart Thermostat Market, by Region

• North America • Europe • Asia Pacific • South America • Middle East and Africa

Global Smart Thermostat Market Key Players

Nest Labs, Inc. • Honeywell International Inc. • Ecobee, Inc. • Control4 Corporation • Ingersoll Rand PLC • Carrier Corporation • Nortek, Inc. • Emerson Electric Co. • Schneider Electric SE • Tado GmbH • Radio Thermostat Company of America • Allure Energy Inc. • Eneco • British Gas Hive • Lux Products Corporation. • Pro1iaq. Frequently Asked Questions: 1] What segments are covered in Global Smart Thermostat Market report? Ans. The segments covered in Global Smart Thermostat Market report are based on Component, Network Technology, and Application. 2] Which region is expected to hold the highest share in the Global Smart Thermostat Market? Ans. Asia Pacific is expected to hold the highest share in the Global Smart Thermostat Market. 3] Who are the top key players in the Global Smart Thermostat Market? Ans. Nest Labs, Inc., Honeywell International Inc., Ecobee, Inc., Control4 Corporation, and Ingersoll Rand PLC are the top key players in the Global Smart Thermostat Market. 4] Which segment holds the largest market share in the Global Smart Thermostat market by 2027? Ans. Wireless Network segment hold the largest market share in the Global Smart Thermostat market by 2027. 5] What is the market size of the Global Smart Thermostat market by 2027? Ans. The market size of the Global Smart Thermostat market is US $7.82 Bn. by 2027. 6] What was the market size of the Global Smart Thermostat market in 2020? Ans. The market size of the Global Smart Thermostat market was worth US $2.07 Bn. in 2020.
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 2.1.1. Key Findings 2.1.2. Recommendations for Investors 2.1.3. Recommendations for Market Leaders 2.1.4. 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 • Latin America 3.12 COVID-19 Impact 4. Global Smart Thermostat Market Segmentation 4.1 Global Smart Thermostat Market, by Component (2020-2027) • Display • Temperature Sensor • Humidity Sensor • Motion Sensor • Others 4.2 Global Smart Thermostat Market, by Network Technology (2020-2027) • Wired Networking • Wireless Network 4.3 Global Smart Thermostat Market, by Application (2020-2027) • Residential • Office Building • Educational Buildings • Industrial Building • Retail • Hospitality • Healthcare 5. North America Smart Thermostat Market (2020-2027) 5.1 Global Smart Thermostat Market, by Component (2020-2027) • Display • Temperature Sensor • Humidity Sensor • Motion Sensor • Others 5.2 Global Smart Thermostat Market, by Network Technology (2020-2027) • Wired Networking • Wireless Network 5.3 Global Smart Thermostat Market, by Application (2020-2027) • Residential • Office Building • Educational Buildings • Industrial Building • Retail • Hospitality • Healthcare 5.4 North America Smart Thermostat Market, by Country (2020-2027) • United States • Canada • Mexico 6. Asia Pacific Smart Thermostat Market (2020-2027) 6.1. Asia Pacific Smart Thermostat Market, by Component (2020-2027) 6.2. Asia Pacific Smart Thermostat Market, by Network Technology (2020-2027) 6.3. Asia Pacific Smart Thermostat Market, by Application (2020-2027) 6.4. Asia Pacific Smart Thermostat Market, by Country (2020-2027) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 7. Middle East and Africa Smart Thermostat Market (2020-2027) 7.1 Middle East and Africa Smart Thermostat Market, by Component (2020-2027) 7.2. Middle East and Africa Smart Thermostat Market, by Network Technology (2020-2027) 7.3. Middle East and Africa Smart Thermostat Market, by Application (2020-2027) 7.4. Middle East and Africa Smart Thermostat Market, by Country (2020-2027) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 8. Latin America Smart Thermostat Market (2020-2027) 8.1. Latin America Smart Thermostat Market, by Component (2020-2027) 8.2. Latin America Smart Thermostat Market, by Network Technology (2020-2027) 8.3. Latin America Smart Thermostat Market, by Application (2020-2027) 8.4. Latin America Smart Thermostat Market, by Country (2020-2027) • Brazil • Argentina • Rest Of Latin America 9. European Smart Thermostat Market (2020-2027) 9.1. European Smart Thermostat Market, by Component (2020-2027) 9.2. European Smart Thermostat Market, by Network Technology (2020-2027) 9.3. European Smart Thermostat Market, by Application (2020-2027) 9.4. European Smart Thermostat Market, by Country (2020-2027) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 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. Control4 Corporation 10.5. Ingersoll Rand PLC 10.6. Carrier Corporation 10.7. Nortek, Inc. 10.8. Emerson Electric Co. 10.9. Schneider Electric SE 10.10. Tado GmbH 10.11. Radio Thermostat Company of America 10.12. Allure Energy Inc. 10.13. Eneco 10.14. British Gas Hive 10.15. Lux Products Corporation. 10.16. Pro1iaq.

About This Report

Report ID29679
Category Electronics
Published DateMay 2019
Updated DateNov 2021
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