Smart Thermostats Market Size, Share, Trends, Growth Report and Forecast 2022- 2028

Table Of Content

Methodology

Free Analysis

A smart thermostat helps its user to supervise temperature information and another status through the smartphone applications. Smart thermostat works with various devices to adjust and control the temperature of whole surroundings. The smart behavior of these thermostats is that they understand from the user’s behaviors, allow them in controlling the climate in remote homes, and allows to know the energy consumption in real-time and can adjust themselves based on climatic conditions like humidity. 

Global smart thermostats market is primarily driven by increasing awareness of energy management paired with advancements in technology. In addition, rising energy prices, the growth of the smart home market, need for remote access solutions to monitor and control the energy consumption are some of the key factors predicted to favor the market growth in the analysis period. Availability of well-positioned apps for operating different systems is expected to shape the growth of the smart thermostats market. On contrary, data security concerns associated with the use of smart thermostats and the high cost of devices is expected to limit the smart thermostats market growth. Nonetheless, the rise in the awareness regarding energy saving and power coupled with the availability of configurable and reconfigurable thermostats may disclose new avenues for the smart thermostats market in the years to come.

Based on components, the global smart thermostats market is fragmented into the display, motion sensor, humidity sensor, temperature sensor, and others. On the basis of network technology, the smart thermostat market is categorized into wired networking and wireless network. A wireless network segment is further classified into Wi-Fi, ZigBee, and others. In 2017, wireless thermostat network technology held the largest market share. Application segment includes industrial, residential, commercial, and other applications. Residential segment is expected to be the most opportunist application segment in the coming years. 

North America emerged as a dominating region for the smart thermostats in 2017 closely followed by Europe. The entire market is presently dominated by the U.S. vendors with Honeywell and Nest emerging as the market leaders. High disposal income, significant penetration of smart home solutions, demand for managing energy consumption solutions, and high technology adoption rate are some of the key driving factors for North America smart thermostats market. Europe is estimated to be the fastest growing regional market for the smart thermostat. Rising disposable income in countries such as China and India is estimated to witness significant growth over the analysis period in the Asia Pacific region. The Middle East & Africa and Latin America are also anticipated to grow significantly in the coming years owing to rise in the demand from commercial applications.

Key operative players in the smart thermostats market are Nest Labs, Inc., Emerson Electric Co., Schneider Electric, Ecobee, Inc., Tado GmbH, Control4 Corporation, Ingersoll Rand Plc, Nortek, Inc., Honeywell International Inc., and Carrier Corporation, among others.