Smart Thermostat Market Overview:
Smart thermostat refers to automation equipment that finds wide application for heating of HVAC system and controlling air conditioning in residential and commercial buildings. This equipment allows the users to monitor the cooling and heating of the system by the means of both the technologies that include wireless and wired frameworks. The surging penetration of internet coupled with the increasing demand for IoT based services plays a significant role in driving the growth of demand of the smart thermostat market. Spurring demand for connected & smart homes along with increasing urbanization has created a lucrative opportunity for the development of the smart thermostat market.
Market Research Future (MRFR) has conducted a comprehensive study on the global Smart Thermostat Market. The study signifies that the decrease in energy wastage and increased energy saving attributes in this equipment has led to an increased awareness among users and has surged the market growth for smart thermostat devices. By the application of these smart technology enabled equipment, the user can remotely control his home’s temperature with the assistance of smart phones, desktop, and tablets among others. Additionally, the smart thermostats incorporated for the residential applications aids in changing the temperature with the help of a control panel or a dial.
The factors such as high implementation cost, inconsistency among the wireless networks, collectively with the lack of proper infrastructure, are some the restricting factors for the development of smart thermostats market. The report presented by Market Research Future reveals that the global thermostats market is likely to generate an approximate revenue of USD 3.5 billion by the conclusion of 2022. The market can be expected to expand at a CAGR of 23.4% between the forecast period, 2016-2022.
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Major Key Players:
The global smart thermostat market is dominated by key players such as Emerson Electric (U.S.), Nest Labs, Inc.(U.S.), Honeywell International Inc.(U.S.), Schneider Electric (France), Tado (Germany), Carrier Corporation (U.S.), Nortek, Inc. (France), Ingersoll Rand (Ireland), Control4 Corporation (U.S.), and Ecobee (Canada).
The global smart thermostat market can be broadly segmented based on deployment, component, region, and application.
- Based on deployment, the global smart thermostat market is segmented into wireless and wired devices.
- Based on component, the global smart thermostat market is segmented into sensors (humidity sensor, motion sensor, and temperature sensors) and play devices.
- Based on region, the global smart thermostat market is segmented into Europe, Asia Pacific, North America, and Rest of the World.
- Based on application, the global smart thermostat market is segmented into commercial, industrial, and residential usages.
The global smart thermostat market is likely to develop at a significant rate during the forecast period. North America has ruled the smart thermostat market in 2016 owing to the surging development in wide distribution networks coupled with the rising demand for energy management solutions in the region. The prevalence of IT giants in the region, the increasing innovations causing advancement of technology usage, and the entry of new IT players has fueled the growth of smart thermostat in this market.
North America is followed by Europe. Europe is estimated to pose lucrative growth opportunities for the smart thermostat market in the upcoming years. The government in Europe has started taking initiatives to curtail the energy consumption and support funding techniques for household energy consumption. Additionally, the increasing adoption of smart devices, the growing concern among people regarding the need for inhaling fresh air, collectively with the increasing development of shopping malls has boosted the application of smart thermostat devices in every facet of life. This eventually has helped in driving the demand for smart thermostat market in Europe.
Table of Contents
1 Market Introduction
1.2 Scope of Study
1.2.1 Research Objective
1.3 Market Structure
2 Research Methodology
2.1 Research Network Software Solutions
2.2 Primary Research
2.3 Secondary Research
2.4 Forecast Model
2.4.1 Market Data Collection, Analysis & Forecast
2.4.2 Market Size Estimation
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List of Tables
Table 1 Smart Thermostat Market, By Component
Table 2 Smart Thermostat Market, By Deployment Type
Table 3 Smart Thermostat Market, By Application
List of Figures
Figure 1 Research Network Software Solutions
Figure 2 Smart Thermostat Market: By Component (%)
Figure 3 Smart Thermostat Market: By Deployment Type (%)
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