Smart Thermostat Market
The Smart Thermostat Market is predicted to reach USD 7699 million by the end of 2027, growing at a CAGR of 20.3% over the forecast period (2020-2027).
The factors driving the growth of Smart Thermostat Market includes increasing penetration of smartphone and tablets, rise in the number of smart homes and growing application of smart thermostat in hotels, restaurants and hospitals. According to the report published by Statista, the Smart Home Market in India is projected to reach around USD 4.87 billion by the end of 2022, growing at a CAGR of 13.52% over the forecast period (2022-2026), which is expected to boost the Smart Thermostat Market Growth in the approaching years. Moreover, the integration of advanced technologies such as Internet of Things (IoT) and Artificial Intelligence (AI) with the smart thermostats, growing popularity of smart home voice assistants and rising awareness amongst consumers about the safety features offered by smart thermostats, are some of the additional factors supplementing the Smart Thermostat Market share. In addition, the smart thermostats easily learn the household patterns, adjusts the cooling when the home is empty or someone’s about to enter and saves energy, are some of the features, further contributing to the market growth.
However, the growth of Smart Thermostat Market is hindered due to high installation and manufacturing costs.
The leading players operating in the Smart Thermostat Market includes General Electric Company, Trane Technologies Plc, Nortek, Inc., Johnson Controls International Plc, Ecobee Inc., Schneider Electric SE, Emerson Electric Co., Honeywell International Inc., Siemens AG, and Alphabet Inc., among others.
Component: Segment Analysis
Based on Component, the Temperature Sensor segment is estimated to expand at a significant CAGR during the forecast period because these sensors modify the cooling of the surroundings accordingly and saves energy.
Application: Segment Analysis
Based on Application, the Residential segment is estimated to expand at a significant CAGR during the forecast period. The increasing demand for smart home devices and increasing awareness amongst consumers about the benefits of smart thermostats, are some of the factors responsible for the growth of the segment.
Regional: Segment Analysis
Based on Region, the North American region is expected to hold the highest market share over the forecast period. The emerging need to manage energy consumption, increased proliferation of Artificial Intelligence and IoT based devices, high per capita incomes, and growing penetration of smartphone devices, are some of the important factors propelling the Smart Thermostat Market size in North America.
Market Segmentation
Global Smart Thermostat Market by Component
- Display
- Temperature Sensor
- Humidity Sensor
- Motion Sensor
- Others
Global Smart Thermostat Market by Technology
- Wired Networking
- Wireless Network
- Wi-Fi
- ZigBee
- Z-Wave
- Bluetooth
Global Smart Thermostat Market by Application
- Residential
- Office Building
- Educational Buildings
- Industrial Building
- Retail
- Hospitality
- Healthcare
Global Smart Thermostat Market by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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