Global Smart Thermostat Market Overview
The key driver impacting the Smart thermostat market is the growing adoption of smart homes. For instance, As per the National Council for home security and safety, the U.S. smart house market alone will approach 40 billion USD by 2020. About 3/5 of the buyers of smart home products buy smart products in order to check their house via smartphone. Around 63% of buyers wanted to buy smart locks and alarms, smart thermostats, and fans, 58% want smart lighting, and about 56% want nightlights and carbon monoxide detectors. The huge adoption of smart home voice assistants is surging the market growth. Moreover, the emergence of IoT-enabled HVAC systems contributes to Smart thermostat market demand in the later years.
According to Value Market Research, the global Smart thermostat market size was valued at about USD 4.98 billion in 2022 and is estimated to grow at a CAGR of around 18.1% during the forecast period 2022 to 2030.
The Government regulations pertaining to increase the energy efficiency of buildings will likely augment Smart thermostat demand in the forecast period. Also, the climb in the average energy expenditure and the call for remote access solutions to control and monitor energy consumption is encouraging market demand. However, the high manufacturing and installation costs of smart thermostats hamper the market in the long run. In addition, concerns regarding data security create a considerable challenge to the market growth. Nonetheless, the market trends, such as the rising demand for self-learning devices and increasing demand for cloud computing in the HVAC industry, might provide considerable opportunities to the market's leading players.
The Smart thermostat market is widespread, with many local and international players. The market leaders follow diverse strategies such as amalgamation, extending product portfolio, acquisitions, contracts, product upgrades to strengthen their market share globally. The key players in the report are Google Nest, Honeywell Home, Ecobee, Emerson, Johnson Controls, Control4, Vine Connected Corporation, Resideo Technologies, Inc., Netatmo SA, Tado GmbH, Siemens, Lux Products Corporation, Centrica Hive Limited.
Global Smart Thermostat Market Share by Region (Representative Graph)
Analysis by Technology:
By technology, the report is segmented into Wi-Fi, ZigBee, and Others (Near Field Communication (NFC), Bluetooth, and Ethernet). The ZigBee segment dominates the technology segment with the highest share in 2020. It is due to the increasing consumers' shift toward home automation devices. Moreover, the various advantages such as low power consumption and considerably reasonably priced and easy form of implementation contribute to the growth of the live attenuated vaccines segment.
Analysis by Region:
In the regional overview of the global Smart thermostat market, the North America and Europe region dominate with the largest market share of 91% in 2020. It is due to the high demand for such devices in the region and favorable government mandates in Europe. There is rising demand for managing energy consumption solutions and a wide distribution network of key vendors in the North America region. Moreover, the rise in construction activities and the rising popularity of smart homes contribute to the tremendous market growth across the North America and Europe region.
Market Segmentation covered in the Report:
By Technology Type
By Product
- Connected
- Standalone
- Learning
By End-user
- Residential
- Commercial
- Industrial
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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