According to a new report published by Allied Market Research, titled, “smart thermostat market technology, application, and end user: opportunity analysis and industry forecast, 2020–2027,” the global smart thermostat market size was valued at $1.86 billion in 2019, and is projected to reach at $11.36 billion by 2027, growing at a CAGR of 28.00% from 2020 to 2027.
A smart thermostat, which is also commonly known as communicating or connected thermostat, is an electronic device that enables creation of programmable and automatic temperature settings based on weather conditions, heating & cooling needs, and daily schedules. Smart thermostat has the ability to learn patterns of its surroundings, thereby saving energy of heating and cooling systems. For instance, a smart thermostat installed in a household analyzes patterns of the household and adjusts heating and cooling according to the same. Subsequently, it reduces use of heating and cooling systems when the house is empty for a significant period. Furthermore, smart thermostat can be operated using a phone, tablet, smart speakers, or any other internet-enabled device. In, some of the smart thermostat have diagnostic features, which enables it to detect any problem with the ducting or HVAC system.
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Rapid adoption of smart infrastructure in residential and commercial infrastructure, penetration of IoT and AI based technologies, and increase in use of smart technology in medical monitoring influences the smart thermostat market growth. However, high cost of products in developing countries hampers early adoption. Further, increased advancements and adoption of automated systems in residential, commercial, and industrial sectors are expected to provide lucrative opportunities for the global smart thermostat industry during the forecast period.
The Wi-Fi segment was the highest contributor to the market in 2019. The Wi-Fi and Bluetooth segments collectively accounted for around 60% market share in 2019. Surge in internet penetration fuels growth of the Wi-Fi segment, thereby enhancing the global smart thermostat market growth.
Emergence of COVID-19 has significantly impacted the global smart thermostat industry. Delay caused for construction projects due to partial or complete lockdown in various regions of the world has significantly reduced demand for smart thermostats during the pandemic. However, it has created more demand from residential end users, owing to work from home policies implemented by governments of several countries. Hence, the residential sector is expected to witness prominent growth post-pandemic for smart thermostats.
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Region wise, Asia-Pacific holds significant share in the global smart thermostat market revenue size. Asia-Pacific accommodates major population of the globe. Adoption of smart phones and smart electronic appliances in residential, commercial, and industrial sectors is expected to propel the smart thermostat industry in this region. Owing to technological advancements, appliances in residential buildings, such as washing machines, heating, and cooling equipment, and refrigerators are increasingly becoming smart. This means that they can be connected to the internet. Hence, all such factors are anticipated to boost the market growth.
Key Findings Of The Study
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In 2019, the Wi-Fi segment accounted for the maximum revenue and is projected to grow at a notable CAGR of 29.9% during the forecast period.
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The air conditioning and heating segment together accounted for around 82.0 % of the global smart thermostat market share in 2019.
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The residential segment of the global smart thermostat market is projected to grow at a CAGR of 26.7% during the forecast period.
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Asia-Pacific region contributed major share in global smart thermostat market, accounting for more than 40.0% share in 2019.
The key players profiled in the report include Emerson Electric Co., Ecobee, Inc., Honeywell International Inc., Johnson Controls, Nest Labs, Inc., Control4 Corporation, Schnieder Electric SE, Tado GmbH, Nortek, Inc., and Ingersoll Rand plc. Market players have adopted various strategies such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the global smart thermostat market trends.
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