31st December 2019 – The global Smart
Thermostat Market size is expected to value at USD 2.99 billion by
2022. The market is subject to witness a substantial growth due to the soaring
demand for smart efficient solutions from number of household across the globe.
In addition, increasing adoption of smart household appliances, majorly from
North American and European region is expected to drive the market growth in
upcoming years. Expansion of smartphones industry is acting as an enabler for
smart energy management solutions.
Introduction of open source developer
APIs offer flexibility and higher performance for smart thermostat devices.
These factors are anticipated to positively affect market growth over the
forecast period. Globally, the smart thermostat industry is predicted to grow
at CAGR of 18.7% in the forecast period, providing numerous opportunities for
market players to invest in research and development of the market.
Smart thermostats are increasing adopted
to carry out operations such as heating and cooling devices for residential or
commercial applications. Smart thermostats are considered as a vital part of
smart or modular home. Smart thermostats are incorporated with next generation
open source developer APIs that enhances their usability and performance
capability.
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Increasing energy consummation and
growing demand for remote access solutions to carry out energy management are
expected to boost market demand for smart thermostats over the forecast period.
In addition, reduced energy bills offers better return on investments leading
to a wide acceptance across numerous households, in the recent years.
Moreover, increasing demand form
businesses and large-scale organization to monitor and adopt low cost solutions
for heating, ventilation and air-conditioning (HVAC) systems are projected to
foster market growth over next seven years. However, factors such as security
concerns, data breaches and higher initial cost are expected to acts as the
potential constraints for sustained market growth. Yet, integration of advanced
technology that enables identification of user behavior, analyzing their
patterns, managing the heating, ventilation and air-conditioning (HVAC) systems
automatically. Smart thermostats are operated via remote monitoring
capabilities with the help of wireless connectivity. These factors are expected
to favor market expansion over the upcoming years.
Smart thermostats such as the Google
Nest is capable of a self-learning by analyzing user activities with the help
of motion and Infrared (IR) sensors, temperature, and humidity sensors. The
recent technological advancements in short-range communication sector coupled
with development of novel products are propelling the growth of smart
thermostats market, in the recent years.
The smart thermostat industry is broadly
categorized into four major segments based on key technology type such as
Wi-Fi, ZigBee, Ethernet, and Bluetooth. Use of wireless technologies enable
smart thermostats to connect wirelessly with various heating, ventilation and
air-conditioning(HVAC) systems and the other home automation tools.
The smart thermostat provides remote
access for user via wirelessly on their smartphones. ZigBee technology is
considered as one of the fastest growing segment in the smart thermostat market
with substantial revenue generation in the last few years. Growing popularity
of the ZigBee technology segment is attributed to its advantages such as low
power consumption and cost-effectiveness.
The smart thermostats industry is
divided by region as North America, Europe, Asia-Pacific, Latin America and
Africa. North America has shown major growth in recent years owing to the rise
in the implementation of latest technologies in domestic appliance market,
substantial demand for smart energy solutions, and existence of
well-established manufacturing infrastructure in the region. Asia-Pacific
region is predicted to hold major market share in the smart thermostat market
with massive growth in forecast period.
Countries such as China and Japan are
leading the Asia-Pacific market with favorable government initiatives, strong
economic growth, shifting trend towards smart domestic appliances, and
significant investment by leading industry players considering potential growth
opportunities in the region.
The key players in the smart thermostat
industry are Honeywell International Inc., Google Nest LLC, Ecobee Inc.,
Schneider Electric SE, Emerson Climate Technologies Ltd., Radio Thermostat
Company of America, Inc., Carrier Co., Ingersoll Rand, Inc., Allure Energy,
Inc., Tado GmbH, Eneco Holding N.V.,, British Gas Hive plc, and Lux Products Co.
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