Smart Thermostat Market, Size, Share, Opportunities and Forecast,  2020-2027

SKU: DIC46 | Last Updated On: Sep 28 2020 | No. of Pages: 229 | Available Formats

> Global Smart Thermostat Market Expected to reach a high CAGR of 26% By 2027: DataM Intelligence

Global Smart Thermostat Market is Segmented By Technology (Wired Technology, Wireless Technology (Wi-Fi, Bluetooth, Zig Bee, Z Wave)), By Components (Temperature Sensors, Heat Sensors, Humidity Sensors, Display and others), By Application (Residential Applications, Industrial Applications, Commercial Applications), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis,  2020-2027

 

Market Overview

  • The Global Smart Thermostat Market is expected to grow at a CAGR of 26% during the forecasting period (2020-2027).
  • Smart Thermostats are thermostats equipped with additional features like Wi-Fi connectivity, sensors and voice assistance features which are used in controlling the temperature and air-conditioning of a building or an industry.
  • Smart Thermostats are connected to IoT enabled devices like smartphones, tablets, smart watches, and laptops which allow the user to control the temperature from any part of the room via their devices. Smart Thermostats consist of different sensors like temperature sensors and humidity sensors which help in conveying important information such as temperature and humidity of the room to the user via an inbuilt display.

Smart Thermostat Market Dynamics

  • Concerns over energy savings, increase in customers preferring smart home solutions, rising sales of smart home products such as Google Home and Amazon Echo and demand for connected and IoT devices are the major factors responsible for the growth of the global smart thermostat market.
  • Concerns over energy savings is a significant factor propelling the growth of the global smart thermostat market. Rising energy prices are posing a significant problem for the population and are adopting home automation solutions in reducing the overall spendings on energy.
  • According to the Global Energy Statistical Yearbook 2018, the total power consumption accelerated in 2017 with a growth rate of +2.6%. The global power consumption in 2017 was 21,742 terra watt hours compared to 21,190 terra watt hours in 2016 and 20,937 terra watt hours in 2015. Owing to these reasons, concerns over energy savings is a significant factor driving the growth of the global smart thermostat market.
  • However, lack of awareness about smart thermostats, high prices of smart thermostat devices and privacy and security concerns over connected devices are the crucial factors impeding the growth of the global smart thermostat market.
  • Privacy and security issues of IoT connected devices is a significant concern for consumers owing to data’s vulnerability to security attacks by hackers.
  • According to the Broadband Internet Technical Advisory Group (BITGA), the considerable concerns of privacy issues amongst IoT connected devices are security vulnerabilities, insecure communications, unauthenticated communications, unencrypted communications, lack of mutual authentication, lack of network isolation, data leaks from the cloud, and data leaks from and between the devices.
  • Owing to these reasons, security and privacy concerns of IoT connected devices is an essential factor impeding the growth of the global smart thermostats market.

Global Smart Thermostat Market Segmentation Analysis

  • Based on the type of technology, the market is segmented as wired and wireless technology. The wireless technology is further segmented into Wi-Fi, Bluetooth, and Z-Wave. Wi-Fi is the dominant segment of the global Smart Thermostat market owing to its unique advantages like affordable performance, unlicensed spectrum operation, ease of use, self-deployment and long-term compatibility.
  • According to the Wi-Fi Alliance, the global economic market of Wi-Fi is estimated at USD 1.96 trillion. There are 340.8 million Wi-Fi hotspots across the world in which 12.2 million are commercially managed, and 328 million are community access points. Owing to the dominance of Wi-Fi networks, consumers widely prefer Wi-Fi-based products and the Wi-Fi technology of the smart thermostats is anticipated to dominate the global smart thermostat market.
  • Based on the application, the market is segmented as residential applications, industrial application, and commercial applications. Residential uses are the dominant segment of the global smart thermostat market owing to the increasing demand for smart thermostat devices in home automation and smart home solutions.
  • The growing need for smart homes, connected devices and raising awareness of power consumption savings are the primary aspects driving the dominance of residential application of smart thermostat devices.
  • Smart thermostats are widely used in homes to control the air-conditioning and temperature of the house with the help of laptops, smartphones, and tablets. Increasing penetration of smartphones and tablets coupled with growing per capita incomes are the critical aspects driving the global are encouraging consumers to install smart thermostat devices in their homes and owing to these factors, residential applications sector is anticipated to drive the global smart thermostat market in the future.

Smart Thermostat Market Geographical Share

  • The Global Smart Thermostat Market is segmented into North America, Europe, Asia Pacific, South America and Middle East and Africa.
  • The North America region is further segmented into the following areas as the U.S, Canada, and Mexico.
  • The US is the dominant segment of the global smart thermostat market owing to the increasing sales of smart devices, and IoT enabled devices in the US. Factors such as high disposal incomes, high technology adoption rate and the high penetration rate of smart home solutions in the US are other significant factors contributing to the growth of the global smart thermostat market.
  • According to a research study, The United States Smart Home market generated the highest market revenue in 2019 amounting to USD 23,556 million in 2018 compared to USD 17655 million in 2017.
  • More than 42.2 million homes are equipped with smart home solutions as of now in 2019, and the average revenue per installed home amounts to USD 186.55. Owing to these factors, the North American region is the dominant segment of the global smart thermostats market.

Smart Thermostat Manufacturer Analysis

  • Some of the major players in this market incorporate competitive strategies like mergers and acquisitions to retain their market competitiveness. For instance, in February 2019, Emerson Electric Company completed the acquisition of General Electric’s Intelligent Platform business which will enable Emerson to expand its capabilities in machine control and discrete applications.
  • New product launches and expansion of facilities are some other vital strategies adopted by most of the companies to contribute to the growth of the company and improve their market growth rate.
  • For instance, in November 2018, Nest Inc., its European thermostat line to bring energy savings to more European homes with the introduction of Nest Thermostat E. Furthermore, in October 2018, Carrier Corporation launched the new Cor 5C and 7C thermostats compatible with google assistant which allows customers to control home comfort with their voice.
  • The report profiles the following companies – Nest Labs Inc, Schneider Electric, Siemens Corporation, Honeywell International, Carrier Corporation, Nortek Inc, Lennox International Inc, Ecobee Company, Texas Instruments, and Emerson Electric.

Why Purchase the Report?

  • Visualize the composition of the Global Smart Thermostat Market across each indication, in terms of type, application, material, and function highlighting the key commercial drivers, restraints and market players.
  • Identify commercial opportunities in the Global Smart Thermostat Market by analyzing trends and co-development deals.
  • Excel data sheet with thousands of data points of the Global Smart Thermostat Market with level 4/5 segmentation.
  • PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
  • Product mapping in excel for the key products of all major market players

Target Audience

  • Equipment Suppliers/ Buyers
  • Service Providers/ Buyers
  • Industry Investors/Investment Bankers
  • Education & Research Institutes
  • Research Professionals
  • Emerging Companies
  • Manufacturers

 

Table of Contents

Section 1. Smart Thermostat Market - Methodology and Scope

1.1 Research Methodology

1.2 Research Objective and Scope of the Report 

Section 2. Smart Thermostat Market - Industry Trends

Section 3. Smart Thermostat Market Outlook

3.1 Market Snippet by Technology

3.2 Market Snippet by Components

3.3 Market Snippet by Application

3.4 Market Snippet by Region

3.5 DataM CLO Scenario

Section 4. Smart Thermostat Market Dynamics

4.1 Drivers

4.2 Restraints

4.3 Opportunity

4.4 Impact Analysis

Section 5. Smart Thermostat Market Industry Analysis

5.1 Porter’s Five Forces Analysis

5.2 Supply Chain Analysis

5.3 Patent Analysis

5.4 Technological Developments

Section 6. Smart Thermostat Market Segmentation Analysis – By Technology

6.1 Wired Technology

6.2 Wireless Technology

6.2.1 Wi-Fi

6.2.2 Bluetooth

6.2.3 Zig Bee

6.2.4 Z Wave

Section 7. Smart Thermostat Market Segmentation Analysis – Components

7.1 Temperature Sensors

7.2 Heat Sensors

7.3 Humidity Sensors

7.4 Display

7.5 Others

Section 8. Smart Thermostat Market Segmentation Analysis – By Application

8.1 Residential Applications

8.2 Industrial Applications

8.3 Commercial Applications

Section 9. Smart Thermostat Market – Regional, Country-level Analysis

9.1 North America

9.1.1 The U.S.

9.1.2 Canada

9.1.3 Mexico

9.2 Europe

9.2.1 Germany

9.2.2 U.K.

9.2.3 France

9.2.4 Italy

9.2.5 Spain

9.2.6 Rest of Europe

9.3 South America

9.3.1 Brazil

9.3.2 Argentina

9.3.3 Rest of South America

9.4 Asia Pacific

9.4.1 China

9.4.2 Japan

9.4.3 South Korea

9.4.4 Taiwan

9.4.5 Rest of Asia Pacific

9.5 Middle East and Africa

Section 10. Smart Thermostat Market – Competitive Landscape

10.1 Competitive Scenario

10.2 Competitor Strategy Analysis

10.3 Comparative Product Portfolio Analysis

10.4 Market Positioning/Share Analysis

10.5 Mergers and Acquisitions Analysis

Section 11. Smart Thermostat Market – Company Profiles

11.1 Nest Labs Inc

11.2 Schneider Electric

11.3 Siemens Corporation

11.4 Honeywell International

11.5 Carrier Corporation

11.6 Nortek Inc

11.7 Lennox International Inc

11.8 Ecobee Company

11.9 Texas Instruments

11.10 Emerson Electric.

Section 12. Smart Thermostat Market – Premium Insights 

Section 13. Smart Thermostat Market – DataM

13.1 Appendix

13.2 About Us and Services

13.3 Contact Us

Did not find what you were looking for?Every 7 out of 10 customers request tailored reports. Get yours today!
We collate your requirements.
Our global research team is put into action.
We deliver, and make sure your endeavour is a success!

Buy This Report



Get your FREE SAMPLE PROPOSAL with a single click!

linkedinpinterest