According to Market Research Future (MRFR), the global smart thermostat market is estimated to grow at USD 3.5 Billion at a CAGR of 23.4% from 2016 to 2022 (forecast period). The report assesses and discusses the effect of the outbreak of COVID-19 on the global smart thermostats market, including potential opportunities and obstacles, drivers, and risks.
Smart thermostat can be described as an automation device used to control the air conditioning and heating of the HVAC system in commercial and residential buildings. These devices allow users to control the system's heating and cooling by means of both wired and wireless technology.
Market Dynamics
The internet penetration and the demand for IoT-based services serve as key drivers for the smart thermostat industry's growth. Rising urbanization and growing demand for connected and smart homes have created an enormous opportunity for the smart thermostat market report to expand.
The study shows that the decrease in energy wastage and the high energy-saving features of these devices have led to awareness among consumers, boosting the market for smart thermostat devices. Using these smart technology-enabled devices, consumers can remotely control the temperature of their home using tablets, smartphones, or desktops, among others. In addition, the smart thermostats used for residential applications help to adjust the temperature with the help of a dial or control panel.
Factors like lack of infrastructure, high implementation costs, and inconsistencies between wireless networks are some of the limiting factors for the growth of the market for smart thermostats.
COVID-19 Impact on the Worldwide Smart Thermostat Market
The COVID-19 implications have had long-term consequences for a number of global sectors. Changes in consumer purchasing and market demand are slowing the growth of the smart thermostat market. There is also a disruption in the smart thermostat market's supply chain. However, most market manufacturing is returning, which is resolving the market's demand issue. Following COVID-19, market trends seemed to be improving, with several improvements. It ensures that the market will soon see adequate demand from end-users. The market is expanding and will reach its peak in 2022.
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Key Players
A few major market players operating in the global market for smart thermostats are Nest Labs, Inc. (U.S.), Honeywell International Inc. (U.S.), Nortek, Inc. (France), Ecobee (Canada), Ingersoll Rand (Ireland), and others.
Market Segmentation
The global smart thermostat industry has been segmented into component, deployment, and application.
By component, the global smart thermostat market has been segmented into Display, Humidity Sensor, Temperature Sensor.
By deployment, the global smart thermostat market has been segmented into Wired Technology, Wireless Technology.
By application, the global smart thermostat market has been segmented into Residential, Commercial and others.
Regional Analysis
The global smart thermostat industry is diversified into three major regions that are North America, Europe and Asia pacific.
The expansion of the internet and technology is a major reason for North America's tremendous expansion. Moreover, as people become more aware of the benefits of energy-efficient devices, the demand for smart thermostats in the Asia Pacific is increasing. According to the Smart Thermostat Industry Forecast, Asia Pacific will be the fastest-growing region. Japan, China, and South Korea are the significant contributors to the Asia Pacific market.
In addition, over the last two years, Europe has seen a boom in the expansion of the smart thermostat market. This expansion is expected to continue until the end of the projection period in 2022. This strong market demand is due to the development of smart buildings and infrastructure. Furthermore, government initiatives in other regions are boosting the market growth in the next years. The market's three regional players are responsible for the significant expansion in 2022.
Competitive Landscape
The market for smart thermostats is not overly competitive. The market is gaining traction as a result of government measures to encourage energy-efficient technology. In the projection year of 2022, the industry's leading players are evaluating market expansion strategies. More R&D and improvements are taking place in this industry in order to raise awareness.
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Summary
Smart Thermostat Market by Component (Display, Humidity Sensor, Temperature Sensor), by Deployment (Wired Technology, Wireless Technology) and Application (Residential, Commercial and others) - Forecast to 2027
About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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