NEW YORK, May 25, 2022 /PRNewswire/ -- As per Zion Market Research study, The Smart Thermostats Market was worth around USD 2,254.1 million in 2021 and is estimated to grow to about USD 6,866.4 million by 2028, with a compound annual growth rate (CAGR) of approximately 20.4 percent over the forecast period. The report analyzes the digital remittance market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the digital remittance market.
Key Industry Insights & Finding of the Smart Thermostats Market Reports:
- As per the analysis shared by our research analyst, the Smart Thermostats Market is expected to grow annually at a CAGR of around 20.4 % (2022-2028).
- Through the primary research, it was established that the Smart Thermostats Market was valued approximately USD 2,254.1 Million in 2021 and is projected to reach to roughly USD 6,866.4 Million by 2028.
- Asia-Pacific dominated the market due to the adoption of smartphones and smart electronic appliances in the residential, commercial, and industrial sectors.
- North American market is expected to witness significant growth due to the existing residential and commercial infrastructure in the region being integrated with the most advanced facilities, which is driving the smart thermostats market in the region.
- The federal energy management laws enforced by the Office of Energy Efficiency & Renewable Energy are making it imperative for end-users to use energy-saving devices boosting the demand for Smart thermosets in the market.
Zion Market Research published the latest report titled as"Smart Thermostats Market By Products (Connected Smart thermostat, Learning Smart Thermostat, Standalone Smart Thermostat), By Connectivity Technology (Wireless Network (Wi-Fi, Zigbee, Z-wave, Bluetooth), Wired Network), By Installation Type (New Installation, Retrofit Installation), By Vertical (Residential, Commercial (Retail, Offices, Educational Institutes, Hospitality Centers, Hospitals), Industrial) and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data and Forecasts 2022 - 2028."into their research database.
Smart Thermostats Market: Overview
A smart thermostat is a device that controls the temperature of a space or room where heating, ventilation, and air-conditioning (HVAC) equipment is placed. A smart thermostat may make automatic and intelligent changes for clients in order to save energy and interact with sources outside of an HVAC system.
The growing adoption of smart infrastructure in residential & commercial sectors, the increased penetration of IoT and AI-based technologies, and the increase in the use of smart technology in medical monitoring are major factors driving the growth of the smart thermostat market in the forecast period. In addition, the increasing energy prices, rising need to optimize power in order to reduce energy bills, and improved return on investments offered by smart thermostats are expected to drive the global smart thermostat market in the coming years. The increasing consumer awareness about the safety and efficiency of smart thermostats is also likely to propel the smart thermostat market in the upcoming years. The growing encouragement from governments for using energy-saving devices is also driving the smart thermostat market. Moreover, advanced features of smart thermostats, surging disposable income of people, and increasing demand for energy-saving devices are expected to fuel the global smart thermostat market in the approaching years. However, lack of awareness about the smart thermostat and rising price-based competition are major factors expected to hinder the smart thermostat market during the forecast period.
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Industry Dynamics:
Smart Thermostats Market: Growth Dynamics
Drivers: Increasing adoption of smart homes.
The energy consumption levels of an HVAC system can be optimized to a greater extent by using smart thermostats. Smart thermostats use wireless communications, internet connectivity, mobile devices, and cloud computing to conserve energy and regulate the operation of HVAC systems, lowering expenses. Customers' interest in adopting smart thermostats in smart homes has risen as technology has evolved and several gadgets have seen a rapid improvement. Moreover, home from home orders due to the COVID-19 pandemic has changed the way how people interact and live in their homes. People are configuring their physical space to meet new functional requirements, including working and learning at home, creating at-home gyms, or finding new ways to relax and enjoy themselves. Connected homes, automated systems, and new technologies have played a critical role for the people staying at home. As a result, demand for smart thermostats is likely to rise during the forecast period as a result of the smart home revolution.
Restraints: Smart thermostats have high production and installation expenses.
Upgrades to control systems and the development of novel smart thermostats will necessitate large expenditures. This makes it difficult for small and medium-sized businesses to enter the market for smart thermostats. HVAC systems with smart thermostats require fine-tuning and particular manufacturing of parts during installation for optimal functioning and failure avoidance. The end-user may have to spend more in the long term for repairs if the installation is not done by a trained professional, or the HVAC systems may not perform properly. As a result, the cost of system installation is increased by the need for a professional staff. In addition, concerns regarding data security and the lack of awareness are the restraining factors for the market growth.
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Opportunities: Increasing demand for self-learning devices.
End consumers need automatic functionality because it reduces human labor and is more convenient. As a result, self-learning energy-saving gadgets are becoming more popular as a means of lowering energy use. Smart thermostats are ideal for residential and commercial applications due to their self-learning mode and ability to be controlled remotely via smartphones and tablets. The rising usage of these self-learning devices in residential applications is likely to provide market participants with a chance to expand their residential share. Self-learning gadgets will also assist the elderly in controlling HVAC equipment without having to deal with difficult programming.
Challenges: High upgradation costs of existing systems.
Traditional HVAC equipment is generally wired and is equipped with old hardware, which is incompatible with the advanced smart thermostat. Upgrading existing thermostat systems with smart thermostats involves not only the thermostats but also the connected equipment that they control, as traditional HVAC equipment is generally wired and is equipped with old hardware, which is incompatible with the advanced smart thermostat. Upgrading HVAC systems at the building level necessitates a comprehensive examination of existing systems and the preparation of a strategy to incorporate an updated smart thermostat into the existing HVAC system. The procedure includes design and execution, both of which are time-consuming and costly. Another difficult issue with retrofits is the update of incomplete devices, which results in an inability to recognise the presence of a problem in the system.
Global Smart Thermostats Market: Segmentation
- The Smart Thermostats Market is segregated based on products, Connectivity Technology, Installation Type, and Vertical.
On the basis of Connectivity Technology, the Wi-Fi segment dominated the market, in terms of and is expected to follow the same trend during the forecast period. This domination is attributed to factors like reducing the installation and maintenance costs, providing higher flexibility and scalability, and better connectivity. The increasing adoption of smart homes is fuelling the demand for smart thermostats based on wireless connectivity technology.
On the basis of vertical, the residential segment dominated the market in the forecast period. The adoption of energy-efficient HVAC controls such as smart thermostats has been fueled by a growing awareness of energy conservation and efficiency, as well as environmental protection, as they aid in the most efficient use of energy and the maintenance of the most comfortable and healthy indoor environment. Furthermore, favourable government regulations and tax credit facilities for HVAC system installation, as well as end-users' increased focus on lowering power costs, have all aided the growth of the smart thermostat market in the residential vertical.
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List of Key Players of Smart Thermostats Market:
- Alphabet (Google Nest) (US)
- Emerson Electric (US)
- Honeywell International (US)
- Lennox International (US)
- Ecobee (Canada)
- Carrier Corporation (US)
- Johnson Controls (Lux Products) (Ireland)
- Legrand (Netatmo) (France)
- Resideo Technologies (US)
- Siemens (Germany)
- Trane Technologies (Ireland)
- Control4 Corporation (US)
- Nortek Control (US)
- Tado (Germany)
- Alarm.com (US)
- Bosch Thermotechnology (Germany)
- Centrica Hive (UK)
- Cielo Wigle (US)
- Climote (Ireland)
- Empowered Homes (MYSA) (Canada)
- Eve Systems (Germany)
- MRCOOL (US)
- Radio Thermostat Company of America (US)
- Salus Controls (UK)
- Vine Connected (US)
- VIvint (US)
- Zen Ecosystems (US)
Key questions answered in this report:
- What are the growth rate forecast and market size for Smart Thermostats Market?
- What are the key driving factors propelling the Smart Thermostats Market forward?
- What are the most important companies in the Smart Thermostats Market Industry?
- What segments does the Smart Thermostats Market cover?
- How can I receive a free copy of the Smart Thermostats Market sample report and company profiles?
Report Scope:
Report Attribute | Details |
Market size value in 2021 | USD 2,254.1 Million |
Revenue forecast in 2028 | USD 6866.4 Million |
Growth Rate | CAGR of almost 20.4 % 2022-2028 |
Base Year | 2020 |
Historic Years | 2016 - 2021 |
Forecast Years | 2022 - 2028 |
Segments Covered | By Product Type, By Application, and By End Use |
Forecast Units | Value (USD Million), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2022 to 2028 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Companies Covered | Alphabet (Google Nest) (US), Emerson Electric (US), Honeywell International (US), Lennox International (US), Ecobee (Canada), Carrier Corporation (US), Johnson Controls (Lux Products) (Ireland), Legrand (Netatmo) (France), Resideo Technologies (US), Siemens (Germany), Trane Technologies (Ireland), Control4 Corporation (US), Nortek Control (US), Tado (Germany), Alarm.com (US), Bosch Thermotechnology (Germany), Centrica Hive (UK), Cielo Wigle (US), Climote (Ireland), Empowered Homes (MYSA) (Canada), Eve Systems (Germany), MRCOOL (US), Radio Thermostat Company of America (US), Salus Controls (UK), Vine Connected (US), VIvint (US), Zen Ecosystems (US). |
Report Coverage | Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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Recent Developments:
- In 2021, Eco bee Announces New Integration with Alarm. com-Based Security and Smart Home Solutions. EcoBee smart thermostats will be integrated with Alarm.com's security and smart home solutions, allowing consumers to operate their EcoBee smart thermostats from inside Alarm.com's applications.
- In 2020 Carrier partnered with EcoBee to offer co-branded versions of the ecobee3 lite Pro and EcoBee Smart Thermostat Pro with voice control. The EcoBee smart thermostats Carrier-powered devices can be linked to the Carrier Connected Portal, allowing contractors to remotely diagnose and resolve system issues and errors.
Regional Dominance:
- Rising inclusion of tree nuts in diets.
Asia-Pacific dominated the market due to the adoption of smartphones and smart electronic appliances in the residential, commercial, and industrial sectors. In addition, technological advancements, appliances in residential buildings, such as washing machines, heating, and cooling equipment, and refrigerators are increasingly becoming smart. This implies that they can connect to the internet. Hence, all such factors are anticipated to boost market growth in the coming years.
The North American market is expected to witness significant growth due to the existing residential and commercial infrastructure in the region being integrated with the most advanced facilities, which is driving the smart thermostats market in the region. In addition, the federal energy management laws enforced by the Office of Energy Efficiency & Renewable Energy are making it imperative for end-users to use energy-saving devices boosting the demand for Smart thermosets in the market.
Global Smart Thermostats Market is segmented as follows:
Smart Thermostats Market: By Products Outlook (2022-2028)
- Connected Smart thermostat
- Learning Smart Thermostat
- Standalone Smart Thermostat
Smart Thermostats Market: By Connectivity Technology Outlook (2022-2028)
- Wireless Network
- Wired Network
Smart Thermostats Market: By Installation Type Outlook (2022-2028)
- New Installation
- Retrofit Installation
Smart Thermostats Market: By Vertical Outlook (2022-2028)
- Residential
- Commercial
- Industrial
Smart Thermostats Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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