Smart Thermostat is integrated with sensors that regulate the cooling and heating operation of an industrial, commercial and residential building. The burgeoning adoption of energy-saving technologies and smart home solution, the growing popularity of smart homes due to their advantage along the surging use of smart technology and robust automation in medical diagnosis are the key factors augmenting the demand for smart thermostats. In addition to this, snowballing penetration of advanced technologies such as AI and IoT in electronic devices and systems, surging demand for virtual assistance such as Alexa and google assistant to manage smart devices and growing awareness about energy conservation to reduce electricity bills are the factors predicted to strongly contribute to the growth of the market in the forecast period.
Key questions answered in the study:
According to MarkNtel Advisors’ research report “Global Smart Thermostat Market Analysis, 2021”, the market is anticipated to grow at a CAGR of around 19% during 2021-26F. Based on technology, the Wireless segment accounts for the largest share in 2019. Further, the wireless smart thermostat market has been bifurcated into Bluetooth, WI-FI, Zig Bee, and Z-Wave. ZigBee technology is growing at a rapid rate owing to factors such as easy implementation, affordable pricing, and consumes less power. Moreover, the mounting penetration of ZigBee home automation devices is further anticipated to augment the demand for the smart thermostat in the forecast period.
“Global Smart Thermostat Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Smart Thermostat providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
North America Acquired the Majority Market Share
North America acquired the majority share in the Global Smart Thermostat Market in 2019 due to the early adoption of the smart thermostat in the region. The US dominated the North America market. The factors driving the market are high smartphone penetration, burgeoning demand for effective energy management solutions among consumer and propelling government initiative for energy saving. Besides this, the burgeoning adoption of the smart home solution has subsequently upsurge in the demand for virtual personal assistants and voice-controlled speakers in home control. However, the escalating average unit rate of power is also encouraging the end-user to adopt smart energy solutions, hence fueling the growth of Smart Thermostat market in the forecast period as stated in MarkNtel Advisors’ research report “Global Smart Thermostat Market Analysis, 2021”.
According to MarkNtel Advisors’, the key players with a considerable market share in the Global Smart Thermostat market are Emerson Electric Co., Nest Labs, GridPoint, Inc., Tado GmbH, Honeywell International, Computime Group Ltd., Schneider Electric SE, Radio Thermostat Company of America, Ecobee, Inc., Control4 Corporation, Carrier Corporation, Siemens AG, Johnson Controls, Zen Ecosystems, Resideo Technologies, Inc. etc.