Smart Thermostat is a device integrated with sensors that regulate cooling & heating operations of industrial, commercial, and residential buildings. According to MarkNtel Advisors’ research report, “Global Smart Thermostat Market Analysis, 2021,” the market is likely to grow at a CAGR of around 19% during 2021-26F due to the burgeoning inclination toward energy-saving technologies and smart home solutions, the growing popularity of smart homes due to their various advantages, the surging use of smart technology, and robust automation in medical diagnosis.
Additionally, snowballing penetration of AI and IoT in electronic devices & systems, surging demand for virtual assistance like Alexa and Google assistants to manage smart devices, and growing awareness about energy conservation to reduce electricity bills are other crucial aspects likely to contribute to the overall market growth in the forecast period.
Key questions answered in the study:
Based on technology, the Wireless segment accounts for the largest share in the past few years. Further, the wireless smart thermostat bifurcates into Bluetooth, WI-FI, Zig Bee, and Z-Wave. Amongst these, ZigBee technology is rapidly growing due to its easy implementation, affordable pricing, and less power consumption. Moreover, the mounting penetration of ZigBee home automation devices is another factor likely to augment the demand for smart thermostats 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 competitors' success and strategic factorial indexing to measure their capabilities on 16 parameters, which would help companies formulate 'Go to Market' strategies and identify the blue ocean for their offerings.
North America Acquired the Majority Market Share
North America acquired the maximum share of the Global Smart Thermostat Market in the previous few years due to the early adoption of smart thermostats in the region. The US dominated the North American market due to several factors like high penetration toward smartphones, burgeoning demand for effective energy management solutions among consumers, and propelling government initiatives for energy saving. Besides this, the burgeoning adoption of smart home solutions has subsequently surged the demand for virtual personal assistants & voice-controlled speakers in home control. Moreover, the escalating average unit rate of power is another crucial factor encouraging end-users toward adopting smart energy solutions, thereby fueling the overall market growth in the forecast period, reveals MarkNtel Advisors in their 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.