The Global Smart Thermostat Market is expected to grow at a CAGR of around 19% in the forecast period of 2021-26, states MarkNtel Advisors in their research report. Smart thermostats are electronic devices that help monitor & regulate the heating & cooling of commercial & residential spaces. The surging trend of Home Automation is amongst the prime factors driving the global smart thermostat market. Additionally, mounting awareness regarding energy conservation and the critical need to reduce electricity bills are other prominent factors boosting the market.
Moreover, the rising adoption of virtual assistants, such as Google Assistant & Amazon Alexa, to monitor & control home settings is further expected to promote the smart thermostat market growth during 2021-26. Furthermore, the emergence of the IoT & AI-based HVAC systems and various government initiatives for improving building energy efficiencies are other prominent factors projected to infuse the demand for smart thermostats in the coming years. However, high costs associated with these devices might hamper the overall market growth in developing countries, further states the research report, “Global Smart Thermostat Market Analysis, 2021.”
Residential Sector Captures the Largest Share of the Global Smart Thermostat Market
The increasing concerns over energy conservation & reducing carbon emissions are the major driving factors of the smart thermostat market in the residential sector. In addition, the escalating demand for energy-efficient HVAC systems is also accelerating the market growth across the residential sector. Moreover, the rising trend of smart homes and the increasing urban population are other crucial aspects propelling the adoption of smart thermostats in homes and, in turn, contributing to the overall market growth.
However, due to the disrupted financial conditions of people with the Covid-19 pandemic in 2020, the demand for smart thermostats across the residential sector witnessed a severe decline. Additionally, the imposition of lockdown led to the closure of manufacturing processes and hampered the supply chain, which, in turn, adversely affected the overall market growth across the residential sector.
With Rapid Green Developments, Asia-Pacific to Observe the Fastest Market Growth during 2021-26
Geographically, Asia Pacific is expected to witness the fastest market growth in the coming years, owing to the booming construction industry & rising environmental awareness in the region. In addition, increasing internet penetration and rapid technological advancements also drive the regional market.
Moreover, the mounting trend of green buildings and various government initiatives to promote the usage of energy-efficient practices in commercial buildings is also likely to augment the adoption of smart thermostats in Asia-Pacific. Furthermore, the surging adoption of smart homes is also aiding the demand for virtual personal assistants in home control.
However, the Covid-19 pandemic negatively impacted the regional market in 2020, owing to a halt in infrastructural development projects and supply chain disruptions. It also affected the per capita income of individuals and, as a result, impacted the adoption of smart thermostats that are considered highly-priced, reveals MarkNtel Advisors in their research report, “Global Smart Thermostat Market Analysis, 2021.”
According to MarkNtel Advisors, the leading players 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.
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