Press Release

Southeast Asia Smart Thermostat Market to Grow at a CAGR of Around 16.54% During 2024-2030

The Southeast Asia Smart Thermostat Market size was valued at around USD 275 million in 2023 & is estimated to reach around USD 752 million by 2030. Along with this, the market is projected to grow at a CAGR of 16.54% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. Growing inclination towards smart home automation, the rising establishment of smart factories, and increasing emphasis on energy conservation are resulting in a higher demand for smart thermostats in Southeast Asian countries.

In recent years, the electricity tariff rates in Southeast Asian nations have increased substantially. As a result, the utility bills of the large-scale industries that operate 24*7 are also rising. Therefore, to lower operational costs, these industries are increasingly installing thermostats since they help conserve energy & result in lowering utility costs.

Additionally, the Southeast Asian countries are surrounded by sea & ocean due to which the humidity in these nations is also higher. The air precipitation results in fogginess and affects human health, making it necessary for individuals to integrate solutions, like smart thermostat humidifiers, and uplifting market growth.

The energy production in these countries is dependent on finite resources, like coal & gas. However, the disruption in the oil supply is leading to energy insecurity in the region. As a result, the official authorities in the region are encouraging the adoption of solutions, like smart thermostats that help in energy conservation.

Furthermore, the administrative agencies are also compelling the companies to transform their manufacturing units and adopt smart technologies to streamline their product process. Along with this, they are providing substantial funds for technological upgrades, making smart thermostats more accessible within the industrial sector.

Additionally, the need for smart thermostats is also arising from the residential sector since customers are becoming more aware of the advantages offered by these thermostats. The working professionals usually stay outdoors, thereby requiring solutions that can help in remotely changing the temperature setting of the residential units, further states the research report, “Southeast Asia Smart Thermostat Market Analysis, 2024.”

Southeast Asia Smart Thermostat Market Segmentation Analysis

Motion Sensor Thermostat Anticipated to Dominate in Forthcoming Years

Based on the product type segment, the market is further bifurcated into, Motion Sensor Thermostat, Geofencing Thermostat, and Learning Algorithm Thermostat. Of them all, Motion Sensor Thermostat holds a dominant share in the Southeast Asia Smart Thermostat Market. This type of thermostat is usually used by end users who keep pets at home since they are made up of passive infrared sensors. These sensors help in identifying the presence of the pets & humans and change the temperature based on their presence, making them a preferable choice. Along with this, this type of thermostat comprises an occupancy sensor that helps in identifying the presence of individuals in the rooms. These advanced features help in automatically altering cooling settings and save more power, thus enhancing its market share.

Indonesia Leads the Southeast Asia Smart Thermostat Market

Geographically, Indonesia holds a notable market share in the Southeast Asia Smart Thermostat Industry. Government authorities in Indonesia have reformed corporate taxes, making the country more favorable about business. As a result, several multinational companies are establishing their commercial offices in Indonesia.

Commercial offices necessarily need HVAC systems to provide a proper heating or cooling environment within the building. Therefore, to manage these systems conveniently, they often rely on smart thermostats. Further, low labor costs in Indonesia are leading more companies to enter the country, enhancing the construction of commercial buildings. This, in turn, would generate the demand for the smart thermostat in the forthcoming years as well.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Honeywell International Inc., Nest Labs, Inc., Johnson Controls International plc, Schneider Electric SE, Emerson Electric Co., Siemens AG, Daikin Industries, Ltd., Carrier Global Corporation, Ecobee, Inc., Resideo Technologies, Inc., Others are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the Southeast Asia Smart Thermostat Market?
3. What key factors would propel and impede the industry across the region?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across various countries?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?