A smart thermostat is a device used to control home temperature through Smart devices. It helps schedule the temperature of a house automatically and throughout the day.
Market Segmentation
Residential Segment Acquired Considerable Market Share
Amongst various end-users, the Residential segment acquired a considerable share in the Global Smart Thermostat Market in the past few years. It owes to the surging automation in the residential sector and rising investments by customers in energy-efficient solutions due to their increasing awareness regarding energy conservation, energy tracking.
Additionally, paradigm shift of consumers toward buying smart homes with intuitive technologies & virtual assistants to operate their appliances is also a critical factor placing lucrative opportunities for the market growth. Furthermore, increasing adoption of smart electronic devices and appliances are other crucial aspects likely to fuel the need for smart thermostats in the forecast period, reveals MarkNtel Advisors in their research report, “Global Smart Thermostat Market Analysis, 2021.”
Market Opportunities
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 2021-2026F due to the rising inclination of customers toward energy & cost-saving technologies, burgeoning penetration of Smart home solutions, and snowballing application in smart homes to control smart appliances, such as heaters, boilers, and window AC.
Moreover, increasing integration of advanced technology like Wi-Fi, AI, and IoT to remotely access internet-connected devices entwined with the growing adoption of automated thermostats in commercial & residential sectors are other critical aspects likely to boost the market growth during the forecast period.
Impact of COVID-19
The outbreak of the COVID-19 pandemic had a dual impact on the Global Smart Thermostat Market. It caused supply chain disruptions due to the closed down of borders, temporary shutdown of manufacturing units, and logistic & export restrictions. However, nationwide lockdown in the second and third quarters of 2020 had a positive impact on the market growth due to the rising interest of customers toward Smart thermostats.
The increasing concerns of substantial energy bills have promulgated the demand for thermostats to optimize energy consumption at homes. Moreover, with the rebound in the economy in the fourth quarter of 2020 and ease in lockdown & government restrictions, the demand for Smart thermostats gradually rose and is likely to attain robust growth during 2021-26.
Competitive Landscape
According to MarkNtel Advisors, the key players with a considerable market share in the Global Smart Thermostats market include 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.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation and Statistics:
Frequently Asked Questions:
Q. What are historical, base, and forecast years considered in the research report on Global Smart Thermostats Market?
The historical data has been provided since 2016, while the base year is 2020, and the data forecast is up to 2026.
Q. What are the units or denominations for measuring market value in the report?
The measuring units of market size/industry size or the market value are USD Million.
Q. What would be the growth rate or CAGR of the Global Smart Thermostats Market during 2021-2026?
The growth rate of the Global Smart Thermostats Market during 2021-2026 is likely to witness around 19% CAGR during the forecast period, i.e., 2021-26.
Q. Who are the key competitors or players operating in Global Smart Thermostats Market?
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., are a few leading players in the Global Smart Thermostats Market.
Q. Which end-user segment would emerge as an opportunity area for players in Global Smart Thermostats Market?
The Residential segment is likely to attain the highest CAGR during the forecast period and maintain its significant market share.
Q. Which region would emerge as an opportunity area for players in Global Smart Thermostats Market?
Asia-Pacific continues to grow at the highest CAGR, thereby presenting immense opportunities to market players of the Global Smart Thermostats Market.
