-->
-->
-->
A smart thermostat is used to control home temperature through smart devices. It helps in automatically scheduling the temperature of a house throughout the day.
Market Segmentation
Residential Acquired Considerable Market Share
Based on End-User, Residential acquired a considerable share in the Smart Thermostats in 2019. The growth of the segment is attributed to rising investment by the customer in energy-efficient solutions due to increasing awareness regarding energy conservation, energy tracking, along with surging automation in the residential sector. Besides this, a paradigm shift of consumer toward smart homes with intelligence in-built appliances in order to access intuitive technologies and virtual assistants to operate their appliance is the major factor placing lucrative opportunities for the market growth. In addition to this, increasing adoption of a smart home solution such as smart electronic devices and appliance are expected to fuel the need for the smart thermostat in the near future as revealed by the MarkNtel Advisors’ 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 anticipated to grow at a CAGR of around 19% during 2021-2026F. The demand for the smart thermostat is propelling owing to rising customer inclination toward energy and cost-saving technologies, burgeoning penetration of smart homes solutions and snowballing application in smart homes to control smart appliances such as heaters, boilers, window AC. Besides this, increasing integration of advanced technology such as Wi-Fi, AI, and IoT in order to remotely access the internet-connected devices and growing adoption of automated thermostat in the commercial and residential sector are anticipated to positively impact the market growth in the forecast period.
Impact of COVID-19
The wake of COVID-19 has a dual impact on the Smart Thermostat market. China is among the largest hardware manufacturing country of thermostat device, thus, the outbreak of the virus has majorly disrupted the supply chain across the globe. This is due to the closed down of borders, temporarily shutdown of manufacturing units, logistic restrictions and disruption in exports.
However, nationwide lockdown in the second and third quarter of 2020 has a positive impact on the market growth due to the rising interest of the customer in smart thermostats during the pandemic. The increasing concern of rising power bills has promulgated the demand for thermostat to manage energy consumption at homes. With the rebound in the economy in the fourth quarter of 2020 and ease in lockdown and government restrictions, the demand for the smart thermostat market in the country is expected to boost in 2021-2026.
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 is the historical year, base year and forecast year considered in the research report on Global Smart Thermostats Market?
A. The historical data has been provided since 2016, while the base year is 2020 and the data is forecast up-to 2026.
Q. What are the units or denomination for measuring market value in the report?
A. The market size/industry size or the market value is measured in terms of USD Million.
Q. What would be the growth rate or CAGR of Global Smart Thermostats Market during 2021-2026?
A. The growth rate of Global Smart Thermostats Market during 2021-2026 is anticipate to be at a CAGR of 19%
Q. Who are the key competitors or players operating in Global Smart Thermostats Market?
A. 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 few of the 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?
A. Residential is expected 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?
A. Asia-Pacific continue to grow at the highest CAGR, presenting immense opportunities for market players of Global Smart Thermostats Market.
