Worldwide smart thermostat market sales is estimated to be valued at US$ 1.7 Billion in 2019, driven by growing demand for home automation, increasing consumer spending on connected devices across developed countries such as US, and the UK. In addition, growing investment in telecommunication infrastructure especially in context to 5G technologies is anticipated to drive growth of the market in the near future. While most of the brands offer various types of product solutions, most of these thermostats adapt to the environment based on the inbuilt software (adaptive or geo-sensing algorithm) or utilize embedded or physical motion sensors.
Global Smart Thermostat Market Insights, by Application:
In 2019, the residential segment accounted for the largest revenue share of over 80%. In addition, emerging countries is expected to witness moderate adoption rate of these devices owing to increasing proliferation of high broadband connectivity, growing number of smart cities projects.
Global Smart Thermostat Market Key Developments, Insights, and Trends:
Key players focus on product launches in order to broaden its product portfolio. In addition, various IoT-based companies are focusing on entering smart home devices market through product introduction.
- In January 2019, Resideo Technologies, Inc. announced its latest Honeywell Home T-Series Smart Thermostats: the T9 and T10 Pro
- In November 2018, 75F, a US-based IoT solution provider, launched ‘75F Smart Stat Zone Controller’, a smart thermostat, primarily for the commercial segment
Global Smart Thermostat Market Insights, by Region:
In 2019, the North America smart thermostat market currently dominates the global market and is estimated to account for over 70% revenue share in 2019. This is primarily due to the presence of robust centralized HVAC infrastructure and high internet penetration. Above 75% of the homes in the US run on central-based HVAC systems. Western Europe is expected to register significant revenue growth rate during the forecast period. However, other countries are expected to register a moderate growth rate in the coming years.
Global Smart Thermostat Market Size and Forecast: Competition Landscape
Industry players are focusing on new products with support for Alexa, Google Home, etc. in order to increase ease and convenience for users, and also to broaden their product portfolio. In addition, key players are focusing on air-based smart thermostat in other emerging countries in order to gain higher market share.
Some key smart thermostat market players are:
- Honeywell International Inc.
- Nest Labs, Inc.
- Ecobee, Inc.
- Emerson Electric Co.
- Schneider Electric SE
- Tado GmbH
- Control4 Corporation
- Carrier Corporation
- Nortek, Inc.
By Product Type:
- Motion Sensors-based
- Adaptive Software-based
What Will You Discover in the Report?
- An in-depth analysis of the smart thermostat market across regions – North America, Latin America, Western Europe, Central and Eastern Europe, Asia Pacific, Middle East, and Africa.
- How the smart thermostat market revenue is expected to grow throughout the forecast period.
- How geopolitical policies and technological changes will affect the smart thermostat market in near future
- Which current and upcoming technologies will shape up the smart thermostat market?
- Where the stakeholders should invest to generate higher profit margins
- How consumers (end-users) will reflect to the smart thermostat industry during the forecast period
- Who are the smart thermostat industry leaders and what are the key initiatives taken by them for long term growth?
- Industry exclusive use cases
Who will benefit from the Report?
- Smart Thermostat Component Manufacturer
- Smart Thermostat OEM
- Smart Thermostat Solution Providers
- Consultants and Analysts
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