The global smart thermostat market is expected to generate revenue worth $1.36 billion in 2019, and is projected to reach $8.78 billion by 2026, to register a CAGR of 26.0% during the forecast period.
Smart thermostat is the new kit of advanced technology that connects heating systems to the internet. This provides users the access to switch heating systems through the internet connected devices. These devices can be installed easily in smart infrastructure. In addition, smart thermostat is integrated with sensors and smart-net technology such as WiFi that provides remote access to the internet connected devices. Smart thermostat is used in smart infrastructure to control smart appliances such as window ACs, Split ACs, Portables ACs, heaters, radiators, boilers, and other such appliances.
Smart thermostats are installed with remote access software and programmed with artificial intelligence. This enables smart thermostats to be programmed for future schedule of temperature controls as per user preferences or operate in a self-learning mode by the data its software collects over the period.
The factors such as rapid adoption of smart infrastructure in residential and commercial infrastructure, penetration of IoT and AI based technologies, and increased use of smart technology in medical monitoring drive the global market for smart thermostats. However, high cost of products in developing countries are the barriers to early adoption of these devices. Further, increasing advancement and adoption of automated systems in residential, commercial, and industrial sectors are expected to provide lucrative opportunities for the smart thermostat market during the forecast period.
The market is segmented on the basis of technology, application, end use, and region. By technology, it is categorized into WiFi, Infrared, Bluetooth, and others. By application, it is classified into split AC, window AC, portable AC, and others. The end use segment is divided into residential, commercial, industrial, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players operating in the global Smart Thermostat Market are Emerson Electric Co., Ecobee, HoneywelL International Inc., Johnson Controls, Nest Labs, Netatmo, Schneider Electric, Siemens AG, Tado and Zen Thermostat. The market leader adapt various strategy such as product launch, product development, collaboration, merger, acquisition, partnership and such other to make an edge over the competitors, as a consequence it results in market growth.
KEY BENEFITS FOR STAKEHOLDERS
- This study includes the analytical depiction of the global smart thermostat market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information regarding the key drivers, restraints, and opportunities.
- The current market is quantitatively analyzed from 2018 to 2026 to highlight the financial competency of the industry.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
GLOBAL SMART THERMOSTAT MARKET SEGMENTATION
- Split AC
- Window AC
- Portable AC
By End Use
- North America
- ·Rest of Europe
- ·Rest of Asia-Pacific
- ·Latin America
- ·Middle East