The Global Smart Thermostat Market size is expected to reach $9.5 billion by 2028, rising at a market growth of 16.9% CAGR during the forecast period
A thermostat is a device used to regulate a physical system’s temperature and maintain the system’s temperature near the desired setpoint. The thermostat can be used to a setpoint temperature in any method or apparatus.
New York, Feb. 21, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Smart Thermostat Market Size, Share & Industry Trends Analysis Report By Product, By End User, By Technology, By Regional Outlook and Forecast, 2022 - 2028" - https://www.reportlinker.com/p06422686/?utm_source=GNW
For instance, in building heating, central heating, HVAC (Heating, Ventilation, and Air Conditioning) systems, water heaters, and kitchen appliances which includes refrigerators as well as ovens.
A smart thermostat is the thermostat device that could be controlled with a phone, internet-connected devices, tablet, or smart speakers. Smart thermostat generally allows the user to schedule their desired temperature settings and incorporate the thermostat devices into home automation systems.
Depending on the model, a smart thermostat can offer numerous features. Some devices can learn their user’s heating & cooling preferences and automatically adjust their setting to them. Many smart thermostats have diagnostic features which can detect problems in the ducting or HVAC system. A smart thermostat may also remind the owner about the system’s maintenance, like when it’s time to change the air filter. Also, it can provide details regarding energy consumption.
COVID-19 Impact Analysis
The pandemic impacted the construction sector, especially smart homes, buildings and city projects. Delays in construction projects negatively affected the economy. The main reason being this all were supply chain issues and a lack of investments in retail and commercial properties. Government-imposed lockdown procedures to curb the spread of the virus, which heavily reduced foot traffic in buildings, and caused the bankruptcy of many key market players. In the initial days, COVID-19 negatively impacted the smart thermostat market, leading to a decline in its revenues and unit shipments. As a result, the market showcased a slowdown. These are expected to propel the market demand for smart thermostat in post pandemic period.
Market Growth Factors
Easy controlling & HVAC scheduling
Installing a smart thermostat means that the user can control the thermostat and change their home’s temperature from a distance, whether on the couch, on the train home from work, or even on vacation. For instance, if someone is coming back to home early and wants to set the perfect temperature before they reach home, they need to simply adjust the cooling or heating schedule for that particular day on the app. Likewise, if the user is on vacation, they can change their cooling schedule to keep the house warmer while they are gone. Hence, the utilization of smart thermostats to check and set the temperature of the user’s home remotely while also reviewing the conditions of their HVAC is expected to propel the market.
Increasing smart cities and usage of IOT
The urbanization of society continues to rise rapidly, focusing on smart cities, where connected technologies and Internet of Things (IoT) solutions are being utilized to enhance critical infrastructure, public safety, energy efficiency, city lighting, traffic flow and traffic congestion. The aim is to decrease cities’ carbon footprint while making cities a better place to live, play and work. The increased urbanization of societies with IoT devices will boost the smart thermostat market.
Market Restraining Factors
High installation cost
HVAC systems integrated with smart thermostats need a custom fabrication and a fine-tuning of parts during the installation for their efficient working and failure elimination. Hence, there is a need for skilled professionals for the proper installation of smart thermostats. If there is even a minor issue during the fitting, the end user might need to pay a large amount of money in the long run for repairs, and in some cases, the HVAC system fails to work. The installation’s high cost and problems during the installation may hinder the smart thermostat market’s growth.
Based on the technology, the smart thermostat market is segmented into wi-fi, ZigBee and others. The Wi-Fi segment witnessed the largest revenue share in the smart thermostat market in 2021. This is because of the increased adoption of wireless smart thermostats, which can easily connect with an application on the user’s phone. It aids the user in scheduling cooling or heating, facilitates automation with other devices and adjusts the home temperature. Also, the Wi-Fi communication protocol is globally the most widely used. Wi-Fi-connected devices can be easily controlled with mobile phones or tablets.
On the basis of product, the smart thermostat market is divided into connected, standalone and learning. The connected segment held the highest revenue share in the smart thermostat market in 2021. This is because of the rising product demand for owning remote connectivity, giving homeowners remote access to thermostats. These thermostats are operated through phones, tablets, smart speakers, and other internet-connected devices. The features of the connected thermostats to be controlled by the internet connection are expected to propel the segment’s expansion in the projected period.
By end-user, the smart thermostat market is classified into residential, commercial and industrial. The commercial segment recorded a substantial revenue share in the smart thermostat market in 2021. This is because of the rising deployment of smart thermostats in commercial spaces, as they provide great information to operation and facility managers. In the commercial HVAC system, a smart thermostat aids in adjusting the cooling or heating across numerous pieces of equipment like rooftop units, fan coils, heat pumps, zone dampers, etc.
Region-wise, the smart thermostat market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region dominated the smart thermostat market with maximum revenue share in 2021. This is due to the increase in awareness regarding energy consumption and the presence of many primary vendors in the region. The rising average unit rate of power is encouraging industries, household consumers and enterprises to opt for smart energy solutions. Also, due to the increasing technological advancements and internet penetration, the market in the region is expected to grow.
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Siemens AG and Emerson Electric Co. are the forerunners in the Smart Thermostat Market. Companies such as Resideo Technologies, Inc., Johnson Controls International PLC, Ecobee, Inc. (Generac Holdings, Inc.) are some of the key innovators in Smart Thermostat Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Siemens AG, Johnson Controls International PLC, Emerson Electric Co., Resideo Technologies, Inc., Snap One Holdings Corp. (Control4), Centrica Plc, Ecobee, Inc. (Generac Holdings, Inc.), Netatmo SAS (LeGrand Group), Tado GmbH, and Vine Connected Corporation (Xing Connected Corporation).
Recent Strategies Deployed in Smart Thermostat Market
Mergers & Acquisition
Jul-2022: Resideo Technologies, Inc., completed the acquisition of Electronic Custom Distributors, Inc., an audio, video, automation, security, wire, and telecommunication product distribution company. Moreover, Resideo Technologies, Inc., would be able to further rev diversify growth for ADI across the general AV and Smart Home market.
Product Launch and Product Expansions
Sep-2022: Tado GmbH launched the new Black Edition Smart Thermostat and Dark Mode for the Tado app. The Smart Thermostat Black Edition presents its users with a unique way to complete their interior designs and highlight personal choices, after teaming with the Tado community.
May-2022: Ecobee unveiled the Smart Thermostat Premium and Smart Thermostat Enhanced. The new smart thermostats, made with radar, the Ecobee’s most advanced sensor technology to date, for enhanced occupancy and motion detection. Additionally, Thermostat Premium is the sole smart thermostat with an indoor air quality monitor and an implanted smart speaker with a choice of Siri1 or Alexa built-in.
Feb-2022: Resideo Technologies Inc., unveiled the Resideo R200C2-A Carbon Dioxide (CO2) monitor and the Honeywell Home R100C-1 Carbon Monoxide (CO) alarm. These two new air quality products are the addition to Resideo’s EMEA home security portfolio. The R100C-1 Carbon Monoxide (CO) alarm helps defend against the danger of the invisible CO gas. Additionally, it can be used in commercial or residential applications, such as care homes, offices, and schools.
Sep-2020: Tado GmbH unveiled the new wireless Smart Thermostat Starter Kit. This kit would be able to deliver easier installation, more precise customer choice, and provide compatibility with all heating setups.
Sep-2020: Siemens AG launched the new RDG200 thermostat range to improve room automation. The RDG200 thermostat range presents a broad selection of preloaded applications and adjustable control outputs to cover applications for multiple industries via built-in sensors and a flexible power supply.
Partnerships, Collaborations & Agreements
Mar-2022: Emerson Electric Co., came into collaboration with Itron, Inc, an American technology company that offers products and services on energy and water resource management. Through this collaboration, Emerson Electric Co. would be able to improve demand response programs with the newest smart thermostat technology to help enhance grid sustainability and reliability.
Nov-2021: Resideo Technologies Inc., came into partnership with Amazon Smart Thermostat, an American multinational technology company focusing on e-commerce, cloud computing, digital streaming, and artificial intelligence. Resideo Technologies Inc., feels the pride to partner in programs that help green energy, fight climate change and help energy partners shoot their net-zero objectives.
Scope of the Study
Market Segments covered in the Report:
By End User
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Siemens AG
• Johnson Controls International PLC
• Emerson Electric Co.
• Resideo Technologies, Inc.
• Snap One Holdings Corp. (Control4)
• Centrica Plc
• Ecobee, Inc. (Generac Holdings, Inc.)
• Netatmo SAS (LeGrand Group)
• Tado GmbH
• Vine Connected Corporation (Xing Connected Corporation)
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