Smart Thermostats Market, By Component (Display, Motion Sensor, Humidity Sensor, Temperature Sensor, and Others), By Network Technology (Wired Technology and Wireless Technology (Wi-Fi, Z-Wave, Zigbee, and Bluetooth)), By Application (Residential, Commercial, Industrial, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis, and Forecast till 2030

Smart thermostat is a device applicable for controlling the heating and air conditioning in commercial as well as residential buildings. Smart thermostat enables user to maintain the temperature of the room throughout the day using a schedule. For example setting different temperature while day and night time. Smart thermostats are linked to with internet which allows its user to control the heating setting using various internet connected devices, like smartphones, tablets etc. It also enables user to easily switch on/off the air conditioning or heating of room even when they are not inside office or home. Smart thermostats market accounted for US$ 1.50 billion in 2020 and is estimated to be US$ 12.50 billion by 2030 and is anticipated to register a CAGR of 23.5%.

Impact of COVID-19 on the market

Artificial Intelligence (AI), Augmented Reality (AR), and Virtual Reality (VR), solutions are expected to substantially contribute while responding to the COVID-19 pandemic and address continuously emerging challenges. The existing situation due to the outbreak of the crisis will inspire healthcare establishments and pharmaceutical vendors to improve their R&D investments in AI, acting as a core technology for permitting multiple initiatives. This report will quantify the impact of this pandemic on the smart thermostats market.

Speedy adoption of smart infrastructure in commercial and residential infrastructure

Technological advancements and shift in population towards convenient methods to remotely control electronic and electrical appliances drives the demand of the smart infrastructure. A smart thermostat is a device that is fitted in a smart infrastructure to provide users remote access to ambience heating or temperature. This offers benefits of switching heating systems through internet connected devices. Additionally, smart thermostats can also be arranged as per the need of users, which brings energy efficiency by limiting human error and negligence at times, which aids in the growth of smart thermostat market growth worldwide.

Penetration of IoT and AI based technologies

Advancements in IoT and AI has modernized electronic systems and devices. Additionally, the adoption of artificial intelligence in thermostats has advanced programmable thermostats to smart ones. Smart thermostat provides self-learning abilities and learn the user behavior over time. Thereby, automatically regulating temperature of the atmosphere. Smart thermostats are designed for connection over Wi-Fi and further advancements in these smart devices provides access to them via voice control, which boosts smart thermostat market growth across the globe.

Smart thermostats market is segmented based on the component, network technology, application, and region.

On the basis of the component, the smart thermostats market is segmented into display, motion sensor, humidity sensor, temperature sensor, and others. Based on the network technology, the target market is segmented into wired technology and wireless technology (Wi-Fi, Z-Wave, Zigbee, and Bluetooth). On the basis of application, the global market is bifurcated into residential, commercial, industrial, and others.

Regional Insights:

Smart thermostats market accounted for US$ 1.50 billion in 2020 and is estimated to be US$ 12.50 billion by 2030 and is anticipated to register a CAGR of 23.5%. In the region, the smart thermostats market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North American regional market is projected to lead the global industry owing to growing demand for managing energy consumption solutions and a wide distribution network of key manufacturers in the region. The rising average unit rate of power is inspiring household consumers, industries, and enterprises to implement smart energy solutions, which is one of the basic reasons for the market growth. Europe market is expected to gain traction in the coming years, which is resulted by the favorable government initiatives in the region. For instance, in January 2013, the Department of Energy & Climate Change in the UK developed the Energy Company Obligation (ECO) to decrease Britain’s energy consumption and support funding improvements for households toward energy efficiency.

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2030.  For the purpose of this study, has segmented the smart thermostats market report based on component, network technology, application, and region.

Smart Thermostats Market, By Region:

• North America
  • Middle East & Africa
    • • GCC
      • Israel
      • South Africa
      • Rest of Middle East & Africa
  • Latin America
    • • Brazil
      • Mexico
      • Rest of Latin America
  • Asia Pacific
    • • China
      • India
      • Japan
      • South Korea
      • Rest of Asia Pacific
  • Europe
    • • Germany
      • UK
      • France
      • Russia
      • Italy
      • Rest of Europe
  • • U.S.
    • Canada

The key players operating in the smart thermostats market include Nest Labs, Inc., Emerson Electric Co., Ecobee Inc., Hive Home, Tado GmbH, Schneider Electric, Honeywell International Inc., Carrier Corporation, Siemens, Emerson Electric, and Vivint. Rising partnerships and collaborations with utilities and energy agencies and technology giants have gained popularity for this market.

• Nest Labs, Inc.
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Emerson Electric Co.
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies

• Ecobee, Inc.
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Hive Home
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Tado GmbH
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Schneider Electric
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Honeywell International, Inc.
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Carrier Corporation
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Siemens
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Emerson Electric
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Vivint
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies