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Mushrooming energy prices, growing need to optimize power to reduce energy bills, and stringent government rules for using energy saving devices are fueling the smart thermostats market. The global smart thermostats market was valued at $4.16 billion in 2018 and is estimated to grow at an outstanding compound annual growth rate (CAGR) of 21.64% during the forecast period 2019- 2025.IndustryARC’s recent market research report titled “Smart Thermostats Market: By New Technology (Wired Network, & Wireless Network) By Component (Display, Temperature Sensor, Humidity Sensor, Motion Sensor, & Others) By End-User, & Geography - Forecast(2019 - 2025)” states that the major companies are focusing on integrating smart thermostats with IoT that can be operated from remote locations. Furthermore, scientists have started to focus more on research in smart thermostats in the electronics industry. This is expected to boost the smart thermostats market in the upcoming years. This report covers Smart Thermostats Market Size by type and applications, Smart Thermostats Market share by top 5 companies and also the market share by start-ups during the forecast period.
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Global Smart Thermostats Market: Leading Segments
North America dominated the smart thermostat market with a regional share of 31.61% in 2018. The adoption of recent technologies and R&D for developing these further are driving market growth. For instance, Nest Labs, an American smart homes manufacturer, has recently announced that it would provide one million smart thermostats to low-income homes as a part of a new power project.
IndustryARC analysts have identified the residential building as the key application segment. The governments of various countries have mandated the use of smart thermostats in residential buildings. The residential building application segment is reported to grow at a CAGR of 19.65% during the forecast period.
Global Smart Thermostats Market: Market Trends and Growth Drivers
Nest Labs merged with Google Home Division to co-develop products for future smart homes with artificial intelligence and machine learning.
Bring your own Technology (BYOD) is an upcoming trend in the market. The consumers have started to purchase independent smart Wi-Fi enabled thermostats that receive demand response signals. Moreover, the market demand for Amazon Alexa and Google Assistant has increased as these are used to monitor and control the home temperature and program schedules.
Another trend in the market that has given a push to the smart thermostats market is IoT Wi-Fi Thermostats. These understand the users’ preference and set the room temperatures based on the previous uses. These can be remotely controlled, show energy reports, and adjust their properties based on outdoor conditions.
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Global Smart Thermostats Market: Competitive Landscape
Some of the key companies identified in the report that are currently holding majority shares in the global smart thermostats market are Honeywell international, Ecobee, Schneider Electric SE, Emerson Electric Co, Ingersoll Rand, Carrier Corporation, Nortek, Inc., and Nest Labs.
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