The latest report by IMARC Group, titled “Smart Thermostat Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, estimates that the global smart thermostat market size reached US$ 1.32 Billion in 2018. Smart thermostats form an essential component of control systems that are used to manage the temperature at homes or offices. They aid in controlling the central heating via remotes, tablets or smartphones through the internet. These systems are used with home automation services to enable automatic adjustment of settings based on the user’s preferences. Since they consist of features like sensors and Wi-Fi connectivity, they provide customized settings which minimize the energy consumption while maximizing the comfort.
Global Smart Thermostat Market Trends:
Rising environmental consciousness is one of the key factors driving the market growth. The introduction of energy star certified smart thermostats in the market are considered an environment-friendly and enhanced energy-efficient recourse, which is aiding its widespread adoption across the globe. Furthermore, owing to the rise of smart homes installations on account of improving living standards and elevating disposable income levels, the demand for smart thermostats has increased. Also, since they are extremely energy efficient, they assist in reducing the overall expenditure on electricity consumption. In addition to this, these systems offer various advantages to users like monitoring energy utilization and improving indoor air quality. Apart from this, the escalating sales of smart home voice assistants like Amazon Echo and Google Home are also providing impetus to the market growth. On account of these factors, the market is anticipated to reach a value of US$ 4.07 Billion by 2024, registering a CAGR of 20.87% during 2019-2024.
- On the basis of the product, the market has been divided into standalone smart thermostats, connected smart thermostats and learning smart thermostats. Amongst these, standalone smart thermostats are the most preferred product type.
- Based on the component, temperature sensor accounts for the majority of the overall market share. Other major components include display, humidity sensor, motion sensors and others.
- On the basis of the technology, the market has been bifurcated into wired and wireless smart thermostats. Presently, wireless smart thermostat represents the dominant segment. The wireless smart thermostat segment is further classified into Wi-Fi, Zigbee and others.
- Based on the application, the residential sector holds the majority of the total market share, followed by the commercial and industrial sectors.
- On the geographical front, the market has been categorized into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America. Currently, North America holds the leading position in the market.
- The competitive landscape of the market has also been analyzed with some of the major players being Control4 Corporation, Nest Labs, Inc., Emerson Electric Co., Honeywell International Inc., Ecobee, Inc., Schneider Electric SE, Tado GmbH and Nortek, Inc.
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