Smart Thermostat Market Opportunities and Challenges
Posted by edwardzmusso on January 3rd, 2023
The smart thermostat market size is expected to grow from USD 2.5 billion in 2021 to USD 6.4 billion by 2026; it is expected to grow at a CAGR of 20.8% from 2021 to 2026. The key factors driving the growth of the market increasing adoption of smart homes attributed to COVID-19 situation, emergence of IoT-enabled HVAC systems, government regulations pertaining to increase energy efficiency of buildings, and surging adoption of smart home voice assistants.
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Learning smart thermostat segment is projected to register the highest CAGR by 2026
The smart thermostat market for learning smart thermostat segment is expected to grow at fastest CAGRduring the forecast period. A learning thermostat is the most advanced smart thermostat that learns the user’s schedule and forms a cycle to best fit the comfort of the user and optimize energy savings.It seamlessly connects with the internet and devices such as mobiles, tablets, laptops, and voice assistant devices, allowing the user to efficiently manage the HVAC equipment. A learning thermostat also has the capability to exercise zonal control. The data collected by a learning thermostat also intimates the users for predictive maintenance, thus avoiding major maintenance costs due to any equipment failure.
Wireless network segment to grow at a higher CAGR by 2026
The smart thermostat market for wireless network segment is expected to grow at faster CAGR during the forecast period. The interconnection of smart thermostats and heating & cooling devices is facilitated by wireless networks, which improves the performance of the energy-saving devices. Wireless networks help in the coordination of a range of smart thermostats in a specific area, enabling smooth data transmission between them. It also helps in enabling features such as geofencing, in which the smart thermostat senses the arrival of occupants with the help of GPS signals sent from a smartphone.
Vertical-wise, residential segment held the largest market size of overall smart thermostat market in 2020
The residential vertical is expected to hold the largest market size during the forecast period. The growing awareness regarding energy conservation & efficiency and environmental protection has fueled the adoption of energy-efficient HVAC controls such as smart thermostats. They help in the optimum utilization of energy and maintaining the most comfortable and healthy environment indoors. Favorable government regulations and tax credit facilities on the installation of HVAC systems and the increasing focus of end users on reducing electricity bills have significantly contributed to the growth of the smart thermostat market for the residential vertical.
APAC to record highest CAGR from 2021 to 2026
APAC has been a major contributor to the growth of the smart thermostat market as the construction industry, which is the primary end user of smart thermostats, is expanding at a healthy rate. The growing population in developing countries of this region, along with environmental awareness, is supporting the adoption of HVAC controls, such as smart thermostats. The rise in the adoption of green buildings and government initiatives to regulate energy-efficient practices across the commercial sector is also aiding the adoption of smart thermostats in the region. However, the regional market is expected to witness a decline in market size attributed to the halt of both ongoing and new infrastructure development projects due to the COVID-19 pandemic. Also, as the pandemic has also affected individual per capita income, the adoption of new HVAC systems in the residential segment has significantly decreased. However, this loss is expected to be recovered in the coming years with a gradual recovery of the overall economy.
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Major players involved in the smart thermostat market include Alphabet (Google Nest) (US), Emerson Electric (US), Honeywell International (US), Lennox International (US), ecobee (Canada), Carrier Corporation (US), Johnson Controls (Lux Products) (Ireland), Legrand (Netatmo) (France), Resideo Technologies (US), Siemens (Germany), Trane Technologies (Ireland), Control4 Corporation (US), Nortek Control (US), tado (Germany).
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About the Authoredwardzmusso
Joined: February 8th, 2021
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