Smart Thermostat Market 2020 – 2022: Global Trends, Size, Share, COVID – 19

Posted by shweta raj on December 4th, 2020

Global Thermostats Market is expected to grow at USD ~3.5 Billion by 2022, at a CAGR of ~23.4% between 2016-2022 and Smart Thermostat Market by Component (Display, Humidity Sensor, Temperature Sensor), by Deployment (Wired Technology, Wireless Technology).

Market- Overview

A thermostat is one of the emerging smart home device which is convenient in use and control the heat of smart devices such as smartphone, smart watch or smart home appliances. Smart thermostat also monitor and records internal/external temperatures, and HVAC system time. After deployed widely, smart thermostat has potential to better manage and curb energy consumption across the broader system. There are numerous of smart thermostat available in the market. Nest thermostat, Honeywell Evohome, Tado smart thermostat, Netatmo smart thermostat, Hiva active heating, and CLIMOTE are some of popular thermostat products available in the market.

The major growth driver of Smart Thermostat Market includes technology developments, emerging market of smart homes and growing demand for energy efficient devices. However, risk of sensor failure and high initial cost are some of the factors which are hindering the growth of Smart Thermostat Market. Despite of high technology advancements, the thermostat requires fast and reliable internet connection to give the desired results. Also, security & privacy concern is one another factor expected to hinder the market growth.

Competitive Analysis

Smart Thermostat market appears to be competitive in the coming years owning to the presence of numerous large players active in regional market. Nest Labs, Inc., Emerson Electric, Schneider Electric, and Honeywell International Inc. are some of the companies leading the Smart Thermostat market globally. The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. On the product and sales side, companies are investing in innovation/R&D, brand building, and fostering strong relationships with customers to support their competitive position.

Segmentation

The Smart Thermostat Market can be classified into four key segments as follows:

Segmentation by Components: Display devices, and Sensors (humidity sensor, motion sensor, and temperature sensors)

Segmentation by Deployment: wired and wireless

Segmentation by Application: Residential, commercial and industrial

Segmentation by Regions: Comprises Geographical regions - North America, Europe, Asia Pacific and Rest of the World.

Regional Analysis

The global Smart Thermostat (BIM) market is estimated to grow at a promising rate in upcoming years. North America has dominated the Smart Thermostat market in 2016 due to increasing demand for energy management solutions and development in wide distribution network in the region. Followed by Europe, which is expected to be growing market in the coming years. Government in Europe has started taking initiatives to reduce energy consumption and support funding improvements for household energy consumption thereby driving the market of smart thermostat in the region.

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