The global Smart Thermostat Market size is projected to reach USD 6.5 billion by 2026 at a CAGR of 21% from USD 2.6 billion in 2021 during the forecast period 2021-2028.
A thermostat is a device primarily used for the purpose of maintaining a particular temperature in a closed room. These are equipped with relays, switches and valves in order to generate signals for the temperature modulation. A smart thermostat is AI driven and perform the same function but use Wi-Fi for the purpose.
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With the recent trend of smart home and smart home voice gaining popularity along with the governmental regulations are some of the factors that have supported long-term expansion for Smart Thermostat Market.
Recent Developments
In December 2020, Carrier came up with an updated zoning sensor which could be used with its flagship Infinity System.
In October 2020, Google Nest came up with an all new version of Nest Thermostat by bringing AI in the play.
Prominent Players
- Alphabet
- Emerson Electric
- Honeywell International
- Lennox International
- Ecobee
- Carrier Corporation
- Johnson Controls
- Legrand (Netatmo)
- Resideo Technologies
- Siemens
- Trane Technologies
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Asia Pacific to Dominate the Market
APAC is expected to be the largest market during the forecast period. With the growing popularity along with the environmental awareness has led to the expansion of market in the region.
Smart Thermostat Market Segmentation:
On the basis of Products
· Connected Smart thermostat
· Learning Smart Thermostat
· Standalone Smart Thermostat
On the basis of Connectivity Technology
· Wireless Network
· Wi-Fi
· Zigbee
· Z-wave
· Bluetooth
· Wired Network
On the basis of Installation Type
· New Installation
· Retrofit Installation
On the basis of Vertical
· Residential
· Commercial
· Retail
· Offices
· Educational Instatitutes
· Hospitality Centers
· Hospitals
· Industrial
Based on region:
· Asia Pacific
· North America
· Europe
· South America
· Middle East & Africa
The Report helps to identify the opportunities in Global Regions:
· North America (the United States, Canada, and Mexico)
· Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
· Asia-Pacific (China, Japan, Korea, India, Australia, and Southeast Asia (Indonesia, Thailand, Philippines, Malaysia, and Vietnam))
· South America (Brazil etc.)
· The Middle East and Africa (North Africa and GCC Countries)
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