Global Thermostat Market (2021 to 2026) - Increasing Demand for Self-Learning Devices Presents Opportunities
DUBLIN, April 13, 2021 /PRNewswire/ -- The "Smart Thermostat Market by Product (Connected, Learning, Standalone), Connectivity Technology (Wireless, Wired), Installation Type (New Installation, Retrofit Installation), Vertical (Residential, Commercial, Industrial), and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
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 smart thermostat market are increasing adoption of smart homes attributed to the COVID-19 situation, the emergence of IoT-enabled HVAC systems, government regulations pertaining to increase the energy efficiency of buildings, and surging adoption of smart home voice assistants.
The market for connected smart thermostats to account for the largest market share during the forecast period
The connected smart thermostat segment is expected to continue to hold the largest market size during the forecast period. The growth of the connected smart thermostat segment is majorly driven by the increasing demand for energy-efficient devices and the expansion of the smart home market. The growing smart home market in APAC is expected to create lucrative opportunities for the global market players in the near future. As the product is cheaper as compared to a learning thermostat, it is a preferred choice for commercial building applications.
Wireless network to account for larger market share during the forecast period
The wireless segment is expected to continue to hold a larger market size during the forecast period. Wireless network is the most widely used connectivity technology in smart thermostats as it helps to reduce the installation and maintenance costs, provides higher flexibility and scalability, and better connectivity. The installation of wireless connectivity makes smart thermostats more compatible with smart devices such as smartphones, tablets, and laptops for operation. The increasing adoption of smart homes in the US is fueling the demand for smart thermostats based on wireless connectivity technology.
New installation to account for larger market share during the forecast period
The new installation segment is expected to continue to hold the larger market size during the forecast period. Rapid infrastructure developments, improved standard of living, and increased focus on developing energy-efficient HVAC systems are fueling the growth of the smart thermostat market for new installation.
Implementation of various government regulations to deploy energy-efficient HVAC systems and controls has resulted in the wide adoption of smart thermostats in new buildings. These factors have led to the higher growth of the new installation segment.
Residential vertical to hold the largest size during the forecast period
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.
North America is expected to capture the largest market size during the forecast period
The North American region is expected to hold the largest share of the smart thermostat market during the forecast period. Suportive government plans and programs & favorable laws are the major factors driving the growth of the regional market. However, the US witnessed a significant decline in the market size in 2020 due to the sudden outbreak of the COVID-19 pandemic and its adverse effects on the infrastructure, industrial, and commercial sectors. The adoption of smart thermostats might be largely impacted in 2021 due to the shutdown of various ongoing construction sites. However, with these projects gradually resuming operations, the demand for smart thermostats is expected to increase with time in the coming years, along with economic recovery.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary 3.1 Realistic Scenario 3.2 Pessimistic Scenario 3.3 Optimistic Scenario
4 Premium Insights 4.1 Attractive Opportunities in Smart Thermostat Market 4.2 Smart Thermostat Market, by Product 4.3 Smart Thermostat Market, by Connectivity Technology 4.4 Smart Thermostat Market, by Installation Type 4.5 Smart Thermostat Market, by Vertical and Region 4.6 Smart Thermostat Market, by Geography
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 5.2.1.1 Increasing Adoption of Smart Homes Attributed to COVID-19 Situation 5.2.1.2 Emergence of Iot-Enabled HVAC Systems 5.2.1.3 Government Regulations Pertaining to Increase Energy Efficiency of Buildings 5.2.1.4 Surging Adoption of Smart Home Voice Assistants 5.2.2 Restraints 5.2.2.1 High Manufacturing and Installation Costs of Smart Thermostats 5.2.2.2 Concerns Regarding Data Security 5.2.3 Opportunities 5.2.3.1 Increasing Demand for Self-Learning Devices 5.2.3.2 Growing Demand for Cloud Computing in HVAC Industry 5.2.4 Challenges 5.2.4.1 High Upgradation Cost of Existing Systems 5.2.4.2 Inability to Work Offline 5.2.4.3 Disruption in Supply Chain due to COVID-19 Situation 5.3 Value Chain Analysis 5.4 Ecosystem 5.5 Yc-Ycc Shift: Smart Thermostat Market 5.6 Porter's Five Forces Analysis 5.7 Case Study 5.7.1 Use Case 1: Heatmiser 5.7.2 Use Case 2: Federation of Canadian Municipalities 5.8 Technology Analysis 5.8.1 Machine Learning and Energy Infrastructure 5.8.2 Voice Recognition Technology 5.8.3 5G 5.8.4 Predictive Maintenance 5.8.5 Virtual Reality 5.9 Pricing Analysis 5.10 Trade Analysis 5.11 Patent Analysis 5.12 Regulatory Landscape 5.12.1 Regulations 5.12.2 Codes and Standards for HVAC Systems
6 Smart Thermostat Market, by Connectivity Technology 6.1 Introduction 6.2 Wireless Network 6.2.1 Wireless Network Segment to Grow at Highest Rate During Forecast Period 6.2.2 Wi-Fi 6.2.3 Zigbee 6.2.4 Z-Wave 6.2.5 Bluetooth 6.3 Wired Network 6.3.1 Wired Network Offers More Reliable Connection as Compared to Wireless Network
7 Smart Thermostat Market, by Specification 7.1 Introduction 7.2 Power 7.2.1 Battery Powered 7.2.2 Hard-Wired 7.3 Geo-Fencing 7.4 Multiple Zones 7.5 Motion Detection 7.6 Compatibility 7.6.1 Two-Stage 7.6.2 Multi-Stage
8 Smart Thermostat Market, by Product 8.1 Introduction 8.2 Standalone Smart Thermostat 8.2.1 Easy Installation Process to Increase Demand for Standalone Smart Thermostat 8.3 Connected Smart Thermostat 8.3.1 Connected Smart Thermostat Segment to Account for Largest Share of Smart Thermostat Market 8.4 Learning Smart Thermostat 8.4.1 Learning Thermostat Segment to Grow at Highest Rate During Forecast Period
9 Smart Thermostat Market, by Installation Type 9.1 Introduction 9.2 New Installation 9.2.1 New Installation Segment to Hold Larger Share of Smart Thermostat Market 9.3 Retrofit Installation 9.3.1 HVAC Retrofits are Installed to Ensure Improved System Performance and Energy Saving
10 Smart Thermostat Market, by Component 10.1 Introduction 10.2 Display 10.3 Control Unit 10.4 Temperature Sensor 10.5 Humidity Sensor 10.6 Motion Sensor 10.7 Others
11 Smart Thermostat Market, by Vertical 11.1 Introduction 11.2 Residential 11.2.1 Residential Vertical to Hold Largest Share of Smart Thermostat Market 11.3 Commercial 11.3.1 Retail 11.3.1.1 Retail Application to Hold Largest Share of Smart Thermostat Market for Commercial Vertical 11.3.2 Offices 11.3.2.1 Application of Smart Thermostats in Offices to Increase at Highest Rate During Forecast Period 11.3.3 Educational Institutes 11.3.3.1 Growing Need for Achieving Energy Efficiency in Educational Institutes to Fuel Growth of Application Segment 11.3.4 Hospitality Centers 11.3.4.1 Government Regulations for Increasing Energy Efficiency of Hospitality Centers to Drive Demand for Smart Thermostats 11.3.5 Hospitals 11.3.5.1 Growing Need to Achieve Optimum Efficiency in Hospitals Owing to Global Pandemic to Fuel Demand for Smart Thermostats 11.4 Industrial 11.4.1 Increasing Number of Smart Warehouses to Fuel Growth of Smart Thermostat Market for Industrial Vertical
12 Geographic Analysis 12.1 Introduction 12.2 North America 12.3 Europe 12.4 APAC 12.5 Rest of the World (Row)
13 Competitive Landscape 13.1 Introduction 13.1.1 Top 5 Company Revenue Analysis 13.2 Market Evaluation Framework 13.3 Market Share Analysis of Players, 2019 13.4 Competitive Evaluation Quadrant 13.4.1 Star 13.4.2 Emerging Leader 13.4.3 Pervasive 13.4.4 Participant 13.5 Startup/SME Evaluation Quadrant 13.5.1 Progressive Company 13.5.2 Responsive Company 13.5.3 Dynamic Company 13.5.4 Starting Block 13.6 Competitive Situations and Trends 13.6.1 Product Launches 13.6.2 Deals 13.6.3 Others
14 Company Profiles 14.1 Key Players 14.1.1 Alphabet (Google Nest) 14.1.2 Emerson Electric 14.1.3 Honeywell International 14.1.4 Lennox International 14.1.5 Ecobee 14.1.6 Carrier Corporation 14.1.7 Johnson Controls (Lux Products) 14.1.8 Legrand (Netatmo) 14.1.9 Resideo Technologies 14.1.10 Siemens 14.1.11 Trane Technologies 14.1.12 Control4 Corporation 14.1.13 Nortek Control 14.1.14 Tado 14.2 Other Key Players 14.2.1 Alarm.Com 14.2.2 Bosch Thermotechnology 14.2.3 Centrica Hive 14.2.4 Cielo Wigle 14.2.5 Climote 14.2.6 Empowered Homes (Mysa) 14.2.7 Eve Systems 14.2.8 Mrcool 14.2.9 Radio Thermostat Company of America 14.2.10 Salus Controls 14.2.11 Vine Connected 14.2.12 Vivint 14.2.13 Zen Ecosystems
15 Adjacent & Related Market 15.1 Introduction 15.2 Limitations 15.3 Building Automation System Market 15.3.1 Definition 15.3.2 Market Overview 15.3.3 Building Automation System Market, by Region 15.3.3.1 North America 15.3.3.2 Europe 15.3.3.3 APAC 15.3.3.4 RoW
16 Appendix 16.1 Insights of Industry Experts 16.2 Discussion Guide 16.3 Knowledge Store: The Subscription Portal 16.4 Available Customizations
For more information about this report visit https://www.researchandmarkets.com/r/ofcwyr
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