The latest report by IMARC Group, titled “Smart Thermostat Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global smart thermostat market reached a value of US$ 2.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 7.7 Billion by 2027, exhibiting at a CAGR of 23.4% during 2022-2027.
Smart Thermostat Market Overview:
A smart thermostat is part of a control mechanism that maintains and senses the temperature of an area. It is an automated device that is capable of distantly switching on and off the heating of a room through the internet. Smart thermostats can be divided into various types, including standalone, connected, and learning. These devices are programmed and used via several applications, such as smartphones, computers, remote controls, etc. Smart thermostats also display the amount of heating being used and control their activity by learning or tracking the daily routine of the user. As a result, these devices find widespread applications across various establishments, including residential, commercial, industrial, etc.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Smart Thermostat Market Trends:
The escalating requirement for advanced home systems and technologies in households is among the primary factors driving the smart thermostat market. Besides this, the elevating popularity of several home voice assistants, such as Amazon Echo, Google Home, Alexa, etc., is further augmenting the market growth. Apart from this, the increasing need for smart thermostats to save electricity is also catalyzing the global market.
Moreover, the integration of these devices with smart-net technology, including Wi-Fi and Bluetooth, is acting as another significant growth-inducing factor. In addition to this, the rising usage of the Internet of Things (IoT) and artificial intelligence (AI) technologies is positively influencing the product demand. Furthermore, the growing demand for these devices in medical monitoring is expected to propel the smart thermostat market in the coming years.
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The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Nest Labs, Inc.
- Honeywell International Inc.
- Ecobee, Inc.
- Emerson Electric Co.
- Schneider Electric SE
- Tado GmbH
- Control4 Corporation
- Carrier Corporation
Key Market Segmentation Breakup by:
- Standalone Smart Thermostats
- Connected Smart Thermostats
- Learning Smart Thermostats
- Temperature Sensor
- Humidity Sensor
- Motion Sensor
- Wireless Smart Thermostats
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
TOC for the Report:
- Scope and Methodology
- Executive Summary
- Global Market
- SWOT Analysis
- Value Chain Analysis
- Price Analysis
- Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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