Dublin, Dec. 14, 2021 (GLOBE NEWSWIRE) — The “Global Smart Thermostat Market (2021-2026) by Connectivity, Specification, Product, Installation, Component, Vertical, Geography, Competitive Analysis and the Impact of Covid-19 with Ansoff Analysis” report has been added to ResearchAndMarkets.com’s offering.
The Global Smart Thermostat Market is estimated to be USD 964.75 Mn in 2021 and is expected to reach USD 2.58 Bn by 2026, growing at a CAGR of 21.75%.
Smart thermostats are devices designed to control ambiance temperature automatically and air conditioning. These smart devices provide users the benefit of controlling the temperature throughout the day using a schedule.
Factors such as the increasing adoption of smart homes, the emergence of IoT-enabled HVAC systems, government regulations pertaining to increasing the energy efficiency of buildings, and the surging adoption of smart home voice assistants are driving factors for the market.
Whereas high manufacturing and installation costs of Smart Thermostats and concerns regarding data security are the restraining factors for the market growth.
Increasing demand for self-learning devices and growing demand for cloud computing in the HVAC industry provide opportunities for market growth while the high up-gradation cost of existing systems acts as a challenge to it.
Market Segmentation
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The Global Smart Thermostat Market is segmented further based on Connectivity, Specification, Product, Installation, Component, Vertical, and Geography.
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By Connectivity, the market is classified into Wired and Wireless segments. Amongst them, the Wireless segment is expected to grow at the highest CAGR.
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By Specification, the market is classified into Power, Geo-Fencing, Multiple Zones, Motion Detection, and Compatibility Segments. Amongst them, the Motion Detection segment is expected to grow at the highest CAGR.
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By Component, the market is classified into Display, Control Unit, Temperature Sensor, Humidity Sensor, Motion Sensor, and Other segments. Amongst them, the Temperature Sensor segment is expected to grow at the highest CAGR.
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By Product, the market is classified into Standalone Smart Thermostats, Connected Smart Thermostats, and Learning Smart Thermostat segments. Amongst all segments, the Learning Smart Thermostat segment is expected to grow at the highest CAGR.
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By Installation Type, the market is classified into New Installation and Retrofit Installation Segments. Amongst all, the New Installation segment is expected to contribute the highest growth.
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By Vertical, the market is classified into Residential and Commercial segments. Amongst all segments, the Residential segment is expected to grow at the highest CAGR.
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By Geography, North America is projected to lead the market.
Recent Developments
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Ecobee smart thermostat integrates with Alarm.com – May 27, 2021
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US ITC to open probe into smart thermostat patent complain – Mar 30, 2021
Market Influencers
Drivers
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Increasing Adoption of Smart Homes
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Emergence of IoT-Enabled HVAC Systems
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Rise in Demand for Energy Efficiency Devices
Restraints
Opportunities
Challenges
Company Profiles
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Alphabet Inc. (Google Nest)
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Source: https://finance.yahoo.com/news/global-smart-thermostat-market-report-160300403.html