Smart Thermostat Market is Projected to Reach USD 6207.13 Million by 2028, Says Brandessence Market Research

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Brandessence Market Research And Consulting Private Limited

Sep 28, 2022, 08:30 ET

LONDON, Sept. 28, 2022 /PRNewswire/ -- Global Smart Thermostat Market to Reach USD 6207.13 Million by 2028 from USD 1387.16 Million in 2021 | CAGR of 23.40%. Smart Thermostat Market Size, Share & Trends Analysis Report By Component (Motion Sensor, Display, Temperature Sensor, Humidity Sensor), By Network Connectivity (Wireless Network, Wired Network), By Application (Industrial, Healthcare, Commercial, Residential) Based On Region, And Segment Forecasts, 2022 - 2028

The global smart thermostat market is going to see an increase all over the market as the market is going to grow exponentially with the IOT-enabled system as the combination of the IoT and HVAC industry is going to provide superior services which are customer centric and enable the remote appliance control. The increase in the adoption of the smart homes, regulations of government pertaining to the increase the energy efficiency of the buildings, surge in the adoption of the smart home voice assistants which are among the major factors which drive the growth of this market as per the smart thermostat statistics.

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Smart Thermostat Market: Competitive Analysis

Some of the major top smart thermostats 2021 companies are Alphabet (Google Nest), Emerson Electric, Honeywell International, Lennox International, Ecobee, Carrier Corporation, Johnson Controls (Lux Products), Legrand (Netatmo), Resideo Technologies, Siemens, Trane Technologies, Control4 Corporation, Nortek Control, Tado, Alarm.com, Bosch Thermotechnology, Centrica Hive, Cielo Wigle, Climote, Empowered Homes, Eve Systems, MRCOOL, Radio Thermostat Company of America, Salus Controls, Vine Connected, VIvint and Zen Ecosystems. These companies are working on technology innovations and sharing of technology through the product innovations to increase their smart thermostat market share.

Smart Thermostat Market: Segmentation Analysis

The segment of the wireless network is going to growth at the fastest rate in the coming years and be the best smart thermostat 2021 segment. The interconnection of the smart thermostats and the heating and the cooling devices is facilitated by the wireless networks which is going to improve the performance of energy saving devices. The wireless networks help in coordination of a range of the smart thermostats in the specific area, enabling smoother transmission of data between them. It further helps in the enabling of features like geofencing which the thermostat senses the arrival of the occupants with help of the GPS signals.

By Component analysis

Motion Sensor
Display
Temperature Sensor
Humidity Sensor
Others

By Network Connectivity analysis

Wireless Network
Wired Network

By Application analysis

Industrial
Healthcare
Commercial
Residential
Others

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Smart Thermostat Market: Regional Analysis

Smart thermostat market regional analysis suggests that the Asia Pacific region is among the major contributors to the growth of thermostat market as construction industry which is an end user and a primary one at that of the smart thermostats is going to expand at a high rate with the smart thermostat market size increasing incessantly. The growth in the population in thee developing countries in the region along with the awareness related to environment is supporting the adoption of the HVAC controls like the smart thermostats. There is a rise in the adoption of the government initiatives and green buildings for regulating the energy efficient practices all over the commercial sector which is also further aiding the adoption of the smart thermostats in this region.

The higher demand domestically for the products as well as services and the significant business growth opportunities have increased the commercial buildings development such as retail and offices and the residential buildings. Japan has a huge base of older population who find it tough to control the temperature in a manual way. Therefore, the automation devices like smart thermostats is seeing a higher level of adoption given the feature of self-learning for the temperature control.

Further, the aging population also demands a safer and more secure environment for living particularly for the monitoring of temperature. Further, the different developments by the smart home companies in this region is fueling the demand for the smart thermostats. Moreover, there is a growth in the popularity of the chilled and frozen foods in the region of Asia Pacific which reflects a change in the food preferences. The Chinese infrastructure is also expanding to accommodate the cold chain operations which is going to include the maintaining of cold warehouses. These cold warehouses are expected to implement the smart thermostats for ensuring the energy efficiency. These are factors which are going to support the implementation of the smart thermostats and growing the market.

On Special Requirement Smart Thermostat Market Report is also available for below region:

North America

U.S, Canada

Europe

Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

· Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

Smart Thermostat Market: Key Drivers

Smart thermostat 2021 growth drivers are the penetration it has had in the many different verticals, the Internet of Things has also made its inroads into the ventilation, heating and air conditioning industry that has brought about many distinctive and innovative changes. The integration of the IoT helps in the management of the HVAC systems which collect data as well as store it into a cloud. The combination of the industry and the IoT has helped in the providing of superior customer0centric services and also enabled the remote appliance control.

The smart thermostat market growth happens due to major benefits of including IoT in this sector are operational visibility into the HVAC appliances and ways for reduction of the energy consumption by a larger margin. By the integration of the smart thermostat with the motion sensors, the contractors may continuously monitor the occupancy within a particular building. When there is no movement that is detected for a longer period of time, there can be an app notification for turning down the heating to the lowering of power usage.

The automatic functioning is needed by the end users as it helps the reduction of manual work and becomes a lot more convenient. Hence, the self-learning and energy-saving devices are preferred increasingly for the reduction of the energy consumption by the best thermostats 2021. Purchase

Smart Thermostat Market: Key Trends

Smart thermostat trends suggest that the self-learning mode of the smart thermostats and the ability to be operated remotely through the tables and smartphones make them more suitable for the residential and the commercial applications. The increase in the adoption of these self-learning devices in the residential applications is expected to have an opportunity for market players for increasing the share of the residential vertical.

However, the governments across the world are mandating construction of the new buildings for meeting the standards of the energy efficiency, there is a high level of infrastructure which operates on the old systems fitted with the thermostats. The upgradation of the existing thermostat systems with the smart thermostats involves not just upgrading the thermostats but also connected equipment which they control as the traditional HVAC equipment are usually wired and also equipped with the old hardware.

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