According to Market Research Future (MRFR), the global smart thermostat market is estimated to grow at USD 3.5 Billion at a CAGR of 23.4% from 2016 to 2022 (forecast period). The report assesses and discusses the effect of the outbreak of COVID-19 on the global smart thermostats market, including potential opportunities and obstacles, drivers, and risks.
Smart thermostat can be described as an automation device used to control the air conditioning and heating of the HVAC system in commercial and residential buildings. These devices allow users to control the system's heating and cooling by means of both wired and wireless technology.
Market Dynamics
The internet penetration and the demand for IoT-based services serve as key drivers for the smart thermostat industry's growth. Rising urbanization and growing demand for connected and smart homes have created an enormous opportunity for the Smart Thermostat Market to expand.
The study shows that the decrease in energy wastage and the high energy-saving features of these devices have led to awareness among consumers, boosting the market for smart thermostat devices. Using these smart technology-enabled devices, consumers can remotely control the temperature of their home using tablets, smartphones, or desktops, among others. In addition, the smart thermostats used for residential applications help to adjust the temperature with the help of a dial or control panel.
Factors like lack of infrastructure, high implementation costs, and inconsistencies between wireless networks are some of the limiting factors for the growth of the market for smart thermostats.
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COVID-19 Impact on the Global Smart Thermostat Market
The market for smart thermostats is highly dependent on China for hardware manufacturing. According to Business Standard, Chinese exports were severely affected by Covid-19, as exports decreased in April. The decline in exports has put the production of smart thermostats in a tough spot. In addition, the increase in tariffs on Chinese manufactured goods by the U.S. has also added pressure on smart thermostat manufacturers such as Ecobee who are dependent on China for hardware.
Market Segmentation
The global smart thermostat market has been segmented based on components, deployment type, and applications.
By components, the global smart thermostat market has been segmented into display, humidity sensor, motion sensor, temperature sensor, and others.
By deployment type, the global smart thermostat market has been segmented into wired and wireless.
By application, the global smart thermostat market has been segmented into residential, commercial, and others.
Regional Analysis
The regional analysis of the global smart thermostat market is being studied for regions such as Asia Pacific, North America, Europe, and the Rest of the World.
The study shows that the North American region dominates the smart thermostat market due to factors such as increased internet penetration and technical advances. The research also shows that cloud deployment and rising demand for energy-efficient devices are key drivers for the Asia Pacific region to expand significantly in the smart thermostat market by the forecast period. In addition to this, the growing adoption of IT services is also driving the smart thermostat market.
Key Players
Notable players in the global smart thermostat market are Nest Labs, Inc. (U.S.), Emerson Electric (U.S.), Carrier Corporation (U.S.), Schneider Electric (France), Tado (Germany), Ingersoll Rand (Ireland), Nortek, Inc. (France), Ecobee (Canada), Honeywell International Inc. (U.S.), Control4 Corporation (U.S.) and among others.
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Industry News
In January 2020, Nest Labs launched a new feature that alerts customers to possible HVAC issues. It also helps the customer to make a booking for the HVAC professional to repair it. This new feature is the result of Nest Labs' collaboration with Handy.
About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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