Emergence of IoT and AI-based technologies, rise in use of smart technology in medical monitoring, and surge in adoption of smart infrastructure in residential as well as commercial sector drive the growth of the global smart thermostat market. On the other hand, high cost of products in developing countries restrains the growth to some extent. However, rise in advancement and adoption of automated systems are anticipated to pave the way for a plethora of opportunities in the industry.
According to the report published by Allied Market Research, the global smart thermostat market was estimated at $1.86 billion in 2019, and is expected to hit $11.36 billion by 2027, registering a CAGR of 28.00% from 2020 to 2027. The report provides a detailed analysis of the market size & estimations, top investment pockets, top winning strategies, drivers & opportunities, competitive scenario, and fluctuating market trends.
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The WiFi segment to lead the trail by 2026-
Based on technology, the WiFi segment contributed to nearly one-third of the total market revenue in 2018, and is expected to retain its dominance by the end of 2026. At the same time, the infrared segment is projected to cite the fastest CAGR of 28.3% during 2020 to 2027. The bluetooth segment is also analyzed in the report.
The residential segment to dominate during the study period-
Based on end use, the residential segment accounted for more than one-fourth of the total market share in 2018, and is anticipated to maintain the lion’s share till 2026. The industrial segment, on the other hand, would manifest the fastest CAGR of 28.0% throughout the forecast period. The commercial segment is also discussed in the market report.
Asia-Pacific to remain lucrative from 2019 to 2026-
Based on geography, the Asia-Pacific region held the major share in 2018, garnering more than two-fifths of the global market. The same province would also cite the fastest CAGR of 28.0% during the estimated period. The other regions assessed in the report include LAMEA, Europe, and North America.
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Leading market players-
The key market players analyzed in the global smart thermostat market include Ecobee, Zen Thermostat, HoneywelL Johnson Controls, Nest Labs, Tado, Emerson Electric Co., Netatmo, Schneider Electric, Siemens AG, and International Inc. They have incorporated a number of strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their position in the industry.
Key Market Segments
- Air Conditioning
- Split AC
- Window AC
- Portable AC
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