$8.78 billions Smart Thermostat Market Growing with Alarming CAGR of 26.0% during 2019-2026

Introduction to Smart thermostat

Smart thermostat is the latest technology used for autonomous temperature control. The device provides users remote access to change temperature via internet, allowing them to use smartphones to turn on or off the heating remotely. Smart thermostat is available with different remote access technologies such as WiFi, Infrared, and Bluetooth.

Smart thermostat is popular for use in autonomous infrastructure. The smart devices can be programmed, scheduled as per user preferences, especially with set daily routines. Moreover, smart thermostat has self-learning capacity that adjusts the temperature as per past data captured. These devices can be easily installed by consumers and are compatible with wide range of smart electronic appliances.

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Smart Thermostat Market Size and Growth Rate

According to a recent report published by Allied Market Research, titled, "Smart Thermostat Market by Technology, Application, and End Use: Global Opportunity Analysis and Industry Forecast, 2019-2026," the global intelligent thermostat market size was valued at $1.36 billion in 2018, and is projected to reach $8.78 billion by 2026, to register a CAGR of 26.0% during the smart thermostat market forecast.

Intelligent thermostat: How it works?

Infrared technology is the wireless connectivity used in smart thermostat to access it in the line of sight range using remote device. For instance, smart thermostat by Air Patrol that has integrated infrared floor sensors. Room Unit thermostat with infrared floor sensor makes sure that your bathroom floor is set to the ideal and that the more demanding floor surfaces are kept safe, which offers lucrative smart thermostat market opportunity globally.

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According to the smart thermostat market analysis, latest smart thermostat is integrated with Wi-Fi technology which allows wireless connectivity from remote devices. For instance, Honeywell 7-DAY programmable thermostat provide the consumer with WiFi connectivity that enables the HVAC systems to be controlled through remote access.

Smart thermostat market trends

According to smart thermostat market trends, smart thermostats are installed with remote access software and programmed with artificial intelligence. This enables smart thermostats to get programmed for future schedules to control temperature as per the need of users. It also operates in a self-learning mode by the data its software collects over the period.

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Smart thermostat market: Growth Drivers

Rapid adoption of smart infrastructure in residential and commercial infrastructure, penetration of IoT and AI based technologies, and in analysis creased use of smart technology in medical monitoring influences the smart thermostat market growth. However, high cost of products in developing countries hampers early adoption. Further, increased advancements and adoption of automated systems in residential, commercial, and industrial sectors are expected to provide lucrative smart thermostat market opportunity for the smart thermostat market growth during the forecast period.

Smart thermostat market: Segmentation

The smart thermostat industry is segmented on the basis of technology, application, end use, and region.

By technology, it is categorized into WiFi, Infrared, Bluetooth, and others. By application, it is classified into split AC, window AC, portable AC, and others. The end use segment is divided into residential, commercial, industrial, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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Smart thermostat market: Major Industry Players

The key players operating in the global Smart Thermostat Market are Emerson Electric Co., Ecobee, Honeywell International Inc., Johnson Controls, Nest Labs, Netatmo, Schneider Electric, Siemens AG, Tado and Zen Thermostat.
These key players adopted several strategies such as new product launch & development, acquisition, partnership & collaboration, and business expansion to increase the smart thermostat market share during the forecast period. For instance, Honeywell 7-DAY programmable thermostat provide the consumer with WiFi connectivity that enables the HVAC systems to be controlled through remote access.

Regional Survey of Smart thermostat market

Asia-Pacific accommodates major population of the globe. The penetration of smart phones and adoption of smart electronic appliances in residential, commercial and industrial sector is expected to grow smart thermostat market. Owing to technological advancements, the appliances in residential buildings, such as washing machines, heating, and cooling equipment, and refrigerators, are increasingly going smart. This means that they can be connected to the internet.

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