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Smart Thermostat Market Poised to Garner Maximum Revenues During 2018-2026
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Key players in the smart thermostat market are focusing on advanced technology to concretize their market position, says Transparency Market Research. Increasing demand for smart thermostat applications in commercial and residential sectors is expected to encourage investors to invest in smart thermostat technology.
Apart from this, companies are focusing to expand their business forming strategic partnerships, mergers, acquisitions, and collaborations to gain a competitive edge in the market. Some of the prominent players operating in the smart thermostat market are Honeywell International Inc., Schneider Electric, Tado GmbH, Control4 Corporation, and Ecobee, Inc.
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According to a new report by TMR, the smart thermostat market is expected to reach US$8,729.2 mn by 2026. The market is anticipated to grow at an astonishing 23.7% CAGR from 2018 to 2026.
On the basis of demand, Asia Pacific is projected to lead the global market during the forecast period. This is mainly because of the rising demand from countries such as China, India, Japan, and South Korea. Based on application, the residential segment is expected to account for a major market share in the forecast period. The segment anticipated to expand at a CAGR of 24.1% during the forecast period.
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Need to Optimize Electricity Consumption to Augment Growth
The global smart thermostat market is likely to witness considerable growth in the upcoming years. This is mainly because of the rising demand for smart thermostat in residential and commercial sectors. Smart thermostat automatically achieves the required temperature changes for users, thus helps save energy. Prevailing energy crisis and growing need to optimize electricity consumption are the two key driving factors in the global smart thermostat market.
Along with this, supportive government initiatives to adopt energy saving equipment and growing awareness regarding the benefits offered by thermostat are anticipated to fuel the global thermostat market in coming years.
Furthermore, growing inclination of consumers towards connected devices and building automation solutions owing to growth of digitization could foster growth in the global smart thermostat market. Moreover, rising disposable income and technological advancements in the market are strong factors that will stimulate the smart thermostat market.
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Rising Price based Competitions could Hinder Growth of the Market
Despite several growth opportunities, rising price-based competition and low awareness regarding product can hamper growth in the smart thermostat market. Other than this, stringent government regulations regarding quality of smart thermostats is likely to obstruct the smart thermostat market in the forthcoming years.
However, continuous efforts by manufacturers to develop cost-effective and technologically advanced products are likely to offer lucrative opportunities in the smart thermostat market. For instance, Ecobee, a Canadian home automation company, developed a smart thermostat integrated with offers built-in Alexa voice service called ecobee4. This device offers features like auto adjust room temperature. The device can save up to 23% of electricity used in the house and is easy to install and simple to us. The growing adoption of novel thermostat devices among the consumers with advanced features and compatibility among consumers is projected to bolster growth of the global smart thermostat market in coming years.
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