Smart Thermostat Market to move forward at a double-digit CAGR by 2030

Description
The global smart thermostat market size was valued at USD 2.18 billion in 2020 and is projected to reach USD 11.36 billion by 2027, growing at a CAGR of 28.0% from 2019 to 2027. A smart thermostat, which is also commonly known as communicating or connected thermostat, is an electronic device that enables programmable and automatic temperature settings based on weather conditions, heating & cooling needs, and daily schedules. A smart thermostat can learn patterns of its surroundings, thereby saving energy for heating and cooling systems. For instance, a smart thermostat installed in a household analyzes household patterns and adjusts heating and cooling according to the same. Subsequently, it reduces heating and cooling systems when the house is empty for a significant period. Furthermore, a smart thermostat can be operated using a phone, tablet, smart speakers, or another internet-enabled device. Some of the smart thermostats have diagnostic features, which enable them to detect any problem with the ducting or HVAC system.

The rapid adoption of smart infrastructure in residential and commercial infrastructure, penetration of IoT and AI-based technologies, and increase in smart technology in medical monitoring influence the market growth. However, the 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 opportunities for the global smart thermostat industry during the forecast period.

The significant factors impacting the growth of the global smart thermostat market include rapid adoption of smart infrastructure in residential & commercial sectors, surge in penetration of IoT and AI-based technologies, and increase in the use of smart technology in medical monitoring drive the global market of smart thermostats. However, the high cost of products in developing countries acts as the primary barrier for early adoption, thereby hampering the market's growth. On the contrary, the adoption of automated systems for temperature control in residential, commercial, and industrial sectors is anticipated to provide lucrative opportunities for the smart thermostat market during the forecast period.

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Global Smart Thermostat Market Dynamics
Drivers: Rapid deployment of smart infrastructure in residential & commercial sectors
Advancements in technology and a rise in population heading toward convenient methods to remotely control electronic and electrical appliances boost demand for smart infrastructure. A smart thermostat is integrated into an intelligent infrastructure to provide users with remote access to ambiance heating or temperature. This, in turn, offers the convenience of switching heating systems through internet-connected devices. Furthermore, smart thermostats can be scheduled for temperature control as per the need of users, which brings energy efficiency by reducing human error and negligence at times.

As per a study by Molecular Diversity Preservation International (MDPI), based in Switzerland, "the European Commission has explained how heating and cooling in buildings and industries account for half of the energy consumption of the EU. Several studies explain how to achieve energy saving at home, and the use of smart thermostats will help to reduce energy consumption while increasing the efficiency of households."

Therefore, the adoption of smart infrastructure in developed and developing regions fuels market growth.

Restraints: High cost of products in developing countries
Residential, commercial, and industrial sectors in developing economies have experienced rapid technological advancements. Therefore, it propels the demand for a low-cost home automation solution. However, smart automation solutions require high initial investment; thus, influencing the cost of smart automation solutions in developing countries.

Moreover, with the high initial investment, a few significant players in the automation solution market dominate the price of smart home automation solution devices such as a smart thermostat. Thus, the high cost of smart thermostats is expected to act as a key restraint for the market's growth.

Opportunities: Advancements in temperature regulation appliances and adoption of automated systems
The rise in the adoption of automated technology in residential, commercial, and industrial sectors is expected to offer remunerative opportunities to expand the smart thermostat market. An increase in preference for smart homes in the residential sector is expected to increase the deployment of smart thermostats for autonomous control of ambiance. Furthermore, the surge in the adoption of energy-efficient technology is expected to boost the market's growth in the future.

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Scope of the Report
The study categorizes the smart thermostat market based on technology, application, end user, and regions.

By Technology Outlook (Market Revenue, 2017-2027, USD Billion)
Wi-Fi
Bluetooth
ZigBee
Others
By Application Outlook (Market Revenue, 2017-2027, USD Billion)
Air Conditioning
Split AC
Window AC
Portable AC
Others
Heating
Ventilation
By End User Outlook (Market Revenue, 2017-2027, USD Billion)
Residential
Commercial
Industrial
Others
By Region Outlook (Market Revenue, 2017-2027, USD Billion)
North America (US, Canada, Mexico)
South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
Wi-Fi, by technology, is estimated to be the fastest-growing segment during the forecast period
By technology, the smart thermostat market is divided into Wi-Fi, Bluetooth, and others. Wi-Fi is accounted for the fastest-growing segment with a CAGR of 29.9% during the forecast period 2021-2027 and accounts for the revenue share of 31.32% in 2020 in the global smart thermostat market.

Wi-Fi is a universal wireless networking technology used with the Internet of Things, portable, computer-operated devices by utilizing radio frequencies to transfer information and data. Moreover, the surge in the utilization of new generation wireless technology such as 5G and fiber optic cables are some of the prime factors that drive the Wi-Fi market. Wi-Fi technology is being increasingly used for new generation communication and cell phone networks. Furthermore, the rapid adoption of new-generation digital solutions such as smartphones, IoT, and smart home applications have paved the way for the growth of the Wi-Fi technology market. With the advent of technologies such as IoT, bring your device, and portable devices technology, telecom operators worldwide are heavily investing in the growth of Wi-Fi technology to benefit from the rising demand for high-speed internet.

Asia Pacific accounts for the highest CAGR during the forecast period in the smart thermostat market
Based on region, the global smart thermostat market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Asia Pacific has a growth rate of 30.4% during the forecast period 2021-2027. The market in Asia-Pacific is analyzed across China, Japan, India, Australia, and the Rest of Asia-Pacific. Asia-Pacific countries such as China and Japan offer advanced low-cost smart home application solutions, which further influences the demand for home automation devices in this region. The availability of smart cities & technological advancements in this region has propelled the growth of the smart thermostat market.

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China's smart automation market has been the largest and one of the fastest-growing markets for manufacturing and distribution. In addition, under Made in China 2025, the Chinese government has heavily invested in developing consumer electronics and IoT-based devices industries in china, thus expected to offer significant opportunities to the smart automotive market. Further, the rapid economic growth in china during the past few decades has been accompanied by the growing energy demand, which has influenced the demand for smart thermostat technology for more efficient energy and cost reduction methods. Moreover, the surge in demand for energy-efficient devices in Japan's residential and commercial sector, owing to the growth of 5G network and IoT-based devices, is expected to propel the market growth. The emergence of smart automation devices in japan is a crucial factor in pharmaceuticals, healthcare & life science, and transport industries are expected to augment the demand for smart thermostats in the Japanese region. Further, Japan's government has taken various initiatives such as Energy Conservation Law to reduce power usage in residential and commercial sectors by 2030, thus, expected to augment demand for smart thermostats, which drives the growth of the global market.

Key Market Players
The global smart thermostat market is fragmented into significant players and other local, small, and mid-sized manufacturers/providers. The key players in the smart thermostats market are Emerson Electric Co., Ecobee, Honeywell International, Johnson Controls, Alphabet, Netatmo, Siemens AG, Schneider Electric, Tado, Zen Thermostat. These players have generated the maximum market share in 2020. These market players are adopting growth strategies to strengthen their position in the market. Product launches and partnerships are the key growth strategies adopted by different key players in the market.

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Recent Developments
In September 2020, Ecobee announced a strategic partnership with 1VALET for Eco bee smart thermostats; with advanced smart building API, Eco bee will be far ahead of its competition.
In January 2020, Emerson continuously started to build a deep legacy of HVAC smart Sensi touch smart thermostat, which is now compatible with smart things home automation platform completion with WWST.
In June 2019, Eco bee launched its new Alexa-powered smart thermostats naming the range of Eco bee power expected from a smartphone.
In June 2020, Johnson control announced to launch its latest Smart thermostat LUX CS1 able to operate by LUX apps and provides a variety of easy-to-use features.

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