Smart Thermostat Market Size to Hit $11.36 Billion by 2027 | Ecobee, Inc., Emerson Electric Co., Johnson Controls, Honeywell International Inc., Control4 Corp

As per the report published by Allied Market Research, titled, "Smart Thermostat Market by Technology (Wi-Fi, Bluetooth, Zigbee, and Others), Application (Air Conditioning, Heating, and Ventilation) and End User (Residential, Commercial, Industrial, and Others): Opportunity Analysis and Industry Forecast, 2020-2027", the global smart thermostat market held $1.86 billion in 2019, and would reach $11.36 billion by 2027, growing at a CAGR of 28.0% during the forecast period.

Increase in use of smart technology in medical monitoring, surge in penetration of IoT and AI-based technologies, and rapid deployment of smart infrastructure in residential & commercial sectors drive the growth of the global smart thermostat market. However, the high cost of products in emerging economies hinders the market. On the contrary, developments in temperature regulation applications and adoption of automated systems would open lucrative opportunities for the market players in the future.

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The global smart thermostat market is segmented on the basis of technology, application, end-user, and region. Based on technology, the Wi-Fi segment held the lion's share in 2019, accounting for nearly one-third of the market. Moreover, the segment is estimated to register the highest CAGR of 29.9% during the forecast period.

On the basis of application, the heating segment contributed the highest share in 2019, holding more than two-fifths of the market. However, the air conditioning segment is expected to portray the highest CAGR of 29.9% during the forecast period.

The global smart thermostat market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific dominated in 2019, contributing to more than two-fifths of the market. In addition, the region is estimated to register the highest CAGR of 30.4% during the forecast period.

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The global smart thermostat market report includes an in-depth analysis of the market players such as Ecobee, Inc., Emerson Electric Co., Johnson Controls, Honeywell International Inc., Control4 Corporation, Nest Labs, Inc., Tado GmbH, Schnieder Electric SE, Ingersoll Rand plc, and Nortek, Inc.

Smart Thermostat Market Report Highlights

By Technology

• Wi-Fi
• Bluetooth
• Zigbee
• Others

By Application

• Air Conditioning
• Heating
• Ventilation

By End User

• Residential
• Commercial
• Industrial
• Others

By Region

• North America  (U.S., Canada, Mexico)
• Europe  (UK, Germany, Russia, France, Rest of Europe)
• Asia-Pacific  (China, Japan, India, Australia, Rest of Asia-Pacific)
• LAMEA  (Latin America, Middle East, Africa)

Key Market Players

Alphabet Inc. (Nest Labs), Ecobee, Emerson Electric Co., Honeywell International Inc., Johnson Controls, Netatmo, Schneider Electric, Siemens AG, Tado, Zen Thermostat

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