Smart Thermostat Market Outlook to 2022: Top Manufacturer Analysis, Industry Overview and Forecast Report

Felton, Calif., USA, Mar. 18, 2021 — /EPR Network/ —

The global Smart Thermostat Market size is expected to value at USD 2.99 billion by 2022. The market is subject to witness a substantial growth due to the soaring demand for smart efficient solutions from number of household across the globe. In addition, increasing adoption of smart household appliances, majorly from North American and European region is expected to drive the market growth in upcoming years. Expansion of smartphones industry is acting as an enabler for smart energy management solutions.

Introduction of open source developer APIs offer flexibility and higher performance for smart thermostat devices. These factors are anticipated to positively affect market growth over the forecast period. Globally, the smart thermostat industry is predicted to grow at CAGR of 18.7% in the forecast period, providing numerous opportunities for market players to invest in research and development of the market.

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Smart thermostats are increasing adopted to carry out operations such as heating and cooling devices for residential or commercial applications. Smart thermostats are considered as a vital part of smart or modular home. Smart thermostats are incorporated with next generation open source developer APIs that enhances their usability and performance capability.

Increasing energy consummation and growing demand for remote access solutions to carry out energy management are expected to boost market demand for smart thermostats over the forecast period. In addition, reduced energy bills offers better return on investments leading to a wide acceptance across numerous households, in the recent years.

Moreover, increasing demand form businesses and large-scale organization to monitor and adopt low cost solutions for heating, ventilation and air-conditioning (HVAC) systems are projected to foster market growth over next seven years. However, factors such as security concerns, data breaches and higher initial cost are expected to acts as the potential constraints for sustained market growth. Yet, integration of advanced technology that enables identification of user behavior, analyzing their patterns, managing the heating, ventilation and air-conditioning (HVAC) systems automatically. Smart thermostats are operated via remote monitoring capabilities with the help of wireless connectivity. These factors are expected to favor market expansion over the upcoming years.

Smart thermostats such as the Google Nest is capable of a self-learning by analyzing user activities with the help of motion and Infrared (IR) sensors, temperature, and humidity sensors. The recent technological advancements in short-range communication sector coupled with development of novel products are propelling the growth of smart thermostats market, in the recent years.

Smart Thermostat Technology Outlook (Revenue, USD Million, 2012 – 2022)

  • Wi-Fi
  • ZigBee
  • Others (Near Field Communication (NFC), Bluetooth, and Ethernet)

The key players in the smart thermostat industry are Honeywell International Inc., Google Nest LLC, Ecobee Inc., Schneider Electric SE, Emerson Climate Technologies Ltd., Radio Thermostat Company of America, Inc., Carrier Co., Ingersoll Rand, Inc., Allure Energy, Inc., Tado GmbH, Eneco Holding N.V.,, British Gas Hive plc, and Lux Products Co.

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Smart Thermostat Regional Outlook (Revenue, USD Million, 2012 – 2022)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • Asia Pacific
  • China
  • Australia and New Zealand
  • Japan
  • Latin America
  • Brazil
  • MEA

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