A smart thermostat is a device used in heating, ventilation, and air-conditioning (HVAC) equipment to control the temperature of a space or room wherein these equipment are installed. A smart thermostat has the ability to make automated and smart adjustments for customers so as to achieve energy savings and to communicate with sources external to an HVAC system. Thus, the demand for smart thermostats is rising at a rapid pace. Moreover, a smart thermostat is a major energy-saving device for smart homes/buildings. Smart thermostats are largely used in residential buildings. Improvements in residential and commercial buildings have also driven the RFID industry. The global smart thermostat market is estimated to reach value of US$ 8,729.2 Mn by 2026 from US$ 1,157.6 Mn in 2017, expanding at a CAGR of 23.7% during the forecast period.
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Increasing energy prices and rising need to optimize power in order to cut energy bills are expected to drive the global smart thermostat market during the forecast period. Encouragement from governments for using energy-saving devices is also driving the smart thermostat market. Furthermore, companies are continuously aiming at integrating smart thermostats with IoT so as to operate smart thermostats from a remote location. This is projected to boost the smart thermostat market during the forecast period. Increasing consumer awareness about safety and efficiency of smart thermostats is also likely to propel the smart thermostat market during the forecast period. Furthermore, smart thermostats have become a point of focus for scientists and researchers in the electronics industry. Smart thermostats are increasingly being adopted by small and medium enterprises (SMEs), due to the growing trend of digitization and rising adoption of building automation solutions. Wi-Fi-enabled smart thermostats are more rapid and secure compared to other types of smart thermostats available in the market. This, in turn, is expected to drive the smart thermostat market, creating better opportunities for smart thermostat manufacturers in the near future. In addition, Wi-Fi-enabled smart thermostats are being adopted continuously in numerous applications such as smart homes/buildings and commercial buildings in order to minimize their energy consumption. Smart thermostats make adjustments in home temperature, thereby reducing power consumption and reducing energy costs. Moreover, advanced features of smart thermostats, surging disposable income of people, and increasing demand for energy-saving devices are expected to fuel the global smart thermostat market during the forecast period. However, lack of awareness about smart thermostat and rising price-based competition are major factors expected to hinder the smart thermostat market during the forecast period.
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The global smart thermostat market is consolidated with a limited number of companies operating in the market. Leading players are currently focusing on providing technologically advanced products to customers. Increasing demand for smart thermostat applications with their cost decreasing in the long run is expected to encourage investors to invest in the smart thermostat technology in the next few years. Maintaining quality standards is essential for manufacturers of smart thermostats in order to adhere to stringent government regulations set for different end-use industries in various countries across the world. Moreover, as a part of their strategy, companies are engaging in various acquisitions; focusing on expanding their business; and entering into strategic partnerships.
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Some of the major players operating in the global smart thermostat market and profiled in the study are Carrier Corporation, Control4 Corporation, Ecobee, Inc., Nest Labs, Ingersoll Rand Inc., Emerson Electric Co, Honeywell Inc., Schneider Electric SE, NorTek Inc., Tado GmbH, and Pro1 IAQ.
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