The global sales of smart thermostats are estimated to reach a value of US$ 1.7 billion in 2019, propelled by the increasing demand for home automation, rising consumer expenditure on connected devices in developed countries like the US and the UK. Furthermore, the substantial investment in telecommunication infrastructure, particularly concerning 5G technologies, is expected to foster market growth in the near future. While numerous brands offer diverse product solutions, a majority of these thermostats adapt to the environment based on built-in software (adaptive or geo-sensing algorithm) or utilize embedded physical motion sensors.
Global Smart Thermostat Market Insights, by Application:
In 2019, the residential segment captured the largest revenue share, exceeding 80%. Additionally, emerging countries are expected to experience a moderate adoption rate of these devices due to the increasing proliferation of high broadband connectivity and the growing number of smart city projects.
Global Smart Thermostat Market Key Developments, Insights, and Trends:
Major players are concentrating on product launches to expand their product portfolios. Additionally, various IoT-based companies are making forays into the smart home devices market through product introductions.
In January 2019, Resideo Technologies, Inc. announced its latest Honeywell Home T-Series Smart Thermostats: the T9 and T10 Pro.
In November 2018, 75F, a US-based IoT solution provider, introduced the '75F Smart Stat Zone Controller,' a smart thermostat primarily designed for the commercial segment.
Global Smart Thermostat Market Insights, by Region:
As of 2019, the North America smart thermostat market dominates the global scene, accounting for over 70% revenue share. This is mainly attributed to the robust centralized HVAC infrastructure and high internet penetration in the region. Over 75% of homes in the US operate on central-based HVAC systems. Western Europe is anticipated to witness significant revenue growth during the forecast period. However, other countries are expected to register a moderate growth rate in the coming years.
Global Smart Thermostat Market Size and Forecast: Competition Landscape
Industry players are emphasizing new products that support Alexa, Google Home, etc., aiming to enhance ease and convenience for users while also expanding their product portfolios. Additionally, key players are venturing into air-based smart thermostats in emerging countries to secure a higher market share.
Some key smart thermostat market players include:
Honeywell International Inc.
Nest Labs, Inc.
Ecobee, Inc.
Emerson Electric Co.
Schneider Electric SE
Tado GmbH
Control4 Corporation
Carrier Corporation
Nortek, Inc.
Research Scope:
By Product Type:
Motion Sensors-based
Adaptive Software-based
By Technology:
Wired
Wireless
Bluetooth
Wi-Fi
Others
By Application:
Residential
Commercial
Industrial
