The smart thermostat market is projected to reach USD 6.4billion by 2026; it is expected to grow at a CAGR of 20.8% during the forecast
period. The market has a promising growth potential due to emergence of
IoT-enabled HVAC systems as the combination of the HVAC industry and IoT
provide superior customer-centric services and enabled remote appliance
control. Increasing adoption of smart homes; government regulations pertaining
to increase energy efficiency of buildings; and surging adoption of smart home
voice assistants are among the major factors driving the growth of the smart
thermostat market.
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Learning smart thermostat segment is projected toregister the highest CAGR by 2026
The smart thermostat market for learning smart thermostatsegment is expected to grow at fastest CAGR during the forecast period. A
learning thermostat is the most advanced smart thermostat that learns the
user’s schedule and forms a cycle to best fit the comfort of the user and
optimize energy savings. It seamlessly connects with the internet and devices
such as mobiles, tablets, laptops, and voice assistant devices, allowing the
user to efficiently manage the HVAC equipment. A learning thermostat also has
the capability to exercise zonal control. The data collected by a learning
thermostat also intimates the users for predictive maintenance, thus avoiding
major maintenance costs due to any equipment failure.
Wireless network segment to grow at a higher CAGR by 2026
The smart thermostat market for wireless network segment isexpected to grow at faster CAGR during the forecast period. The interconnection
of smart thermostats and heating & cooling devices is facilitated by
wireless networks, which improves the performance of the energy-saving devices.
Wireless networks help in the coordination of a range of smart thermostats in a
specific area, enabling smooth data transmission between them. It also helps in
enabling features such as geofencing, in which the smart thermostat senses the
arrival of occupants with the help of GPS signals sent from a smartphone.
The residential segment is expected to dominate the smartthermostat market during the forecast period
The residential segment is expected to account for largestshare of the smart thermostat market during the forecast period. It is further
expected to grow at fastest CAGR throughout the forecast period. The booming
residential construction industry has increased the demand for HVAC equipment
such as coolers, heaters, and air conditioners. The growth of the industry is
witnessed mainly in countries such as Japan and China. The rising average
disposable income in these countries, growing awareness about energy
conservation, and increasing cost of power are encouraging people to adopt
energy-efficient technologies and equipment in their day-to-day lives.
APAC to record highest CAGR from 2021 to 2026
APAC has been a major contributor to the growth of the smartthermostat market as the construction industry, which is the primary end user
of smart thermostats, is expanding at a healthy rate. The growing population in
developing countries of this region, along with environmental awareness, is
supporting the adoption of HVAC controls, such as smart thermostats. The rise
in the adoption of green buildings and government initiatives to regulate
energy-efficient practices across the commercial sector is also aiding the
adoption of smart thermostats in the region. However, the regional market is
expected to witness a decline in market size attributed to the halt of both
ongoing and new infrastructure development projects due to the COVID-19
pandemic. Also, as the pandemic has also affected individual per capita income,
the adoption of new HVAC systems in the residential segment has significantly
decreased. However, this loss is expected to be recovered in the coming years
with a gradual recovery of the overall economy.
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Major players involved in the smart thermostat marketinclude Alphabet (Google Nest) (US), Emerson Electric (US), Honeywell
International (US), Lennox International (US), ecobee (Canada), Carrier
Corporation (US), Johnson Controls (Lux Products) (Ireland), Legrand (Netatmo) (France), Resideo Technologies (US), Siemens(Germany), Trane Technologies (Ireland), Control4 Corporation (US), Nortek
Control (US), tado (Germany).
