Smart Thermostat Market Analysis
Market Research Future (MRFR) estimates the global smart thermostat market to reach USD 3.5 billion at a CAGR of 23.4% from 2020 to 2027 (forecast period).
The smart thermostat is a device that automates the control of air cooling devices. It is a device that controls the HVAC system in both residential and commercial buildings. The smart thermostat is available on both wired and wireless devices. The need for smart-thermostat technology is increasing due to the need for an energy-efficient automation system. The smart thermostat provides remote access control for both heating and cooling technologies.
Smart-thermostat technology has a wide range of applications. The smart thermostat integrates simply into any smart building. The system's features include AL communication, energy consumption, and virtual assistance. The global smart-thermostat market is driven by electricity consumption.
COVID-19 Impact on the Worldwide Smart Thermostat Market
The COVID-19 implications have had long-term consequences for a number of global sectors. Changes in consumer purchasing and market demand are slowing the growth of the smart thermostat market. There is also a disruption in the smart thermostat market's supply chain. However, most market manufacturing is returning, which is resolving the market's demand issue. Following COVID-19, market trends seemed to be improving, with several improvements. It ensures that the market will soon see adequate demand from end-users. The market is expanding and will reach its peak in 2022.
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Smart Thermostat Market Segmentation
The global smart thermostat industry has been segmented into component, deployment, and application.
By component, the global smart thermostat market has been segmented into Display, Humidity Sensor, Temperature Sensor.
By deployment, the global smart thermostat market has been segmented into Wired Technology, Wireless Technology.
By application, the global smart thermostat market has been segmented into Residential, Commercial and others.
Smart Thermostat Market Regional Analysis
The global smart thermostat industry is diversified into three major regions that are North America, Europe and Asia pacific.
The expansion of the internet and technology is a major reason for North America's tremendous expansion. Moreover, as people become more aware of the benefits of energy-efficient devices, the demand for smart thermostats in the Asia Pacific is increasing. According to the Smart Thermostat Industry Forecast, Asia Pacific will be the fastest-growing region. Japan, China, and South Korea are the significant contributors to the Asia Pacific market.
In addition, over the last two years, Europe has seen a boom in the expansion of the smart thermostat market. This expansion is expected to continue until the end of the projection period in 2022. This strong market demand is due to the development of smart buildings and infrastructure. Furthermore, government initiatives in other regions are boosting the market growth in the next years. The market's three regional players are responsible for the significant expansion in 2022.
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Smart Thermostat Market Key Players
A few major market players operating in the global market for smart thermostats are Nest Labs, Inc. (U.S.), Honeywell International Inc. (U.S.), Nortek, Inc. (France), Ecobee (Canada), Ingersoll Rand (Ireland), and others.
Competitive Landscape
The market for smart thermostats is not overly competitive. The market is gaining traction as a result of government measures to encourage energy-efficient technology. In the projection year of 2022, the industry's leading players are evaluating market expansion strategies. More RD and improvements are taking place in this industry in order to raise awareness.
Summary
The global smart thermostat market is set to reach USD 3.5 billion at a CAGR of 23.4% from 2020 to 2027 (forecast period). Growing internet penetration and increased demand for IoT-based services are significant drivers of the smart thermostat market's growth.
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