Smart Thermostat Market to See Huge Growth Opportunities by 2027

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Smart Thermostat Market

“The global smart thermostat market share is expected to witness a considerable growth, owing to increase in adoption of smart homes, especially in emerging economies such as Asia-Pacific and LAMEA, owing to huge demand for autonomous technologies in these regions.”

Ruchal Humbare Lead Analyst, Semiconductors & Electronics at Allied Market Research Download PDF Sample

Smart Thermostat Market According to a new report published by Allied Market Research, titled, “smart thermostat market technology, application, and end user: opportunity analysis and industry forecast, 2020–2027,” the global smart thermostat market size was valued at $1.86 billion in 2019, and is projected to reach at $11.36 billion by 2027, growing at a CAGR of 28.00% from 2020 to 2027.

Rapid adoption of smart infrastructure in residential and commercial infrastructure, penetration of IoT and AI based technologies, and increase in use of smart technology in medical monitoring influences the smart thermostat market growth.

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Smart Thermostat Market Region wise, Asia-Pacific holds significant share in the global smart thermostat market revenue size. Asia-Pacific accommodates major population of the globe. Adoption of smart phones and smart electronic appliances in residential, commercial, and industrial sectors is expected to propel the smart thermostat industry in this region.

The Wi-Fi segment was the highest contributor to the market in 2019. The Wi-Fi and Bluetooth segments collectively accounted for around 60% market share in 2019. Surge in internet penetration fuels growth of the Wi-Fi segment, thereby enhancing the global smart thermostat market growth.

Emergence of COVID-19 has significantly impacted the global smart thermostat industry. Delay caused for construction projects due to partial or complete lockdown in various regions of the world has significantly reduced demand for smart thermostats during the pandemic.

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Smart Thermostat Market Key Findings of the Study •

In 2019, the Wi-Fi segment accounted for the maximum revenue and is projected to grow at a notable CAGR of 29.9% during the forecast period.

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The air conditioning and heating segment together accounted for around 82.0 % of the global smart thermostat market share in 2019.

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The residential segment of the global smart thermostat market is projected to grow at a CAGR of 26.7% during the forecast period.

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Asia-Pacific region contributed major share in global smart thermostat market, accounting for more than 40.0% share in 2019.

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Smart Thermostat Market

Major Companies: • • • • • • • • • •

Emerson Electric Co. Ecobee, Inc. Honeywell International Inc. Johnson Controls Nest Labs, Inc. Control4 Corporation Schnieder Electric SE Tado GmbH Nortek, Inc. Ingersoll Rand plc

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Smart Thermostat Market Contact: David Correa 5933 NE Win Sivers Drive #205, Portland, OR 97220 United States Toll Free (USA/Canada): +1-800-792-5285, +1503-894-6022, +1-503446-1141 UK: +44-845-528-1300 Hong Kong: +852-30184916 India (Pune): +91-2066346060 Fax: +1⟨855⟩550-5975

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