Smart Thermostat Market Expected to Experience Significant Growth, Projected to Reach $6.4 billion by 2026
According to the new market research report on the “Smart Thermostat Market by Product (Connected, Learning, Standalone), Connectivity Technology (Wireless, Wired), Installation Type (New Installation, Retrofit Installation), Vertical (Residential, Commercial, Industrial), and Region – Global Forecast to 2026″, the smart thermostat market size is expected to grow from USD 2.5 billion in 2021 to USD 6.4 billion by 2026; it is expected to grow at a CAGR of 20.8% from 2021 to 2026. The key factors driving the growth of the market increasing adoption of smart homes attributed to COVID-19 situation, emergence of IoT-enabled HVAC systems, government regulations pertaining to increase energy efficiency of buildings, and surging adoption of smart home voice assistants.
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Driver: Emergence of IoT-enabled HVAC systems
Much like its penetration into other verticals, IoT has also made its way into the heating, ventilation, and air conditioning (HVAC) industry, which has brought about innovative and distinctive changes. IoT integration helps manage HVAC systems, collect data, and store it in the cloud. The combination of the HVAC industry and IoT has helped to provide superior customer-centric services and enabled remote appliance control.
Opportunity: Increasing demand for self-learning devices
Automatic functioning is required by end users as it helps in reducing manual work and is more convenient. Therefore, self-learning energy-saving devices are being increasingly preferred to reduce energy consumption. The self-learning mode of smart thermostats and their ability to be remotely operated through smartphones and tablets make them more suitable for residential and commercial applications.
The increasing adoption of these self-learning devices among residential applications is expected to create an opportunity for the market players to increase their share in the residential vertical. The use of self-learning devices will also aid the older people in operating HVAC equipment without the need to handle complex programming themselves
“APAC to record highest CAGR from 2021 to 2026”
APAC has been a major contributor to the growth of the smart thermostat 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.
Major players involved in the smart thermostat market include 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).
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