The Market Statsville Group (MSG) publishes the new report on the "Smart Thermostat Market by Technology (Wi-Fi, Bluetooth, ZigBee, Others), by Application Air Conditioning (Split AC, Window AC, Portable AC, Others), Heating, Ventilation), by End User (Residential, Commercial, Industrial, Others), and by Region - Global Trends, Market Share, and Forecast to 2027". The global smart thermostat market size was valued at USD 2.1 billion in 2020 and is projected to reach USD 11.3 billion by 2027, growing at a CAGR of 28.0% from 2020 to 2027. The healthcare medical sector has witnessed rapid automation in medical diagnosis in the past few years. The rise in deployment of smart thermostats in hospital rooms provides remote access to appliances, therefore offering enhanced convenience to patients as well as hospital authorities to maintain air conditioning and temperature suitable for patients. Furthermore, advancements in smart thermostat such as voice control and installation of artificial intelligence such as Alexa and Google Assistant that equip thermostats with self-learning capacity are the major factors that augment demand for smart thermostats for temperature monitoring in the healthcare industry.
Global Smart Thermostat Market Segmentation
The overall smart thermostat market has been segmented into technology, application, end user, and region.
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By Technology Outlook (Market Revenue, 2017-2027, USD Billion)
By Application Outlook (Market Revenue, 2017-2027, USD Billion)
- Air Conditioning
- Split AC
- Window AC
- Portable AC
By End User Outlook (Market Revenue, 2017-2027, USD Billion)
By Region Outlook (Market Revenue, 2017-2027, USD Billion)
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia New Zealand, Rest of Asia Pacific)
- The Middle East Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
Residential, by end-user, is estimated to hold the largest market share during the forecast period
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The smart thermostat market is divided into residential, commercial, industrial, and others by the end user. In 2020, the residential segment accounted for the largest market share of 27.62% in the global smart thermostat market and having a CAGR of 26.7% during the forecast period.
The residential sector is witnessing a revolution with the development of smart residential buildings. Heating, ventilation, and air conditioning systems installed in these buildings are monitored by smart thermostats. An increase in the deployment of various temperature regulating appliances such as air heaters, conditioners, and geysers has been witnessed in residential buildings. The use of these appliances consumes a massive amount of electricity due to a lack of monitoring systems. Thus, the adoption of smart thermostats has been increasing at a considerable rate, owing to the fact that they can be programmed for temperature control and have self-learning capabilities to regulate temperature as per the need of users. This, in turn, curbs wastage of energy, which is expected to fuel their demand across the globe.
The Asia Pacific accounts for the largest market share during the forecast period
Based on the regions, the global smart thermostat market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East Africa. In 2020, Asia Pacific accounted for the highest market share of 44.90% in the global smart thermostat market and was anticipated to maintain its dominance throughout the forecast period, followed by Europe and North America.
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The Asia-Pacific smart thermostat market is estimated to be the largest and fastest-growing market globally, as it is highly dependent on Chinese hardware manufacturers. The emergence of wireless technology such as Wi-Fi, Bluetooth, and Zigbee in the recent decade, combined with the surge in per capita income, which influences demand for smart automation solutions in the region. Furthermore, the rise in HVAC (heating, ventilation, and air conditioning system) on commercial and residential levels help to drive demand for the smart thermostat market in this region.
Major companies that operate in the global smart thermostat market are Emerson Electric Co., Ecobee, Honeywell International, Johnson Controls, Alphabet, Netatmo, Siemens AG, Schneider Electric, Tado, Zen Thermostst.
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