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Smart Thermostat Market by Product, Connectivity Technology, Installation Type, Vertical and Region - Global Forecast to 2026

Dublin, April 12, 2021 (GLOBE NEWSWIRE) -- 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" report has been added to ResearchAndMarkets.com's offering.

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 smart thermostat market are increasing adoption of smart homes attributed to the COVID-19 situation, the emergence of IoT-enabled HVAC systems, government regulations pertaining to increase the energy efficiency of buildings, and surging adoption of smart home voice assistants.

The market for connected smart thermostats to account for the largest market share during the forecast period

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The connected smart thermostat segment is expected to continue to hold the largest market size during the forecast period. The growth of the connected smart thermostat segment is majorly driven by the increasing demand for energy-efficient devices and the expansion of the smart home market. The growing smart home market in APAC is expected to create lucrative opportunities for the global market players in the near future. As the product is cheaper as compared to a learning thermostat, it is a preferred choice for commercial building applications.

Wireless network to account for larger market share during the forecast period

The wireless segment is expected to continue to hold a larger market size during the forecast period. Wireless network is the most widely used connectivity technology in smart thermostats as it helps to reduce the installation and maintenance costs, provides higher flexibility and scalability, and better connectivity. The installation of wireless connectivity makes smart thermostats more compatible with smart devices such as smartphones, tablets, and laptops for operation. The increasing adoption of smart homes in the US is fueling the demand for smart thermostats based on wireless connectivity technology.

New installation to account for larger market share during the forecast period

The new installation segment is expected to continue to hold the larger market size during the forecast period. Rapid infrastructure developments, improved standard of living, and increased focus on developing energy-efficient HVAC systems are fueling the growth of the smart thermostat market for new installation.

Implementation of various government regulations to deploy energy-efficient HVAC systems and controls has resulted in the wide adoption of smart thermostats in new buildings. These factors have led to the higher growth of the new installation segment.

Residential vertical to hold the largest size during the forecast period

The residential vertical is expected to hold the largest market size during the forecast period. The growing awareness regarding energy conservation & efficiency and environmental protection has fueled the adoption of energy-efficient HVAC controls such as smart thermostats. They help in the optimum utilization of energy and maintaining the most comfortable and healthy environment indoors. Favorable government regulations and tax credit facilities on the installation of HVAC systems and the increasing focus of end users on reducing electricity bills have significantly contributed to the growth of the smart thermostat market for the residential vertical.

North America is expected to capture the largest market size during the forecast period

The North American region is expected to hold the largest share of the smart thermostat market during the forecast period. Supportive government plans and programs & favorable laws are the major factors driving the growth of the regional market. However, the US witnessed a significant decline in the market size in 2020 due to the sudden outbreak of the COVID-19 pandemic and its adverse effects on the infrastructure, industrial, and commercial sectors. The adoption of smart thermostats might be largely impacted in 2021 due to the shutdown of various ongoing construction sites. However, with these projects gradually resuming operations, the demand for smart thermostats is expected to increase with time in the coming years, along with economic recovery.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary
3.1 Realistic Scenario
3.2 Pessimistic Scenario
3.3 Optimistic Scenario

4 Premium Insights
4.1 Attractive Opportunities in Smart Thermostat Market
4.2 Smart Thermostat Market, by Product
4.3 Smart Thermostat Market, by Connectivity Technology
4.4 Smart Thermostat Market, by Installation Type
4.5 Smart Thermostat Market, by Vertical and Region
4.6 Smart Thermostat Market, by Geography

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Adoption of Smart Homes Attributed to COVID-19 Situation
5.2.1.2 Emergence of Iot-Enabled HVAC Systems
5.2.1.3 Government Regulations Pertaining to Increase Energy Efficiency of Buildings
5.2.1.4 Surging Adoption of Smart Home Voice Assistants
5.2.2 Restraints
5.2.2.1 High Manufacturing and Installation Costs of Smart Thermostats
5.2.2.2 Concerns Regarding Data Security
5.2.3 Opportunities
5.2.3.1 Increasing Demand for Self-Learning Devices
5.2.3.2 Growing Demand for Cloud Computing in HVAC Industry
5.2.4 Challenges
5.2.4.1 High Upgradation Cost of Existing Systems
5.2.4.2 Inability to Work Offline
5.2.4.3 Disruption in Supply Chain due to COVID-19 Situation
5.3 Value Chain Analysis
5.4 Ecosystem
5.5 Yc-Ycc Shift: Smart Thermostat Market
5.6 Porter's Five Forces Analysis
5.7 Case Study
5.7.1 Use Case 1: Heatmiser
5.7.2 Use Case 2: Federation of Canadian Municipalities
5.8 Technology Analysis
5.8.1 Machine Learning and Energy Infrastructure
5.8.2 Voice Recognition Technology
5.8.3 5G
5.8.4 Predictive Maintenance
5.8.5 Virtual Reality
5.9 Pricing Analysis
5.10 Trade Analysis
5.11 Patent Analysis
5.12 Regulatory Landscape
5.12.1 Regulations
5.12.2 Codes and Standards for HVAC Systems

6 Smart Thermostat Market, by Connectivity Technology
6.1 Introduction
6.2 Wireless Network
6.2.1 Wireless Network Segment to Grow at Highest Rate During Forecast Period
6.2.2 Wi-Fi
6.2.3 Zigbee
6.2.4 Z-Wave
6.2.5 Bluetooth
6.3 Wired Network
6.3.1 Wired Network Offers More Reliable Connection as Compared to Wireless Network

7 Smart Thermostat Market, by Specification
7.1 Introduction
7.2 Power
7.2.1 Battery Powered
7.2.2 Hard-Wired
7.3 Geo-Fencing
7.4 Multiple Zones
7.5 Motion Detection
7.6 Compatibility
7.6.1 Two-Stage
7.6.2 Multi-Stage

8 Smart Thermostat Market, by Product
8.1 Introduction
8.2 Standalone Smart Thermostat
8.2.1 Easy Installation Process to Increase Demand for Standalone Smart Thermostat
8.3 Connected Smart Thermostat
8.3.1 Connected Smart Thermostat Segment to Account for Largest Share of Smart Thermostat Market
8.4 Learning Smart Thermostat
8.4.1 Learning Thermostat Segment to Grow at Highest Rate During Forecast Period

9 Smart Thermostat Market, by Installation Type
9.1 Introduction
9.2 New Installation
9.2.1 New Installation Segment to Hold Larger Share of Smart Thermostat Market
9.3 Retrofit Installation
9.3.1 HVAC Retrofits are Installed to Ensure Improved System Performance and Energy Saving

10 Smart Thermostat Market, by Component
10.1 Introduction
10.2 Display
10.3 Control Unit
10.4 Temperature Sensor
10.5 Humidity Sensor
10.6 Motion Sensor
10.7 Others

11 Smart Thermostat Market, by Vertical
11.1 Introduction
11.2 Residential
11.2.1 Residential Vertical to Hold Largest Share of Smart Thermostat Market
11.3 Commercial
11.3.1 Retail
11.3.1.1 Retail Application to Hold Largest Share of Smart Thermostat Market for Commercial Vertical
11.3.2 Offices
11.3.2.1 Application of Smart Thermostats in Offices to Increase at Highest Rate During Forecast Period
11.3.3 Educational Institutes
11.3.3.1 Growing Need for Achieving Energy Efficiency in Educational Institutes to Fuel Growth of Application Segment
11.3.4 Hospitality Centers
11.3.4.1 Government Regulations for Increasing Energy Efficiency of Hospitality Centers to Drive Demand for Smart Thermostats
11.3.5 Hospitals
11.3.5.1 Growing Need to Achieve Optimum Efficiency in Hospitals Owing to Global Pandemic to Fuel Demand for Smart Thermostats
11.4 Industrial
11.4.1 Increasing Number of Smart Warehouses to Fuel Growth of Smart Thermostat Market for Industrial Vertical

12 Geographic Analysis
12.1 Introduction
12.2 North America
12.3 Europe
12.4 APAC
12.5 Rest of the World (Row)

13 Competitive Landscape
13.1 Introduction
13.1.1 Top 5 Company Revenue Analysis
13.2 Market Evaluation Framework
13.3 Market Share Analysis of Players, 2019
13.4 Competitive Evaluation Quadrant
13.4.1 Star
13.4.2 Emerging Leader
13.4.3 Pervasive
13.4.4 Participant
13.5 Startup/SME Evaluation Quadrant
13.5.1 Progressive Company
13.5.2 Responsive Company
13.5.3 Dynamic Company
13.5.4 Starting Block
13.6 Competitive Situations and Trends
13.6.1 Product Launches
13.6.2 Deals
13.6.3 Others

14 Company Profiles
14.1 Key Players
14.1.1 Alphabet (Google Nest)
14.1.2 Emerson Electric
14.1.3 Honeywell International
14.1.4 Lennox International
14.1.5 Ecobee
14.1.6 Carrier Corporation
14.1.7 Johnson Controls (Lux Products)
14.1.8 Legrand (Netatmo)
14.1.9 Resideo Technologies
14.1.10 Siemens
14.1.11 Trane Technologies
14.1.12 Control4 Corporation
14.1.13 Nortek Control
14.1.14 Tado
14.2 Other Key Players
14.2.1 Alarm.Com
14.2.2 Bosch Thermotechnology
14.2.3 Centrica Hive
14.2.4 Cielo Wigle
14.2.5 Climote
14.2.6 Empowered Homes (Mysa)
14.2.7 Eve Systems
14.2.8 Mrcool
14.2.9 Radio Thermostat Company of America
14.2.10 Salus Controls
14.2.11 Vine Connected
14.2.12 Vivint
14.2.13 Zen Ecosystems

15 Adjacent & Related Market
15.1 Introduction
15.2 Limitations
15.3 Building Automation System Market
15.3.1 Definition
15.3.2 Market Overview
15.3.3 Building Automation System Market, by Region
15.3.3.1 North America
15.3.3.2 Europe
15.3.3.3 APAC
15.3.3.4 RoW

16 Appendix
16.1 Insights of Industry Experts
16.2 Discussion Guide
16.3 Knowledge Store: The Subscription Portal
16.4 Available Customizations

For more information about this report visit https://www.researchandmarkets.com/r/7gr3f3

CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900