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Smart Thermostat Market

Smart Thermostat Market
Smart Thermostat Market Projected to Reach US$ 8,729.2 Mn by 2026
According to a new market research report, published by Transparency Market
Research , the smart thermostat market is expected to reach US$ 8,729.2 Mn by
2026, expanding at a CAGR of 23.7% from 2018 to 2026. According to the report,
the smart thermostat market is likely to continue to be influenced by a range of
macroeconomic and market-specific factors in the next few years. In terms of
demand, Asia Pacific is projected to lead the global market during the forecast
period. The market in the region is likely to expand at a CAGR of 26.9% from 2018
to 2026. China, India, Japan, and South Korea are expected to be major contributors
to the smart thermostat market in Asia Pacific during the forecast period.
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High returns on investments (RoI) and energy savings to drive adoption of smart
Smart thermostats and other connected devices are gaining traction in the consumer
goods sector. This is primarily due to the rising demand for energy-saving equipment
for use in smart homes/buildings. Different research studies have proved that usage of
smart thermostats helps reduce energy consumption and increase the efficiency of
households. Smart thermostats are highly useful and returns on investment of this
product are high. Increasing demand for energy-saving devices for use in residential
and commercial buildings is driving the market for smart thermostats. It is also
expected to create better opportunities for manufacturers of smart thermostats in the
next few years. Moreover, smart thermostats have become an important topic for
scientists to research in. Furthermore, government organizations in the U.S. and
countries in Europe have mandated use of smart thermostats in smart homes and new
residential buildings. This is expected to propel the demand for smart thermostats in
the next few years.
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Global Smart Thermostat Market: Scope of Report
The global smart thermostat market has been broadly segmented in terms of
component, connectivity, application, and geography. Among components, the motion
sensor segment accounted for a major share of more than 30.0%, in terms of
revenue, in 2017. The segment is anticipated to expand at a CAGR of 24.7% during
the forecast period. In order to fulfill the global demand, various manufacturers of
smart thermostats are currently focusing on research and development activities on a
regular basis in order to invent advanced applications of smart thermostats.
Developing infrastructure, economic growth, large population, increasing urbanization
are expected to drive the smart thermostat market during the forecast period. Smart
thermostats can fulfill the energy efficiency needs of a wide range of residential and
commercial applications. Smart thermostats are cost effective, easy to operate, and
with low maintenance costs. Factors such as rising disposable income and adoption of
smart electronics devices are expected to augment the smart thermostat market in the
next few years.
Based on connectivity, the smart thermostat market has been segregated into wired
and wireless. The wireless segment has been sub-classified into Wi-Fi, Bluetooth, and
others. The Wi-Fi segment held the maximum market share in 2017, in terms of
revenue. Additionally, the segment is expected to expand at the maximum CAGR of
25.2% during the forecast period. The Bluetooth segment is also expected to expand
at a high CAGR during the forecast period.
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