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An Analysis Of The Smart Thermostat Market by Product, Connectivity Technology, Installation Type and Vertical by 2026

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An Analysis Of The Smart Thermostat Market by Product, Connectivity Technology, Installation Type and Vertical by 2026

May 13
09:38 2022
An Analysis Of The Smart Thermostat Market by Product, Connectivity Technology, Installation Type and Vertical by 2026
Smart Thermostat Market
Smart thermostat the increasing adoption of smart home technology is also responsible for the growth of the smart thermostat market.

The Research on 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 growth can be attributed to the rising awareness of climate change and the need to save energy. In addition, the increasing adoption of smart home technology is also responsible for the growth of the smart thermostat market.

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This report studies the current state of the smart thermostat market by product, connectivity technology, installation type and vertical.

Product Type: The market scenario is divided into three product types – manual thermostats, Wi-Fi enabled thermostats and voice-activated thermostats. Manual thermostats are the most popular type and are installed in residential buildings by professionals. Wi-Fi enabled thermostats are installed in commercial buildings and are connected to the internet. Voice-activated thermostats are installed in residential buildings and allow users to control their temperatures via voice commands.

Connectivity Technology: The market is divided into two categories – wired and wireless connectivity. Wired connectivity is more popular because it offers a stable connection between the thermostat and home

View detailed Table of Content herehttps://www.marketsandmarkets.com/Market-Reports/smart-thermostat-market-266618794.html

Smart Thermostat Market by Product

The global smart thermostat market is projected to grow at a CAGR of 20.8% during 2021-2026. This growth can be attributed to the increasing demand for energy efficient homes and buildings, as well as the increasing awareness of the benefits of using smart technologies in everyday life. The market is segmented into three product types – manual, digital and hybrid – based on connectivity technology. The manual type is estimated to account for the largest share of the overall market, followed by digital and then hybrid.

Installation type is also considered to be a key factor influencing the market growth, with residential projects accounting for the largest share of the total revenue. North America is estimated to account for the largest share of the global smart thermostat market in 2017, followed by Europe and Asia Pacific. The Americas region is expected to grow at a higher rate than Europe due to increased penetration of advanced home automation technologies in this region.

Smart Thermostat Market by Connectivity Technology

The growing trend of using smart technology in various aspects of our lives has led to the development of the smart thermostat market. The market is expected to grow at a CAGR of 7.5% during the forecast period 2015-2021. This growth can be attributed to the increasing awareness about the advantages of using smart thermostats, as well as the increasing technological advancements in this field. The market is segmented on the basis of product, connectivity technology, installation type and vertical. On the product side, the market is divided into two types – digital and analog.

The digital type dominates in terms of revenue, owing to its higher adoption rates among consumers. On the connectivity side, the market is divided into two submarkets – Wi-Fi and Bluetooth. Wi-Fi dominates in terms of revenue due to its widespread use in homes. Bluetooth holds a smaller share due to its limited adoption rates. On the installation type front, the market is divided into three categories – standalone, integrated and hybrid installations. Standalone installations are expected to grow at a faster rate than integrated and hybrid installations during the forecast period.

Smart Thermostat Market by Installation Type

There are three installation types for smart thermostats- indoor, outdoor and portable. The indoor installation type is the most popular among users as it is easy to install and use. Moreover, the outdoor installation type is gaining popularity as it offers better insulation and weather protection. The portable installation type is gaining popularity due to its convenience. The connectivity technology of smart thermostats is based on the internet or Bluetooth. The internet-based connecting technology is more popular as it offers a wide range of applications and features. However, Bluetooth-based connecting technology is gaining popularity as it offers a more secure connection and fewer interferences.

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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