World economic growth, the Smart Thermostats industry has also suffered a certain impact, but still maintained a relatively optimistic growth, the past four years, Smart Thermostats market size to maintain the average annual growth rate of 15 from XXX million $ in 2014 to XXX million $ in 2020, Stratagem Market Insights analysts believe that in the next few years, Smart Thermostats market size will be further expanded, we expect that by 2026, The market size of the Smart Thermostats will reach XXX million $.
Smart thermostats control heating and/or air conditioning in homes. These thermostats allow a user to control the temperature in the home or office throughout the day using a schedule. Additional features of smart thermostats include, sensors and Wi-Fi connectivity.
Increasing penetration of home automation is expected to boost growth of the global smart thermostats market over the forecast period. This is attributed to several benefits offered by smart thermostats such reduced home energy consumption and greenhouse gas emissions, optimal occupant comfort, reduced amount of human error in use of sustainable devices, and sustainable living. Moreover, major public and private organizations and companies are focused on increasing adoption of thermostats among the populace, which is also expected to aid in growth of the market. For instance, in January 2018, Ecobee, as part of its "A Better Tomorrow" program, donated 776 ecobee thermostats to the Toronto Community Housing Corporation (TCHC).
Increasing focus on addressing climate change and global warming and need to restrict greenhouse gas emissions is expected to offer lucrative growth opportunities for players in the global smart thermostats market. For instance, as of November 2019, 195 United Nations Framework Convention on Climate Change (UNFCCC) members have signed The Paris Agreement and 187 have become party to it.
However, smart thermostats are prone to hacking, which is expected to hinder growth of the global smart thermostats market. For instance, in January 2018, researchers from Ben-Gurion University of the Negev, Israel, reported that smart thermostat can be disassembled and reverse engineered. The team also found serious security issues with the device.
Major players in the market are focused on adopting partnership and collaboration strategies to expand their product portfolio. For instance, in January 2020, TRANE Residential partnered with Samsung Electronics to enhance indoor air quality and elevate whole home comfort across smart devices and appliances.
Key players in the market are focused on launching new products to expand their product portfolio. For instance, in June 2019, Ecobee launched a new smart thermostat, SmartThermostat, with voice control. Similarly, in October 2018, Verdant Environmental Technologies, Inc. introduced a new guestroom energy-management thermostat, Verdant ZX, which offers energy-saving features of the company’s VX solution.
Key Takeaways:
• Increasing adoption of home automation is expected to augment growth of the global smart thermostats market
• Security concerns regarding smart thermostats are expected to hinder growth of the market
• Major players operating in the global smart thermostats market include Nest, Honeywell, Ecobee, Schneider Electric, Emerson, LUX/GEO, Carrier, Energate Inc., Tado GmbH, Control4, Netatmo, and Hive Home
Section 1: Definition
Section (2 3): Manufacturer Details
--Nest
--Honeywell
--EcoBee
--Schneider Electric
--Emerson
--LUX/GEO
--Carrier
--Energate Inc.
--Tado GmbH
--Control4
--Netatmo
--Hive Home.
Section 4: Region Segmentation
North America Country (United States, Canada)
South America
Asia Country (China, Japan, India, Korea)
Europe Country (Germany, UK, France, Italy)
Other Country (Middle East, Africa, GCC)
Section (5 6 7): Segmentation
Product Type Segmentation:
--WiFi Thermostats
--ZigBee Thermostats
Industry Segmentation:
--Residential
--Commercial
Channel (Direct Sales, Distributor) Segmentation
Section 8: Trend (2020-2026)
Section 9: Product Type Detail
Section 10: Downstream Consumer
Section 11: Cost Structure
Section 12: Conclusion
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