Smart Thermostat Market 2022 Size, Industry Research, Rapid Growth, Trend, Regional Outlook To 2028
Smart Thermostat Market is valued at USD 1387.16 Million in 2021 and expected to reach USD 6207.13 Million by 2028 with CAGR of 23.40% over the forecast period.
Smart Thermostat Market report is segmented on the basis of component, network security, application and by regional & country level. Based on component global market is classified as motion sensor, display, temperature sensor, humidity sensor, and others. Based upon network security, global market is classified into wireless network and wired network. Based upon application, global market is classified into industrial, healthcare, commercial, residential, and others.
Market Analysis of Smart Thermostat
Smart Thermostat is a thermostat that can be used with home automation and are responsible for controlling a home’s heating and air conditioning. Smart thermostat enables the user to switch the temperature of the room by using a schedule, for instance setting different temperature during the day time and night time. Smart thermostat are linked with internet which allows its user to manage the heat setting using different internet connected devices, like smartphones, tablets etc. It also permits user to easily switch on/off the heating or air conditioning of room even when they are not inside home or office. A smart thermostat has the ability to make automated and smart adjustments for customers so as to achieve energy savings and to communicate with sources external to an HVAC system. Thus, the demand for smart thermostat is rising at a rapid pace.
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Global smart thermostat market report covers prominent players like
- Honeywell International Inc.
- Carrier Corporation
- Schneider Electric SE
- Emerson Electric Co.
- Control4 Corporation
- Nortek, Inc.
- Nest Labs
- Ingersoll Rand
Smart Thermostat Market Segmentation:-
- Motion Sensor
- Temperature Sensor
- Humidity Sensor
By Network Connectivity
- Wireless Network
- Wired Network
Smart Thermostat Market Dynamics
The increasing popularity of smart homes and advantages offered by these like ease of use by cloud-based services and improved energy management by self-learning capabilities serves as some of the key factors augmenting the demand for smart Thermostat. According to U.S. Energy Information Administration, in 2015, 12% of the nation’s 118 million households had a central air-conditioning unit that is actually controlled using the programmed thermostat. One in eight U.S. homes largely utilizes a programmed thermostat with a central air conditioning unit. However, factors such as lack of infrastructure, high implementation cost and inconsistency among the wireless networks are some the restraining factors for the growth of smart thermostat market.
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- U.S., Canada
- Germany, France, U.K., Italy, Spain, Sweden, Netherlands, Turkey, Switzerland, Belgium, Rest of Europe
- South_Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC
- Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
Middle East and Africa
- Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA
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- At 20.4 % CAGR, Global Smart Thermostats Market Size & Share to Surpass USD 6,866.4 Million by 2028.
- Smart Healthcare Market value is expected to reach USD 362.75 Billion by 2028 with the CAGR of 13.4% over the forecast period.
- Digital Health Market value is expected to reach USD 560.75 Billion by 2028 with the CAGR of 17.8% over the forecast period.
- Healthcare Cloud Computing Market value is expected to reach USD 148.19 Billion by 2028 with a CAGR of 17.4% over the forecast period.
- Building Automation Market Size to Grow USD 59630 Million by 2028 at a CAGR of 5.4%.
- Global Smart Thermostat Market to Reach $5.3 Billion by 2028.
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