The Competitive Scenario provides an outlook analysis of the various business growth strategies adopted by the sellers. The news covered in this section deliver valuable thoughts at the different stage while keeping up-to-date with the business and engage stakeholders in the economic debate. The areas included in the report are made by using the data of the key business sector. It also provides region-wise and country-wise growth rates of the Smart Thermostat Market. It also covers breakdown by product and application by incorporating details of the market size depending on development and applications. The report provides insights on Market Penetration, Market Development, Market Diversification, Competitive Assessment & Intelligence, and Product Development & Innovation.
Smart Thermostat Market, by Product (Connected, Learning, Standalone), Connectivity Technology (Wireless, Wired), Installation Type (New Installation, Retrofit Installation), Vertical (Residential, Commercial, Industrial) and Geography (North America, Europe, Asia-Pacific, Middle East and Africa and South America)
The global smart thermostat market size is projected to reach USD 6.5 billion by 2026 at a CAGR of 21% from USD 2.6 billion in 2021 during the forecast period 2021-2028.
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A thermostat is a device primarily used for the purpose of maintaining a particular temperature in a closed room. These are equipped with relays, switches and valves in order to generate signals for the temperature modulation. A smart thermostat is AI driven and perform the same function but use Wi-Fi for the purpose.
With the recent trend of smart home and smart home voice gaining popularity along with the governmental regulations are some of the factors that have supported long-term expansion for Smart Thermostat Market.
The COVID-19 pandemic is causing widespread concern and economic hardship for consumers, businesses, and communities across the globe. The market of smart thermostat has also been negatively impacted due to the lowered demand and the difficulties in manufacturing owing to the disrupted supply chain.
APAC is expected to be the largest market during the forecast period. With the growing popularity along with the environmental awareness has led to the expansion of market in the region.
- Emerson Electric
- Honeywell International
- Lennox International
- Carrier Corporation
- Johnson Controls
- Legrand (Netatmo)
- Resideo Technologies
- Trane Technologies
- Radio Thermostat Company of America
- Salus Controls
- Vine Connected
- Zen Ecosystems
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- In December 2020, Carrier came up with an updated zoning sensor which could be used with its flagship Infinity System.
- In October 2020, Google Nest came up with an all new version of Nest Thermostat by bringing AI in the play.
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Table of Contents
Smart Thermostat Market is segmented into Products, Connectivity Technology, Installation Type, Vertical and geography.
On the basis of Products
- Connected Smart thermostat
- Learning Smart Thermostat
- Standalone Smart Thermostat
On the basis of Connectivity Technology
- Wireless Network
- Wired Network
On the basis of Installation Type
- New Installation
- Retrofit Installation
On the basis of Vertical
- Educational Instatitutes
- Hospitality Centers
On the basis of Region
- Asia Pacific
- North America
- South America
- Middle East & Africa
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