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)
Smart Thermostat Market Overview
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.
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.
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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.
Smart Thermostat Market Regional Analysis
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.
Smart Thermostat Market Competitive Landscape
Key Players
• Alphabet
• Emerson Electric
• Honeywell International
• Lennox International
• Ecobee
• Carrier Corporation
• Johnson Controls
• Legrand (Netatmo)
• Resideo Technologies
• Siemens
• Trane Technologies
• MRCOOL
• Radio Thermostat Company of America
• Salus Controls
• Vine Connected
• VIvint
• Zen Ecosystems
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Smart Thermostat Market Recent Developments
• 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.
Reasons to Acquire in the Smart Thermostat Market
• Increase your understanding of the market for identifying the best and suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors
• Gain authentic and granular data access for Smart Thermostat market so as to understand the trends and the factors involved behind changing market situations
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns
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Frequently Asked Questions
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