Smart thermostat is a new kit of advanced technology to connect heating systems to the internet. It provides users the access to switch heating systems via the internet connected devices. It can be installed easily in smart infrastructure. In addition, it is integrated with sensors and smart-net technology for instance Wi-Fi that provides remote access to the internet connected devices. It is used in smart infrastructure to control smart appliances such as Split ACs, window ACs, portables ACs, heaters, boilers, radiators, and other such appliances.
Smart thermostat is popular for use in self-directed or autonomous infrastructure. The smart devices can be programmed and scheduled as per user preferences, especially with set daily routines. Moreover, it has self-learning capacity that adjusts the temperature as per past data captured. It can be easily installed by users and are compatible with wide range of smart electronic appliances.
According to study, “Smart Thermostat Market by Type (WiFi, Infrared, Bluetooth, and others), Application (Split AC, Window AC, Portable ACs, and Others), and End Use (Residential, Commercial, Industrial, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026”. Some of the key companies operating in the global smart thermostat market are Emerson Electric Co., Honeywell International Inc., Ecobee, Johnson Controls, Netatmo, Nest Labs, Schneider Electric, Tado, Siemens AG and Zen Thermostat.
Based on component, smart thermostat market is segmented into display, humidity sensor, temperature sensor, motion sensor and others. Based on network technology, market is segmented into wired network and wireless network. Wireless network includes Zigbee, Bluetooth, WI-FI and Z-wave.ZigBee segment is projected to emerge as a key technology segment owing to manifold advantages such as considerably inexpensive, low power consumption and easy mode of implementation during the forecast period. Based on application, market is segmented into window AC, split AC, portable AC and others. In addition, based on end-use, market is segmented into residential, educational buildings, office building, hospitality, industrial building, healthcare and retail.
The smart thermostat market is driven by increase in penetration of Internet-of-Things (IoT) and Artificial Intelligence (AI) based technologies, followed by growth of the smart home market, rise in demand for energy-efficient devices and rapid adoption of smart infrastructure in residential & commercial. However, incompatibility issues in wireless networks and false trigging of switches by sensors may impact the market. Moreover, rise in demand for self-learning automated devices is a key opportunity for market.
Based on geography, the North-American region holds largest share in global smart thermostat market owing to wide distribution network of key vendors and rise in demand for managing energy consumption solutions in the region. Whereas, the Asian-Pacific and European regions are anticipated to witness higher CAGR due to favorable government initiatives and rise in the average energy expenditure over the forecast period. In upcoming years, it is expected that future of the market will be bright as a result of increase in use of smart technology in medical monitoring during the forecast period. The global smart thermostat market is projected to generate revenue worth US $1.36 billion in 2019, and is probable to reach US $8.78 billion by 2026, to register a CAGR of 26.0% during the forecast period.
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Ankur Gupta, Head Marketing & Communications