Increasing adoption of smart homes attributed to situation, emergence of IoT-enabled HVAC systems, government regulations pertaining to increase energy efficiency of buildings, and surging adoption of smart home voice assistants are among the factors driving the growth of the smart thermostat market.
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Key Market Players
Major players involved in the smart thermostat market include Alphabet (Google Nest) (US), Emerson Electric (US), Honeywell International (US), Lennox International (US), ecobee (Canada), Carrier Corporation (US), Johnson Controls (Lux Products) (Ireland), Legrand (Netatmo) (France), Resideo Technologies (US), Siemens (Germany), Trane Technologies (Ireland), Control4 Corporation (US), Nortek Control (US), tado (Germany).
â€œProduct-wise, connected smart thermostat segment held the largest market size of overall smart thermostat market in 2020â€œ
The connected smart thermostat segment held the largest share of the global smart thermostat market in 2020. The growth of the connected smart thermostat segment is majorly driven by the increasing demand for energy-efficient devices and the expansion of the smart home market. The growing smart home market in APAC is expected to create lucrative opportunities for the global market players in the near future. As the product is cheaper as compared to a learning thermostat, it is a preferred choice for commercial building applications.
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Residential segment is projected to register the highest CAGR from 2021 to 2026
The growing awareness regarding energy conservation & efficiency and environmental protection has fueled the adoption of energy-efficient HVAC controls such as smart thermostats. They help in the optimum utilization of energy and maintaining the most comfortable and healthy environment indoors. Favorable government regulations and tax credit facilities on the installation of HVAC systems and the increasing focus of end users on reducing electricity bills have significantly contributed to the growth of the smart thermostat market for the residential vertical. The impacted the growth of the residential vertical by affecting individual economies. The growth is also impacted by the supply and demand disruptions in the US, Germany, China, and Australia. The critical impacts on market for the residential vertical are the increased economic slowdown due to travel restrictions and reduced consumer demand due to lockdowns. The shortage of supply is expected to increase prices of HVAC control systems and related components and equipment in countries such as the US, Australia, and Germany, which are highly dependent on Chinese players for operations.