The smart thermostat market is projected to reach USD 6.4 billion by 2026; it is expected to grow at a CAGR of 20.8% during the forecast period. The market has a promising growth potential due to emergence of IoT-enabled HVAC systems as the combination of the HVAC industry and IoT provide superior customer-centric services and enabled remote appliance control. Increasing adoption of smart homes; government regulations pertaining to increase energy efficiency of buildings; and surging adoption of smart home voice assistants are among the major factors driving the growth of the smart thermostat market.
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Learning smart thermostat segment is projected to register the highest CAGR by 2026
The smart thermostat market for learning smart thermostat segment is expected to grow at fastest CAGR during the forecast period. A learning thermostat is the most advanced smart thermostat that learns the userâ€™s schedule and forms a cycle to best fit the comfort of the user and optimize energy savings. It seamlessly connects with the internet and devices such as mobiles, tablets, laptops, and voice assistant devices, allowing the user to efficiently manage the HVAC equipment. A learning thermostat also has the capability to exercise zonal control. The data collected by a learning thermostat also intimates the users for predictive maintenance, thus avoiding major maintenance costs due to any equipment failure.
Wireless network segment to grow at a higher CAGR by 2026
The smart thermostat market for wireless network segment is expected to grow at faster CAGR during the forecast period. The interconnection of smart thermostats and heating & cooling devices is facilitated by wireless networks, which improves the performance of the energy-saving devices. Wireless networks help in the coordination of a range of smart thermostats in a specific area, enabling smooth data transmission between them. It also helps in enabling features such as geofencing, in which the smart thermostat senses the arrival of occupants with the help of GPS signals sent from a smartphone.
The residential segment is expected to dominate the smart thermostat market during the forecast period
The residential segment is expected to account for largest share of the smart thermostat market during the forecast period. It is further expected to grow at fastest CAGR throughout the forecast period. The booming residential construction industry has increased the demand for HVAC equipment such as coolers, heaters, and air conditioners. The growth of the industry is witnessed mainly in countries such as Japan and China. The rising average disposable income in these countries, growing awareness about energy conservation, and increasing cost of power are encouraging people to adopt energy-efficient technologies and equipment in their day-to-day lives.
APAC to record highest CAGR from 2021 to 2026
APAC has been a major contributor to the growth of the smart thermostat market as the construction industry, which is the primary end user of smart thermostats, is expanding at a healthy rate. The growing population in developing countries of this region, along with environmental awareness, is supporting the adoption of HVAC controls, such as smart thermostats. The rise in the adoption of green buildings and government initiatives to regulate energy-efficient practices across the commercial sector is also aiding the adoption of smart thermostats in the region. However, the regional market is expected to witness a decline in market size attributed to the halt of both ongoing and new infrastructure development projects due to the COVID-19 pandemic. Also, as the pandemic has also affected individual per capita income, the adoption of new HVAC systems in the residential segment has significantly decreased. However, this loss is expected to be recovered in the coming years with a gradual recovery of the overall economy.
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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).
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