DUBLIN–(BUSINESS WIRE)–May 24 October 2022–
The Smart Thermostats Market – Forecasts 2022-2027 report has been added to ResearchAndMarkets.com’s offering.
The smart thermostat market is expected to register a CAGR of 18.90% during the forecast period, growing from US$2.136 billion in 2020 to US$7.173 billion in 2027. They are part of another generation of home automation devices that are gaining popularity in smart homes.
The advent of IoT-enabled HVAC systems, government mandates to increase building energy efficiency, and widespread adoption of smart home voice assistants are driving the smart thermostat market.
Industry is rapidly adopting Smart Thermostat technology. They can easily manage and regulate the HVAC system by adapting to this technology. With wireless communication, the intelligent thermostat can be installed quickly. The rise of IoT services is driving the smart thermostat market.
The number of people keeping track of devices such as air conditioners, heaters and other devices is large. It is a key market driver accelerating the growth pace of Smart Thermostat industry. With increasing urbanization, the need for automation devices increases. AL functions are available in IoT devices like smart thermostat. Users benefit from the ease of use and the energy-saving functions of the thermostatic devices.
In addition, government attempts to reduce energy consumption are increasing today. CO2 emissions are reduced through the use of energy-efficient automation systems. In the years to come, it will raise awareness of smart thermostat technology. As a result, many customers know that the thermostatic device helps them to save electricity. It is possible to operate the air conditioner, tablets, mobile phones and other devices with a single access control. The need for automation equipment and emission concept is the most important market factor driving the growth of this market.
Smart Thermostats Market Growth Factors
The increasing demand for smart buildings and smart cities
Society is becoming increasingly urbanized, with a focus on smart cities, where connected technologies and Internet of Things (IoT) solutions are deployed to improve critical infrastructure, public safety, city lighting, energy efficiency, traffic flow, and traffic congestion. The goal is to reduce the carbon footprint of cities while making them better places to live, work and play. To live up to its name, a smart city must leverage technology to support long-term growth.
Technology must maximize resource efficiency while encouraging governments and citizens to make wise choices. According to Project Drawdown’s February 2020 report, thermostats control home electricity use for heating and cooling, which accounts for 9% of total home electricity use.
Introduction of the Internet of Things (IoT).
Smart thermostats are used in homes to regulate humidity and temperature while allowing fresh air to flow in, thereby maintaining air quality. Additionally, by combining IoT sensors and thermostats, smart HVAC systems can save families, businesses, and the government money on energy while increasing productivity. Thus, the government and companies could upgrade the devices and applications to maintain appropriate efficiency optimization in smart buildings and city projects. Intense emphasis and use of these devices can drive demand.
Smart homes are now firmly part of the mainstream in the United States, with more than 75% of WiFi homes using them, according to IDC’s August Smart Home Survey report. According to Alarms.org’s February 2020 survey results, the number of Americans who have technological devices in their homes is increasing rapidly, with 47 percent of Millennials reporting having some smart devices and 70 percent of shoppers currently having one Own product plan to buy another. In addition, 63% of respondents wanted to buy smart thermostats and fans, 63% wanted security and alarm systems, and 58% wanted smart lighting. In the home, IoT-enabled devices offer energy-saving features.
Improved control mechanisms and the most modern, networked thermostats require high investments. Therefore, it can be difficult for small and medium-sized enterprises (SMEs) to implement them in the market. In addition, consumers with limited purchasing power may have difficulty affording the costs. According to Brinks Homme, smart thermostats typically pay for themselves in less than two years. However, the initial investment can actually be four times that of a standard thermostat. In addition, learning to use and operate the touch-sensitive display panel can be difficult.
Smart Thermostats Market Segmentation:
- Wireless Internet access
According to geography
- North America
- United States of America
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
Main topics covered:
2. Research methodology
4. Market Dynamics
5. Smart Thermostats Market by Technology
6. Smart Thermostats Market by Application
7. Smart Thermostats Market by Geography
8. Competitive environment and analysis
9. Company Profiles.
- Google nest
- Honeywell International
- Schneider Electric
- Emerson Climate Technologies
- Carrier Corporation
- Radio Thermostat Company of America
For more information about this report, visit https://www.researchandmarkets.com/r/2tcimo
View source version on businesswire.com: https://www.businesswire.com/news/home/20221024005545/en/
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INDUSTRY KEY WORD: TECHNOLOGY ENERGY SUPPLY IOT (INTERNET OF THINGS)
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUBLICATION: 10/24/2022 6:42 AM / DISC: 10/24/2022 6:42 AM