The smart thermostat market size is expected to grow from USD 2.5 billion in 2021 to USD 6.4 billion by 2026; it is expected to grow at a CAGR of 20.8% from 2021 to 2026. The key factors driving the growth of the market increasing adoption of smart homes attributed to COVID-19 situation, emergence of IoT-enabled HVAC systems, government regulations pertaining to increase energy efficiency of buildings, and surging adoption of smart home voice assistants.
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“Product-wise, connected smart thermostat segment held the largest market size of overall smart thermostat market in 2020“
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.
“Connectivity technology -wise, wireless network segment to grow at a higher rate from 2021 to 2026”
Wireless network is the most widely used connectivity technology in smart thermostats as it helps to reduce the installation and maintenance costs, provides higher flexibility and scalability, and better connectivity. The installation of wireless connectivity makes smart thermostats more compatible with smart devices such as smartphones, tablets, and laptops for operation. The increasing adoption of smart homes in the US is fueling the demand for smart thermostats based on wireless connectivity technology.
“Installation type-wise, new installation segment to grow at a higher rate from 2021 to 2026”
Rapid infrastructure developments, improved standard of living, and increased focus on developing energy-efficient HVAC systems are fueling the growth of the smart thermostat market for new installation. Implementation of various government regulations to deploy energy-efficient HVAC systems and controls has resulted in the wide adoption of smart thermostats in new buildings. These factors have led to the higher growth of the new installation segment.
“Vertical-wise, residential segment held the largest market size of overall smart thermostat market in 2020”
The residential vertical is expected to hold the largest market size during the forecast period. 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.
“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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