According to ResearchMoz, the latest industrial stats predict the smart thermostat market is expected to reach $8,729.2 million by 2026, expanding at a CAGR of 23.7% from 2018 to 2026. According to the company’s report, the smart thermostat market is likely to continue to be influenced by a range of macroeconomic and market-specific factors in the next few years.
In terms of demand, Asia Pacific is projected to lead the global market during the forecast period. The market in the region is likely to expand at a CAGR of 26.9% from 2018 to 2026. China, India, Japan, and South Korea are expected to be major contributors to the smart thermostat market in Asia Pacific during the forecast period.
- High returns on investments (RoI) and energy savings to drive adoption of smart thermostats
- Government organizations in the US and Europe have mandated use of smart thermostats in smart homes and new residential buildings. This is expected to propel the demand for smart thermostats in the next few years.
- Motion sensor segment accounted for a major share of more than 30.0%, in terms of revenue, in 2017. The segment is anticipated to expand at a CAGR of 24.7% during the forecast period.
- Wireless segment has been sub-classified into Wi-Fi, Bluetooth, and others. The Wi-Fi segment held the maximum market share in 2017, in terms of revenue. Additionally, the segment is expected to expand at the maximum CAGR of 25.2% during the forecast period. The Bluetooth segment is also expected to expand at a high CAGR during the forecast period.
- Classified into residential, commercial, and industrial, the residential segment accounted for a major market share of more than 75% in 2017 and it is anticipated to expand at a CAGR of 24.1% during the forecast period.
- North America accounted for the maximum i.e. more than 50% share of the global market, in terms of both revenue and volume.
- Key players operating in the global market include Carrier Corporation, Control4 Corporation, Ecobee, Inc., Nest Labs, Ingersoll Rand Inc., Emerson Electric Co, Honeywell Inc., Schneider Electric SE, NorTek Inc., Tado GmbH, and Pro1 IAQ.
For more details, checkout the report.