Smart Thermostat Market- Overview

A thermostat is one of the emerging smart home device which is convenient in use and control the heat of smart devices such as smartphone, smart watch or smart home appliances. Smart thermostat also monitor and records internal/external temperatures, and HVAC system time. After deployed widely, smart thermostat has potential to better manage and curb energy consumption across the broader system. There are numerous of smart thermostat available in the market. Nest thermostat, Honeywell Evohome, Tado smart thermostat, Netatmo smart thermostat, Hiva active heating, and CLIMOTE are some of popular thermostat products available in the market.

The major growth driver of Smart Thermostat Market includes technology developments, emerging market of smart homes and growing demand for energy efficient devices. However, risk of sensor failure and high initial cost are some of the factors which are hindering the growth of Smart Thermostat Market. Despite of high technology advancements, the thermostat requires fast and reliable internet connection to give the desired results. Also, security privacy concern is one another factor expected to hinder the market growth.

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Key Players

Ecobee (Canada), Nest Labs Inc.(US), Tado (Germany), Emerson Electric (US), Honeywell International Inc (US), Tado (Germany), Control4 Corporation (US)

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Smart Thermostat Market- Segmentation

The Smart Thermostat Market can be classified into four key segments as follows:

Segmentation by Components: Display devices, and Sensors (humidity sensor, motion sensor, and temperature sensors)

Segmentation by Deployment: wired and wireless

Segmentation by Application: Residential, commercial and industrial

Segmentation by Regions: Comprises Geographical regions - North America, Europe, Asia Pacific and Rest of the World.

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Smart Thermostat Market- Regional Analysis

The global Smart Thermostat (BIM) market is estimated to grow at a promising rate in upcoming years. North America has dominated the Smart Thermostat market in 2016 due to increasing demand for energy management solutions and development in wide distribution network in the region. Followed by Europe, which is expected to be growing market in the coming years. Government in Europe has started taking initiatives to reduce energy consumption and support funding improvements for household energy consumption thereby driving the market of smart thermostat in the region.