Smart Thermostat Market to Reach $11.36 Billion, Globally , by 2027 at 28.0% CAGR: Allied Market Research
The growth of the global smart thermostat market is driven by increase in use of smart technology in medical monitoring, rise in penetration of IoT and AI-based technologies, and rapid deployment of smart infrastructure in residential & commercial sectors.
Wilmington, Delaware, Nov. 06, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Smart Thermostat Market by Technology (Wi-Fi, Bluetooth, Zigbee, and Others), Application (Air Conditioning, Heating, and Ventilation) and End User (Residential, Commercial, Industrial, and Others): Opportunity Analysis and Industry Forecast, 2020-2027 “. According to the report, the global smart thermostat market generated $1.86 billion in 2019, and is projected to hit $11.36 billion by 2027, growing at a CAGR of 28.0% during the forecast period.
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Prime Determinants of Growth
The growth of the global smart thermostat market is driven by increase in use of smart technology in medical monitoring, rise in penetration of IoT and AI-based technologies, and rapid deployment of smart infrastructure in residential & commercial sectors. In addition, adoption of automated systems and developments in temperature regulation applications are expected to open lucrative opportunities for the market players in the future. However, the high cost of products in emerging economies hinders the market.
Report Coverage & Details:
|Forecast Period||2020 to 2027|
|Market Size in 2019||$1.86 Billion|
|Market Size in 2027||$11.36 Billion|
|No. of Pages in Report||245|
|Segments covered||Technology, Application, End User and Region.|
|Drivers||Rapid deployment of smart infrastructure in residential & commercial sectors Upsurge in penetration of IoT and AI-based technologies Increase in use of smart technology in medical monitoring|
|Opportunities||Advancements in temperature regulation appliances and adoption of automated systems|
|Restraints||High cost of products in developing countries|
The global smart thermostat market is categorized on the basis of technology, application, end-user, and region.
Based on technology, the Wi-Fi segment held the lion’s share in 2019, contributing to nearly one-third of the market. Moreover, this segment is estimated to manifest the highest CAGR of 29.9% during the forecast period.
Based on application, the heating segment contributed to the highest share in 2019, holding more than two-fifths of the market. However, the air conditioning segment is anticipated to portray the fastest CAGR of 29.9% during the forecast period.
Region-wise, the global smart thermostat industry is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region held the highest market share in 2019, contributing to more than two-fifths of the market. In addition, this region is registered to witness the highest CAGR of 30.4% during the forecast period.
The global smart thermostat market report includes an in-depth analysis of the market players such as Tado GmbH, Schnieder Electric SE, Emerson Electric Co., Johnson Controls, Honeywell International Inc., Ecobee, Inc., Control4 Corporation, Nest Labs, Inc., Ingersoll Rand plc, and Nortek, Inc.
Key Benefits For Stakeholders:
- As per the smart thermostat market outlook, this report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the smart thermostat market analysis from 2022 to 2032 to identify the prevailing smart thermostat market opportunities.
- The smart thermostat Market Forecast research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the smart thermostat market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global smart thermostat market trends, key players, market segments, application areas, and smart thermostat Market growth strategies.
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Smart Thermostat Key Segments:
- Air Conditioning
By End User
- North America (U.S., Canada, Mexico)
- Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
- LAMEA (Brazil, Saudi Arebia, United Arab Emirates, South Africa, Rest of LAMEA)
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