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Global Smart Thermostats Market 2017-2021

About Smart Thermostats

Smart thermostats are devices that are connected to home automation systems and are used to regulate the temperature within an enclosed area. Smart thermostats combine software, sensors, Wi-Fi connectivity, algorithms, and user-friendly interfaces to aid in conserving energy and energy costs. These thermostats are used in both commercial and residential settings. Users use mobile apps to regulate the settings on the smart thermostats remotely. Smart thermostats are also programmed to self-learn the pattern of activities of the end-user.

Technavio’s analysts forecast the global smart thermostats market to grow at a CAGR of 19.00% during the period 2017-2021.

Covered in this report

The report covers the present scenario and the growth prospects of the global smart thermostats market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.

The market is divided into the following segments based on geography:

  • North America
  • APAC
  • Europe
  • ROW
Technavio's report, Global Smart Thermostats Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

Key vendors
  • Carrier
  • ecobee
  • Emerson
  • Honeywell International
  • Nest Labs
Other prominent vendors
  • Bosch Thermotechnology
  • Centrica
  • climote
  • Computime
  • EcoFactor
  • GridPoint
  • Ingersoll-Rand
  • LUXPRO
  • Netatmo
  • Quby
  • Radio Thermostat Company of America
  • Robertshaw Climate
  • Schneider Electric
  • tado⁰
  • Venstar
Market driver
  • Growth in number of HVAC equipment users
  • For a full, detailed list, view our report
Market challenge
  • High initial prices affect the demand for smart thermostats
  • For a full, detailed list, view our report
Market trend
  • Limited penetration of smart thermostats in APAC
  • For a full, detailed list, view our report
Key questions answered in this report
  • What will the market size be in 2021 and what will the growth rate be?
  • What are the key market trends?
  • What is driving this market?
  • What are the challenges to market growth?
  • Who are the key vendors in this market space?


Press Release

Technavio Announces the Publication of its Research Report – Global Smart Thermostats Market 2017-2021

Technavio recognizes the following companies as the key players in the global smart thermostats market: Carrier, ecobee, Emerson, Honeywell International, and Nest Labs.

Other Prominent Vendors in the market are: Bosch Thermotechnology, Centrica, Climate, Computime, EcoFactor, GridPoint, Ingersoll-Rand, LUXPRO, Netatmo, Quby, Radio Thermostat Company of America, Robertshaw Climate, Schneider Electric, tado⁰, and Venstar.

Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Limited penetration of smart thermostats in APAC. The penetration of smart home products and devices has been significantly lower in APAC countries like India and China when compared with the countries in the Americas and Europe. Smart home products like smart thermostats are specifically designed for the Americas and Europe. The products that are developed for those countries cannot be directly adopted in the Indian market. The lifestyles and environment in India and China are substantially different from that in other countries.”

According to the report, one of the major drivers for this market is Growth in number of HVAC equipment users. HVAC systems are being increasingly adopted globally for their energy efficiency. With the help of heating and air conditioning equipment, the temperature can be maintained within a household. Smart thermostats help in monitoring and controlling the temperature from remote locations also. Therefore, the growth in the construction of residential and commercial buildings is expected to drive the demand for HVAC equipment, thereby spurring the demand for smart thermostats.

Further, the report states that one of the major factors hindering the growth of this market is High initial prices affect the demand for smart thermostats. The high initial cost of smart thermostats is one of the primary challenges faced by the consumers. Most of the thermostats offered by major vendors like Nest Labs, Honeywell International, and ecobee are the do-it-yourself (DIY) type, which poses a challenge to most consumers. Thus, it leads to the need to hire professionals to install the thermostats, thereby resulting in additional costs. Therefore, the high initial cost of smart thermostats, as well as the costs incurred in their installation discourages many consumers from opting for them.

Companies Mentioned

Carrier, ecobee, Emerson, Honeywell International, Nest Labs, Bosch Thermotechnology, Centrica, Climate, Computime, EcoFactor, GridPoint, Ingersoll-Rand, LUXPRO, Netatmo, Quby, Radio Thermostat Company of America, Robertshaw Climate, Schneider Electric, tado⁰, and Venstar.

  • Executive summary
  • Scope of the report
  • Research Methodology
  • Introduction
    • Market outline
      • Table Constituents of a smart home
      • Table Global smart thermostats market by technology 2016-2021 ($ millions)
  • Market landscape
    • Market overview
      • Table Market overview
    • Market size and forecast
      • Table Global smart thermostats market 2016-2021 ($ millions)
    • Five forces analysis
      • Table Five forces analysis
  • Market Segmentation by technology
    • Market overview
      • Table Global smart thermostats market-segmentation by technology 2016 and 2021 (%)
    • Wi-Fi
      • Table Global smart thermostats market by Wi-Fi technology 2016-2021 ($ millions)
    • ZigBee
      • Table Global smart thermostats market by ZigBee technology 2016-2021 ($ millions)
  • Geographical segmentation
    • Market overview
      • Table Global smart thermostats market by geography 2016-2021 (%)
    • North America
      • Table Smart thermostats market in North America 2016-2021 ($ millions)
      • Table Under-construction units in US 2010-2016 (thousands of units)
      • Table Housing starts in Canada 2013-2016 (thousands of units)
      • Table Index of production in construction in Mexico January 2016 to March 2017 (number of units)
    • Europe
      • Table Smart thermostats market in Europe 2016-2021 ($ millions)
      • Table Production of construction index in EU-28 2016 (number of units)
    • APAC
      • Table Smart thermostats market in APAC 2016-2021 ($ millions)
  • Decision framework
  • Drivers and challenges
    • Market drivers
      • Table Presence of air conditioning in new single-family houses completed in US 2010-2016 (% share)
    • Market challenges
      • Table Major products in smart thermostats market
  • Market trends
    • Limited penetration of smart thermostats in APAC
    • Voice-controlled thermostats
    • Growth in commercial construction
      • Table Building construction in EU: Volume index of production January 2016-February 2017
  • Vendor landscape
    • Competitive scenario
    • Other prominent vendors
      • Table Other prominent vendors in the global smart thermostats market
  • Key vendor analysis
    • Carrier
      • Table Carrier: Products offered under residential systems
      • Table Carrier: Smart thermostat product portfolio
    • Emerson
      • Table Emerson: Product portfolio
      • Table Emerson: Thermostat product portfolio
      • Table Emerson: Smart thermostat product portfolio
    • Honeywell International
      • Table Honeywell International: Products offered
      • Table Honeywell International: Smart thermostat product portfolio
    • Nest Labs
    • ecobee
      • Table ecobee: Product portfolio
  • Appendix
    • List of abbreviations
  • Explore Technavio

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