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:
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.
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.