Smart thermostat, the increasing adoption of smart home technology is also responsible for the growth of the smart thermostat market.
search for Souq Smart Thermostat By product (connected, educational, standalone), connection technology (wireless, wired), installation type (new installation, retrofit installation), vertical (residential, commercial, industrial), and region – global outlook to 2026, The smart thermostat market size is expected to grow from US$ 2.5 billion in 2021 to US$ 6.4 billion by 2026; It is expected to grow at a compound annual growth rate of 20.8% from 2021 to 2026. The growth can be attributed to increased awareness of climate change and the need to save energy. In addition, the increasing adoption of smart home technology is also responsible for the growth of the smart thermostat market.
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This report studies the current state of the Smart Thermostat Market by product, connection technology, installation type and vertical.
–Product Type: The market scenario is segmented into three product types – manual thermostats, Wi-Fi-enabled thermostats, and voice-activated thermostats. Manual thermostats are the most common type and are installed in apartment buildings by professionals. Wi-Fi-enabled thermostats are installed in commercial buildings and connected to the Internet. Voice-activated thermostats are installed in apartment buildings and allow users to control their own temperatures via voice commands.
–Connection technology: The market is divided into two categories – wired and wireless communication. Wired connection is more popular because it provides a stable connection between the thermostat and the house
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Smart Thermostats Market, by Product
The global smart thermostat market is expected to grow at a CAGR of 20.8% during the period 2021-2026. This growth can be attributed to the increasing demand for energy efficient homes and buildings, as well as the growing awareness of the benefits of using smart technologies in daily life. The market is divided into three types of products – manual, digital and mixed – based on communication technology. Manual type is estimated to account for the largest share of the total market, followed by digital and then hybrid.
The type of installation is also a major factor affecting market growth, with residential projects accounting for the largest share of total revenue. It is estimated that North America accounts for the largest share of the global smart thermostat market in 2017, followed by Europe and Asia Pacific. The Americas region is expected to grow at a higher rate than Europe due to the increased prevalence of home automation technologies in this region.
Smart Thermostat Market through communication technology
The growing trend of using smart technology in various aspects of our lives has led to the development of the smart thermostat market. The market is expected to grow at a compound annual growth rate of 7.5% during the forecast period 2015-2021. This growth can be attributed to the increased awareness of the advantages of using smart thermostats, as well as the increasing technological advances in this field. The market is segmented on the basis of product, connection technology, installation type and verticality. In terms of product, the market is divided into two types – digital and analog.
The digital genre dominates in terms of revenue, due to its high rates of adoption among consumers. On the connectivity side, the market is divided into two sub-markets – Wi-Fi and Bluetooth. Wi-Fi dominates in terms of revenue due to its widespread use in homes. Bluetooth holds a smaller share due to its limited adoption rates. In terms of installation type, the market is divided into three categories – standalone, integrated and hybrid installations. The independent formulations are expected to grow at a faster rate than the integrated and hybrid formulations during the forecast period.
Smart Thermostat Market by Installation Type
There are three types of installation for smart thermostats – indoor, outdoor and portable. The internal installation type is the most popular among users because it is easy to install and use. Moreover, the outdoor type of installation is gaining popularity as it provides better insulation and weather protection. Portable type of installation is gaining popularity due to its convenience. The communication technology of the smart thermostat is based on the Internet or Bluetooth. Internet calling technology is more popular because it offers a wide range of applications and features. However, Bluetooth based communication technology is gaining in popularity as it provides more secure connection and less interference.
The main players Participation in the smart thermostat market includes Alphabet (Google Nest) (US), Emerson Electric (US), Honeywell International (US), Lennox International (US), ecobee (Canada), Carrier Corporation (US), Johnson Controls (Lux Products) (Ireland), Legrand (Netatmo) (France), Resideo Technologies (US), Siemens (Germany), Trane Technologies (Ireland), Control4 Corporation (US), Nortek Control (US), tado (Germany).
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