The Global smart thermostat Market is expected to witness an astronomical growth in the forecast period during 2021-2026 on account of growing adoption of automated in commercial and residential sector, burgeoning penetration of home automation and rising awareness regarding energy-conservation increasing the demand for home energy management systems are the driving factors for the growth of smart thermostat. Besides this, increasing integration of advanced technology such as Wi-Fi, AI, and IoT, growing popularity of smart homes and snowballing demand for virtual assistance devices such as Alexa or google assistant to manage smart devices are anticipated to positively impact the market growth in the forecast period.
The
wake of COVID-19 has a dual impact on the Smart Thermostat market.
China is the largest hardware manufacturing country of thermostat
device, thus, the outbreak of the virus has majorly disrupted the supply
chain across the globe rose the demand and supply gap temporarily
closure of the manufacturing units and significant decline in the sales
of connected homes sales during the lockdown has adversely affected the
market growth. However, the upsurge in the demand for smart home devices
such as smart voice control devices, smart electronic appliances and
increasing use has propelled the demand for thermostat worldwide.
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Based
on Component, Sensor acquired the majority market share in the Global
Smart Thermostat in 2020. The Temperature sensor is witnessing robust
growth due to burgeoning demand for these sensors smart appliances such
as air conditioners, washing machines, and burgeoning adoption of home
automation systems.
The key players with a considerable market share in the Global Smart Thermostat market are Emerson Electric Co., Nest Labs, GridPoint, Inc., Tado GmbH, Honeywell International, Computime Group Ltd., Schneider Electric SE, Radio Thermostat Company of America, Ecobee, Inc., Control4 Corporation, Carrier Corporation, Siemens AG, Johnson Controls, Zen Ecosystems, Resideo Technologies, Inc. etc.
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