Market Overview:
The global connected smart thermostats market is expected to grow at a CAGR of 10.5% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing demand for energy-efficient devices and the growing awareness about the benefits of using connected smart thermostats. The wired segment is expected to dominate the global connected smart thermostats market during the forecast period, owing to its low installation cost and easy availability. However, with advancements in wireless technology, the wireless segment is projected to grow at a higher CAGR than that of wired segments during 2018-2030. Residential applications are expected to account for a major share of the global connected smart thermostats market during 2018-2030 due high adoption rates across different regions globally.
Product Definition:
A connected smart thermostat is a device that can be controlled remotely and/or automatically through a mobile app or computer interface. Connected smart thermostats can save energy by adjusting the temperature in your home according to your schedule or preferences. They can also provide insight into how much energy you are using and suggest ways to conserve.
Wired:
Wired is a technology used to transmit data and power in the form of cables. It can be used for both, consumer-based devices as well as enterprise-based devices. In consumer-based devices, such as smart televisions and set top boxes; it is widely used for connecting electronic appliances to television sets or computers through which consumers can access media content from various sources including satellite systems and internet service providers.
Wireless:
The global wireless and its usage in the connected smart thermostats market size was valued at USD 7.0 billion in 2015. The increasing penetration of smartphones, tablets, and other portable devices is expected to drive the industry growth over the forecast period.
Application Insights:
The residential segment dominated the global connected smart thermostats market, accounting for more than 60.0% share of the overall revenue in 2017. Rising adoption of smart home technology and growing concerns about energy conservation are driving the demand for connected thermostats among consumers globally. Furthermore, increasing government initiatives to promote energy efficiency will further propel market growth over the forecast period.
The business application segment is expected to expand at a CAGR of XX% from 2018 to 2030 owing to rising deployment of IoT solutions by companies across various industries such as utilities, manufacturing and construction, retail and e-commerce sectors etc., The industry has also witnessed significant advancements in terms of product development with new products launching almost every year since 2014 which can be controlled remotely using an app installed on a smartphone or tablet device running on Google Chrome OS or iOS operating system etc.
Regional Analysis:
North America dominated the global market in 2017. The region is expected to maintain its position during the forecast period. This can be attributed to increasing awareness regarding energy conservation and adoption of smart devices in both commercial and residential sectors. Moreover, presence of key players such as Honeywell International Inc.; Nest Labs, Inc.; and ecobee Ltd., is also contributing toward growth of this regional market.
Asia Pacific region accounted for a revenue share of over 20% in 2017 owing to rising demand for connected thermostats from residential as well as business applications due to increasing number of smart homes across countries such as China, Japan, South Korea among others which are majorly driven by low electricity rates coupled with government initiatives aimed at reducing carbon footprint associated with heating & cooling systems used in buildings or vehicles etc.
Growth Factors:
- Increasing demand for energy-efficient devices: The global market for connected smart thermostats is expected to grow at a CAGR of more than 25% during the forecast period. This can be attributed to the increasing demand for energy-efficient devices across the world.
- Rising awareness about the benefits of connected smart thermostats: There is a growing awareness among consumers about the benefits of using connected smart thermostats, which is expected to drive market growth during the forecast period.
- Growing number of partnerships and collaborations among key players: The global market for connected smart thermostats is witnessing a number of partnerships and collaborations among key players, which is likely to boost market growth in the coming years.
- Proliferation of Internet-of-Things (IoT) technology: The proliferation of IoT technology is one of the major factors driving growth in this market as it enables seamless connectivity between devices and helps reduce power consumption significantly.
Scope Of The Report
Report Attributes
Report Details
Report Title
Connected Smart Thermostats Market Research Report
By Type
Wired, Wireless
By Application
Residential, Business, Industry
By Companies
Nest Labs, Honeywell International, Ecobee, Emerson Electric, Schneider Electric, Tado GmbH, Control4 Corporation, Carrier Corporation, Nortek
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
231
Number of Tables & Figures
162
Customization Available
Yes, the report can be customized as per your need.
Global Connected Smart Thermostats Market Report Segments:
The global Connected Smart Thermostats market is segmented on the basis of:
Types
Wired, Wireless
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Residential, Business, Industry
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Nest Labs
- Honeywell International
- Ecobee
- Emerson Electric
- Schneider Electric
- Tado GmbH
- Control4 Corporation
- Carrier Corporation
- Nortek
Highlights of The Connected Smart Thermostats Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Wired
- Wireless
- By Application:
- Residential
- Business
- Industry
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Connected Smart Thermostats Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Connected Smart Thermostats are a type of smart home device that allows homeowners to control their heating and cooling systems using their smartphones or other compatible devices. They typically connect to the internet and allow users to manage settings, receive notifications about system status, and receive alerts when maintenance is required. Some connected smart thermostats also offer features such as voice recognition or remote access for people with disabilities.
Some of the major companies in the connected smart thermostats market are Nest Labs, Honeywell International, Ecobee, Emerson Electric, Schneider Electric, Tado GmbH, Control4 Corporation, Carrier Corporation, Nortek.
The connected smart thermostats market is expected to grow at a compound annual growth rate of 10.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Connected Smart Thermostats Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Connected Smart Thermostats Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Connected Smart Thermostats Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Connected Smart Thermostats Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Connected Smart Thermostats Market Size & Forecast, 2020-2028
4.5.1 Connected Smart Thermostats Market Size and Y-o-Y Growth
4.5.2 Connected Smart Thermostats Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 Wired
5.2.2 Wireless
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Residential
6.2.2 Business
6.2.3 Industry
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Connected Smart Thermostats Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Connected Smart Thermostats Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 Wired
9.6.2 Wireless
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Residential
9.10.2 Business
9.10.3 Industry
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 Wired
10.6.2 Wireless
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Residential
10.10.2 Business
10.10.3 Industry
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 Wired
11.6.2 Wireless
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Residential
11.10.2 Business
11.10.3 Industry
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 Wired
12.6.2 Wireless
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Residential
12.10.2 Business
12.10.3 Industry
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 Wired
13.6.2 Wireless
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Residential
13.10.2 Business
13.10.3 Industry
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Connected Smart Thermostats Market: Competitive Dashboard
14.2 Global Connected Smart Thermostats Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Nest Labs
14.3.2 Honeywell International
14.3.3 Ecobee
14.3.4 Emerson Electric
14.3.5 Schneider Electric
14.3.6 Tado GmbH
14.3.7 Control4 Corporation
14.3.8 Carrier Corporation
14.3.9 Nortek
