Market Overview:
The global smart home 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 smart home thermostats. The global smart home thermostats market is segmented on the basis of type, application, and region. On the basis of type, it is divided into WiFi thermostats, ZigBee thermostats, and others (Bluetooth Low Energy [BLE] and Z-Wave). WiFi Thermostat held a dominant share in 2017 owing to its high adoption rate across residential applications. However, ZigBee Thermostat is expected to grow at a higher CAGR during the forecast period as it offers better interoperability with other connected devices in a smart home ecosystem than WiFi Thermostat does. On the basis of application, it is segmented into online purchase and in-store purchase. Online purchase accounted for a larger share than in-store purchase in 2017 due to increased penetration of internet connectivity among consumers worldwide coupled with rising demand for convenience while making purchases online.
Product Definition:
A Smart Home Thermostat is a device that can be used to control the temperature of a home remotely. It can also be programmed to adjust the temperature based on certain conditions, such as whether or not someone is home. This type of thermostat can help save energy and money by automatically adjusting the temperature when it isn't needed.
WiFi Thermostats:
WiFi thermostats are electronic devices that can be easily integrated into a user's home to regulate the temperature of various rooms as and when required. It is also possible to set alarms and reminders on these devices, which further helps in maintaining the desired temperature. The product has gained popularity owing to its ability to control heating and cooling with just one device.
ZigBee Thermostats:
ZigBee is a wireless protocol for communicating that was developed by the ZigBee Alliance, a self-regulatory organization composed of companies as well as organizations that contribute to the advancement of IoT. The technology is based on an open standard and can be used with any product or device compatible with Wi-Fi or Bluetooth. It has been designed primarily for use in smart home applications but also has some other niche applications such as medical devices and building automation systems (BAS).
Application Insights:
The in-store application segment dominated the global smart home thermostats market, accounting for more than 60.0% share of the total revenue in 2017. The growing trend of the usage of smartphones to control various appliances through Wi-Fi or ZigBee is expected to drive the demand for connected thermostats over the next few years. Moreover, with an increasing number of smart home systems being introduced by different vendors, consumers are increasingly opting for online purchase owing to benefits such as cash on delivery and easy returns offered by e-commerce platforms.
The other application segment includes residential applications and commercial applications other than brick & mortar stores such as shopping malls or retail outlets that offer products via mobile app installation or remote access using a web interface.
Regional Analysis:
North America dominated the global market in 2017. This can be attributed to the presence of a large number of manufacturers and solution providers, along with high adoption rate for smart home technology in this region. Europe is expected to be the second-largest regional market over the forecast period owing to increasing penetration rates for smart thermostats and growing awareness about energy efficiency among consumers. Asia Pacific is anticipated to witness significant growth over the next eight years due to rising disposable income levels, coupled with improving standard of living especially in developing countries such as India and China.
The MEA regional market includes Saudi Arabia, UAE, Egypt Kuwait Oman and Jordan among other countries that have been identified as potential markets for IoT-based solutions by GSMA (Gulf Cooperation Council).
Growth Factors:
- Increasing demand for energy-efficient devices: The global market for smart thermostats is expected to grow at a CAGR of more than 25% from 2016 to 2020. This is due to the increasing demand for energy-efficient devices across the world. Smart thermostats help in reducing energy consumption by up to 30%.
- Rising awareness about the benefits of using smart thermostats: There is a growing awareness among consumers about the benefits of using smart thermostats, such as improved comfort, reduced energy bills, and increased home security. This is helping to drive the growth of the global market for smart thermostats.
- Growing popularity of connected homes: The popularity of connected homes is another major factor driving the growth of the global market for smart thermostats. A connected home refers to a residence that has various appliances and devices that are interconnected and can be controlled remotely using smartphones or other electronic devices. Smart thermostats are one of the most popular types of appliances used in connected homes today as they offer several advantages over traditional heating and cooling systems, such as improved comfort, convenience, and efficiency.
Scope Of The Report
Report Attributes
Report Details
Report Title
Smart Home Thermostats Market Research Report
By Type
WiFi Thermostats, ZigBee Thermostats, Others
By Application
Online Purchase, In-store
By Companies
Google Nest, Honeywell, EcoBee, Schneider Electric, Emerson, LUX/GEO, Carrier, Energate Inc., Tado GmbH, Control4, Google Nest, Hive Home
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
200
Number of Tables & Figures
140
Customization Available
Yes, the report can be customized as per your need.
Global Smart Home Thermostats Market Report Segments:
The global Smart Home Thermostats market is segmented on the basis of:
Types
WiFi Thermostats, ZigBee Thermostats, Others
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
Online Purchase, In-store
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:
- Google Nest
- Honeywell
- EcoBee
- Schneider Electric
- Emerson
- LUX/GEO
- Carrier
- Energate Inc.
- Tado GmbH
- Control4
- Google Nest
- Hive Home
Highlights of The Smart Home 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:
- WiFi Thermostats
- ZigBee Thermostats
- Others
- By Application:
- Online Purchase
- In-store
- 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 Smart Home 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?
A smart home thermostat is a device that helps you control your heating and cooling system in your home. It can be controlled through an app on your smartphone or computer, or even voice commands.
Some of the key players operating in the smart home thermostats market are Google Nest, Honeywell, EcoBee, Schneider Electric, Emerson, LUX/GEO, Carrier, Energate Inc., Tado GmbH, Control4, Google Nest, Hive Home.
The smart home thermostats market is expected to register a CAGR of 10.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Smart Home 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 Smart Home Thermostats Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Smart Home 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 Smart Home 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 Smart Home Thermostats Market Size & Forecast, 2018-2028
4.5.1 Smart Home Thermostats Market Size and Y-o-Y Growth
4.5.2 Smart Home Thermostats Market Absolute $ Opportunity
Chapter 5 Global Smart Home Thermostats 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 Smart Home Thermostats Market Size Forecast by Type
5.2.1 WiFi Thermostats
5.2.2 ZigBee Thermostats
5.2.3 Others
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Smart Home Thermostats 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 Smart Home Thermostats Market Size Forecast by Applications
6.2.1 Online Purchase
6.2.2 In-store
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Smart Home 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 Smart Home 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 Smart Home Thermostats Analysis and Forecast
9.1 Introduction
9.2 North America Smart Home Thermostats 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 Smart Home Thermostats Market Size Forecast by Type
9.6.1 WiFi Thermostats
9.6.2 ZigBee Thermostats
9.6.3 Others
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 Smart Home Thermostats Market Size Forecast by Applications
9.10.1 Online Purchase
9.10.2 In-store
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 Smart Home Thermostats Analysis and Forecast
10.1 Introduction
10.2 Europe Smart Home Thermostats 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 Smart Home Thermostats Market Size Forecast by Type
10.6.1 WiFi Thermostats
10.6.2 ZigBee Thermostats
10.6.3 Others
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 Smart Home Thermostats Market Size Forecast by Applications
10.10.1 Online Purchase
10.10.2 In-store
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 Smart Home Thermostats Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Smart Home Thermostats 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 Smart Home Thermostats Market Size Forecast by Type
11.6.1 WiFi Thermostats
11.6.2 ZigBee Thermostats
11.6.3 Others
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 Smart Home Thermostats Market Size Forecast by Applications
11.10.1 Online Purchase
11.10.2 In-store
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 Smart Home Thermostats Analysis and Forecast
12.1 Introduction
12.2 Latin America Smart Home Thermostats 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 Smart Home Thermostats Market Size Forecast by Type
12.6.1 WiFi Thermostats
12.6.2 ZigBee Thermostats
12.6.3 Others
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 Smart Home Thermostats Market Size Forecast by Applications
12.10.1 Online Purchase
12.10.2 In-store
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) Smart Home Thermostats Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Smart Home Thermostats 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) Smart Home Thermostats Market Size Forecast by Type
13.6.1 WiFi Thermostats
13.6.2 ZigBee Thermostats
13.6.3 Others
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) Smart Home Thermostats Market Size Forecast by Applications
13.10.1 Online Purchase
13.10.2 In-store
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 Smart Home Thermostats Market: Competitive Dashboard
14.2 Global Smart Home Thermostats Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Google Nest
14.3.2 Honeywell
14.3.3 EcoBee
14.3.4 Schneider Electric
14.3.5 Emerson
14.3.6 LUX/GEO
14.3.7 Carrier
14.3.8 Energate Inc.
14.3.9 Tado GmbH
14.3.10 Control4
14.3.11 Google Nest
14.3.12 Hive Home
