Smart Thermostat Market Size Projected To Uplift $2.99 Billion By 2022: Grand View Research, Inc.

Posted on
by

“Grand View Research, Inc. – Market Research And Consulting.”
According to report published by Grand View Research, smart thermostats form an integral part of smart homes and have gained high traction in developed regions such as Europe and North America. The industry is anticipated to witness a high adoption of these gadgets as they display the energy consumption level in real-time and are capable of adjusting to ambient conditions automatically.

According to a report,“Smart Thermostat Market Analysis By Technology (Wi-Fi, ZigBee, Others) And Segment Forecasts To 2022”, published by Grand View Research, Inc., The global smart thermostat market is expected to reach USD 2.99 billion by 2022. These thermostats enable users to remotely control their air conditioning as well as heating systems through wireless connectivity and mobile apps. Smart thermostats form an integral part of smart homes and have gained high traction in developed regions such as Europe and North America. The industry is anticipated to witness a high adoption of these gadgets as they display the energy consumption level in real-time and are capable of adjusting to ambient conditions automatically. These devices can be connected to the internet and offer analytics and performance measurement tools through web-based portals. They are usually an integral part of the home automation ecosystem.

Key Takeaways from the report:

  • The market primarily includes devices based on connectivity technologies such as Wi-Fi, ZigBee, and other technologies including NFC, Bluetooth, and Ethernet. ZigBee-enabled devices are expected to gain a significant share with the increasing consumers’ shift toward home automation devices.

  • North America and Europe, together, accounted for about 90% of the overall market share (in terms of revenue) in 2015 owing to the high demand for such devices in the region and favorable government mandates. The surge in the constructional activities and growing popularity of smart homes is expected to spur the demand.

  • Key players, including Honeywell International, Inc., Nest Labs, Inc. (Google), and Ecobee, together, accounted for over 40% of the overall market share (in terms of revenue) in 2015. OEMs have been focusing on the development of new products as well as upgrading the existing product portfolio. Strategic agreements and collaborations have been practiced for gaining competitive advantage.

North America Smart Thermostats Market Revenue, by Technology, 2012 – 2022 (USD Million)

 North America Smart Thermostats Market Revenue, by Technology, 2012 - 2022 (USD Million)

Browse More Reports in Next Generation Technologies: 

  • Human Resource Management (HRM) Market: Increasing need for managing widespread workforce and growing demand for replacing legacy systems with improved human capital management platforms are anticipated to fuel market growth.

Energy utility retailers play a vital role in promoting the adoption of these devices in households. Many utilities offer these products as a part of their home energy management schemes. The involvement of energy retailers amplifies the potential for the smart thermostat industry growth. Additionally, the proliferation of mobile phones and their convergence with thermostats make these products much more attractive for the end-users.

The growing penetration of smartphones, rising per unit energy costs, the need for effective energy management solutions, and the favorable regulatory scenario are expected to propel the market growth over the coming years. The increased penetration of Near Field Communication (NFC) and ZigBee home automation devices is further expected to augment the demand. However, the high cost of devices and the associated data security concerns may restrain the growth prospects of this industry.

Grand View Research has segmented the smart thermostat market on the basis of technology and region:

Smart Thermostat Technology Outlook (Revenue, USD Million, 2012 – 2022)

  • Wi-Fi

  • ZigBee

  • Others (Near Field Communication (NFC), Bluetooth, and Ethernet)

Smart Thermostat Regional Outlook (Revenue, USD Million, 2012 – 2022)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • UK

  • Asia Pacific

    • China

    • Australia and New Zealand

    • Japan

  • Latin America

    • Brazil

  • MEA

Explore the BI enabled intuitive market research database, Navigate with Grand View Compass, by Grand View Research, Inc.

About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

For more information: www.grandviewresearch.com

Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1-415-349-0058, Toll Free: 1-888-202-9519
Address:201, Spear Street, 1100
City: San Francisco
State: California
Country: United States
Website: www.grandviewresearch.com/industry-analysis/smart-thermostat-market