PUNE, India — The global smart thermostat market, including hardware and service, is expected to grow from $585.09 million in 2014 to reach $5.9 billion by 2020, growing at a compound annual growth rate (CAGR) of 31.82 percent from 2015 to 2020, according to a report published by MarketsandMarkets.
The smart thermostat market is expected to witness high growth in all applications including residential, commercial, and industrial. The residential application area is expected to grow at the highest CAGR and holds the largest market share, owing to the increasing awareness among consumers about the benefits of smart thermostats. The Nest smart thermostat, for example, is being increasingly adopted in the residential sector because it is easy to install and has an attractive look. The industrial sector is also growing as this technology is being adopted at all levels from the warehouse to the assembly line.
The product components of smart thermostats include the display unit, humidity sensor, temperature sensor, motion sensor, and others. The report analyzes the market for network technologies including wired and wireless technology. The wireless technology is further segmented into Wi-Fi, Zigbee, Z-Wave, and Bluetooth. The report also covers the major application areas of smart thermostats including residential, office building, industrial, educational institution, retail, hospitality, and health care, among others.
North America is expected to hold a major share of the market, while Europe is expected to witness the highest growth during the forecast period.
According to the report, the key players in the smart thermostat market include Nest Labs (U.S.), Honeywell International (U.S.), ecobee (Canada), Schneider Electric (France), Emerson Electric Co. (U.S.), Tado (Germany), Control4 Corp. (U.S.), Ingersoll Rand (Ireland), Carrier Corp. (U.S.), and Nortek Inc. (France).
More information is available here.
Publication date: 9/28/2015