Smart Thermostat Market Size is anticipated to grow at CAGR of 23.4 % and a value of USD 3.5 Billion by 2027

One of the newest smart home products, a thermostat makes controlling the temperature of smart appliances like smart home appliances and smartphones simple. The time of the HVAC system is also monitored and recorded by a smart thermostat. Smart Thermostats Market have the potential to improve energy management and reduce energy usage throughout the larger system once widely used. There are many different types of smart thermostats on the market. Popular thermostat products on the market include the Nest thermostat, Honeywell Evohome, Tado smart thermostat, Netatmo smart thermostat, Hiva active heating, and CLIMOTE.

Technology advancements, the growing market for smart homes, and rising consumer demand for energy-efficient gadgets all contribute to the growth of the smart thermostat market. But some of the reasons that are impeding the growth of the smart thermostat market include the possibility of sensor failure and expensive starting costs. Despite significant technological developments, a quick and dependable internet connection is still necessary for the thermostat to function as intended. Security and privacy concerns are yet another element that is anticipated to impede market expansion.

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Smart Thermostat Market Key Players:

The key players of smart thermostats are as follows:

• Ecobee (Canada) (Canada)
• Nest Labs (US)
• Tado (Germany) (Germany)
• Emerson Electric, Honeywell International Inc.
• Tado
• Control4 Corporation

Drivers:

• Usage of electricity
• The development of IOT services

Smart Thermostat Market Segmentation:

The Smart Thermostat Market can be classified into four key segments as follows:

• Segmentation by Components: Display devices, and Sensors (humidity sensor, motion sensor, and temperature sensors)
• Segmentation by Deployment: Wired and wireless
• Segmentation by Application: Residential, commercial and industrial
• Segmentation by Regions: Comprises Geographical regions – North America, Europe, Asia Pacific and Rest of the World.

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Smart Thermostat Market Regional Analysis:

According to predictions, the market for smart thermostats (BIM) will expand at a promising rate in the future years. Due to the region’s expanding wide distribution network and rising need for energy management solutions, North America dominated the global market for smart thermostats in 2016. Europe, which is anticipated to have a growing market in the upcoming years, came next. The market for smart thermostats in the region is being driven by government initiatives in Europe to reduce energy use and support funding improvements for residential energy usage.

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