BANGALORE, India, April 8, 2021 /PRNewswire/ -- The Smart thermostat market is segmented by Type (Wi-Fi, Bluetooth, Zigbee, and Others), Application (Air Conditioning, Heating, and Ventilation) and End User (Residential, Commercial, Industrial, and Others). Global Opportunity Analysis and Industry Forecast, 2020 - 2027. This report is published on Valuates Reports in the Computers & Electronics Category.
The global smart thermostat market size was valued at USD 1.86 Billion in 2019, and is projected to reach USD 11.36 Billion by 2027, registering a CAGR of 28% from 2020 to 2027.
Major factors driving the growth of smart thermostat market size are the rapid adoption of smart infrastructure in residential & commercial sectors, the surge in penetration of IoT and AI-based technologies, and the increase in the use of smart technology in medical monitoring.
Furthermore, reduction of energy bill costs and improved return on investments offered by smart thermostats have considerably increased their demand in households.
TRENDS INFLUENCING THE GROWTH OF SMART THERMOSTAT MARKET SIZE
Raising adoption of smart infrastructure, especially among urban households, is expected to drive the growth of smart thermostat market size. Smart thermostats are used in smart homes to regulate temperature and humidity. Smart thermostats can help reduce the amount of energy used by an HVAC(Heating, ventilation, and air conditioning) system to a large degree. Smart thermostats use wireless networking, internet access, mobile devices, and cloud computing to lower costs, conserve energy, and monitor HVAC systems' operation.
The potential use of a smart thermostat for the medical health monitoring of older adults and home patients is expected to create a lucrative growth opportunity for the market players.
However, in developing countries, the high cost of smart thermostats poses a significant barrier to market expansion.
Based on technology, the WiFi segment dominated the market in terms of revenue in 2019 and is expected to follow the same trend during the forecast period. Smart thermostats with WiFi access are more compatible with smart devices for use, such as smartphones, tablets, and laptops. The growing popularity of smart homes in the United States is driving up demand for WiFi-connected smart thermostats.
Based on application, the heating segment is expected to hold the largest market share during the forecast period.
By end-user, the commercial segment is expected to hold the largest market share in 2019, and the residential segment is predicted to witness a high CAGR from 2020 to 2027.
In terms of sales, Asia-Pacific dominated the market in 2019, and this trend is expected to continue over the forecast period. Smartphones and smart electronic appliances are expected to drive the smart thermostat industry in this area in the residential, commercial, and industrial sectors.
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- Smart WiFi Thermostats Market is segmented by Type Programmable Thermostats, Non-programmable Thermostats, by Application Residential, Commercial and by various regions.
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