Market outlook of the global smart thermostat
The market for smart thermostats is still at its nascent stage, but Technavio's market research analysts expect the market to grow exponentially, as consumers become more aware of the advantages and features of smart thermostats. It is projected that the global smart thermostat market will generate a significant revenue of more than USD 1,314 million by 2019.
The concept of smart homes, which connects domestic appliances such as lighting systems, heating modules, air conditioning units, television sets, computers, entertainment systems, security devices and camera systems using electronic communication units, is rapidly gaining popularity among consumers around the world. The increase in demand for smart homes is expected to drive the demand for smart thermostat market in the forecast period.
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Competitive landscape and key vendors
Key vendors of this market are -
Other prominent vendors included in this report are Computime, Emerson, Energate, Radio Thermostat Company of America, and Venstar.
Market segmentation of the global smart thermostat by product
Standalone smart thermostats
Networked smart thermostats
Learning smart thermostats
The most basic type of thermostat is the standalone smart thermostats that are controlled by either wall mounted control panels or remote controls. These thermostats are relatively cheaper than other thermostats that are available in the market and are, at the same time, easy to install.
Market segmentation of the global smart thermostat by technology
The Wi-Fi technology contributed the largest share in 2014, accounting for almost 38% of the overall market share, which is closely followed by the Zig Bee technology.
Geographical segmentation of the global smart thermostat market
North America, which is home to many smart thermostat manufacturing companies such as Nest Labs and Honeywell, represented about 59% share of the market in 2013 and was the largest market for smart thermostats. The market demand for smart thermostats continue to rise steadily in North America, and market research analysts expect it to grow during the forecast period.
Drivers, challenges, and upcoming trends: Smart thermostat
Technavio's market research report also emphasizes the increased channel partnering by smart thermostat vendors who are expanding their market partnerships to boost product sales and increase market share. They are focusing on developing devices that are user-friendly in terms of installation procedures.
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