Smart Thermostat Market Growth, Analysis, Latest Trends and Forecast till 2026
The smart thermostat market size is expected to grow from USD 2.5 billion in 2021 to USD 6.4 billion by 2026; it is expected to grow at a CAGR of 20.8% from 2021 to 2026. The key factors driving the growth of the market increasing adoption of smart homes attributed to COVID-19 situation, emergence of IoT-enabled HVAC systems, government regulations pertaining to increase energy efficiency of buildings, and surging adoption of smart home voice assistants.
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Learning smart thermostat segment is projected to
register the highest CAGR by 2026
The smart thermostat market for learning smart thermostat
segment is expected to grow at fastest CAGRduring the forecast period. A
learning thermostat is the most advanced smart thermostat that learns the
user’s schedule and forms a cycle to best fit the comfort of the user and
optimize energy savings.It seamlessly connects with the internet and devices
such as mobiles, tablets, laptops, and voice assistant devices, allowing the
user to efficiently manage the HVAC equipment. A learning thermostat also has
the capability to exercise zonal control. The data collected by a learning thermostat
also intimates the users for predictive maintenance, thus avoiding major
maintenance costs due to any equipment failure.
Wireless network segment to grow at a higher CAGR by 2026
The smart thermostat market for wireless network segment is
expected to grow at faster CAGR during the forecast period. The interconnection
of smart thermostats and heating & cooling devices is facilitated by
wireless networks, which improves the performance of the energy-saving devices.
Wireless networks help in the coordination of a range of smart thermostats in a
specific area, enabling smooth data transmission between them. It also helps in
enabling features such as geofencing, in which the smart thermostat senses the
arrival of occupants with the help of GPS signals sent from a smartphone.
Vertical-wise, residential segment held the largest
market size of overall smart thermostat market in 2020
The residential vertical is expected to hold the largest
market size during the forecast period. The growing awareness regarding energy
conservation & efficiency and environmental protection has fueled the
adoption of energy-efficient HVAC controls such as smart thermostats. They help
in the optimum utilization of energy and maintaining the most comfortable and
healthy environment indoors. Favorable government regulations and tax credit
facilities on the installation of HVAC systems and the increasing focus of end
users on reducing electricity bills have significantly contributed to the
growth of the smart thermostat market for the residential vertical.
APAC to record highest CAGR from 2021 to 2026
APAC has been a major contributor to the growth of the smart
thermostat market as the construction industry, which is the primary end user
of smart thermostats, is expanding at a healthy rate. The growing population in
developing countries of this region, along with environmental awareness, is
supporting the adoption of HVAC controls, such as smart thermostats. The rise
in the adoption of green buildings and government initiatives to regulate
energy-efficient practices across the commercial sector is also aiding the
adoption of smart thermostats in the region. However, the regional market is
expected to witness a decline in market size attributed to the halt of both
ongoing and new infrastructure development projects due to the COVID-19
pandemic. Also, as the pandemic has also affected individual per capita income,
the adoption of new HVAC systems in the residential segment has significantly
decreased. However, this loss is expected to be recovered in the coming years
with a gradual recovery of the overall economy.
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