Portland.OR, April 08, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global smart thermostat market held $1.86 billion in 2019, and would reach $11.36 billion by 2027, growing at a CAGR of 28.0% during the forecast period.
Increase in use of smart technology in medical monitoring, surge in penetration of IoT and AI-based technologies, and rapid deployment of smart infrastructure in residential & commercial sectors drive the growth of the global smart thermostat market. However, the high cost of products in emerging economies hinders the market. On the contrary, developments in temperature regulation applications and adoption of automated systems would open lucrative opportunities for the market players in the future.
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Covid-19 scenario:
- The construction sector is one of the worst-hit sectors due to the Covid-19 outbreak. The pandemic presented several challenges such as lack of workforce, insufficient health & safety measures, project delays, and cancellations. This reduced the demand for smart thermostats.
- The prolonged lockdown disrupted the supply chain and increased the raw material prices.
- However, the construction industry would be back on track, which in turn, would increase the demand for smart thermostats.
The global smart thermostat market is segmented on the basis of technology, application, end-user, and region. Based on technology, the Wi-Fi segment held the lion’s share in 2019, accounting for nearly one-third of the market. Moreover, the segment is estimated to register the highest CAGR of 29.9% during the forecast period.
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On the basis of application, the heating segment contributed the highest share in 2019, holding more than two-fifths of the market. However, the air conditioning segment is expected to portray the highest CAGR of 29.9% during the forecast period.
The global smart thermostat market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific dominated in 2019, contributing to more than two-fifths of the market. In addition, the region is estimated to register the highest CAGR of 30.4% during the forecast period.
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The global smart thermostat market report includes an in-depth analysis of the market players such as Ecobee, Inc., Emerson Electric Co., Johnson Controls, Honeywell International Inc., Control4 Corporation, Nest Labs, Inc., Tado GmbH, Schnieder Electric SE, Ingersoll Rand plc, and Nortek, Inc.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.