Market Research Future (MRFR) estimates the global smart thermostat market to reach USD 3.5 billion at a CAGR of 23.4% from 2020 to 2027 (forecast period).
The smart thermostat is a device that automates the control of air cooling devices. It is a device that controls the HVAC system in both residential and commercial buildings. The smart thermostat is available on both wired and wireless devices. The need for smart-thermostat technology is increasing due to the need for an energy-efficient automation system. The smart thermostat provides remote access control for both heating and cooling technologies.
Smart-thermostat technology has a wide range of applications. The smart thermostat integrates simply into any smart building. The system's features include AL communication, energy consumption, and virtual assistance. The global smart-thermostat market is driven by electricity consumption.
COVID-19 Impact on the Worldwide Smart Thermostat Market
The COVID-19 implications have had long-term consequences for a number of global sectors. Changes in consumer purchasing and market demand are slowing the growth of the Smart Thermostat Market Report. There is also a disruption in the smart thermostat market's supply chain. However, most market manufacturing is returning, which is resolving the market's demand issue. Following COVID-19, market trends seemed to be improving, with several improvements. It ensures that the market will soon see adequate demand from end-users. The market is expanding and will reach its peak in 2022.
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The MRFR provides an inclusive segmental analysis of the global Smart thermostat market size based on application, deployment, and component.
By application, the global smart thermostat market is segmented into commercial, residential, and others. Of these, the commercial application will lead the market over the forecast period.
By deployment, the global smart thermostat market is segmented into wireless technology and wired technology. Of these, the wireless technology will dominate the market over the forecast period.
By component, the global smart thermostat market is segmented into a temperature sensor, humidity sensor, and display.
A comprehensive study of Asia Pacific, North America, Europe, and the Rest of the World has been carried out. As per the study by MRFR, North America is likely to dominate the global smart thermostat market due to the technological evolution in the region along with the augmented internet penetration. Among all, the U.S. is likely to make the most substantial contribution to enlarging the market. On the other hand, the APAC zone is speculated to expand exponentially during the tenure of assessment. The magnifying demand for energy-efficient equipment is an essential factor that is driving the market in the region. Developing economies like India, China is estimated to play an important role in market expansion. Besides, the region is witnessing a continuous technological development, which is anticipated to evolve the market swiftly.
The outbreak of COVID-19 is anticipated to change the market landscape of several zones. Several regional markets have been affected because of the observation of nationwide lockdown in several nations.
A few major market players operating in the global market for smart thermostats are Nest Labs, Inc. (U.S.), Honeywell International Inc. (U.S.), Nortek, Inc. (France), Ecobee (Canada), Ingersoll Rand (Ireland), and others.
The market for smart thermostats is not overly competitive. The market is gaining traction as a result of government measures to encourage energy-efficient technology. In the projection year of 2022, the industry's leading players are evaluating market expansion strategies. More R&D and improvements are taking place in this industry in order to raise awareness.
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