Smart Thermostat Market - Global Industry Analysis, Growth, Key Trends, Regional Assessment, and Forecast 2020 - 2030
A smart thermostat provides the privilege of controlling the temperature, ventilation, air conditioning, etc. with a phone, tablet or other internet connected devices. As smart thermostat can be programmed depending on the user’s choice of temperature at home, adoption of the product is likely to grow during the forecast period. Its benefits such as saving energy considerably, getting emailed alerts of rising or falling temperature at home outside of the pre-determined range, easily programmable and user can keep track of his/her energy bills are encouraging the customers to increase the demand.
Helping in Reduced Consumption of Energy
Smart thermostats can save a large amount of energy by always keeping track of electricity appliances at homes. Heating and cooling home makes up a big portion of electricity bills in many countries. Based on the idea, if a person is at home or not, smart thermostats keep the temperature as low as possible for as long as possible, thus saving the large amount of electricity required to keep the home warm. Furthermore, with the adaptable timers and room specific settings, it gives consumer the control over home much energy they are using and therefore, can save up to almost 23% in electricity bills. The factor of saving the energy bill and energy consumption is likely to be the driving factor for smart thermostats.
Alerting through Mail Option to Benefit the Manufacturers
Smart thermostat lets the consumer be up to date owing to its feature of sending the mail in an unusual situation. Due to its ability of recording the temperature, (for e.g. if the temperature goes high as compared to the pre-set value) and sending a mail to the user, it can help in saving homes from fire or any unfortunate incidents. Furthermore, Wi-Fi capable thermostats send alerts if the system has encountered any fault letting the user know if thermostat is working fine or not. Thus, this benefit of smart thermostat is likely to dominate the global revenue share during the forecast period.
Learning Ability of the Smart Thermostat may Sometimes be Annoying
Smart thermostats learn and record the schedule and habit (if similar) of users and thus, start taking up all the tasks automatically which may sometimes be frustrating for the user as humans change their preferences based on outside life. A not so tech-savy user may find using it difficult and may need to be dependent on someone else for the little faults or glitches. The fact of not being much literate about technology may lead to restrain the purchase and therefore can act as a restraining factor for the market growth.
Hacking through the Cloud may be a Restraining Factor
All the data which gets recorded in the cloud based devices is vulnerable to cyber-attacks. As a smart home technology, smart thermostats keep track of user’s schedule, daily habits, etc. which may be hacked and can be utilised negatively. Security risks with these smart thermostats or any smart home technology poses the threat and concerns in the mind of consumers. Thus, the demand of smart thermostat can be restrained due to such factors.
The prominent tech companies manufacturing smart thermostats include Alphabet (US), Honeywell International (US), Carrier Corporation (US), Legrand (France), Nortek Control (US), Johnson Controls (Ireland), Lennox International (US), Trane Technologies (Ireland), Siemens (Germany), Control4 Corporation (US), Resideo Technologies (US), Ecobee (Canada), Emerson Electric (US), Tado (Germany), MRCOOL (US), Salus Controls (UK), Climote (Ireland), Bosch Thermotechnology (Germany), Centrica Hive (UK), Zen Ecosystems (US), etc.
In November 2020, Nest has introduced a brand new innovative smart home HVAC control and complete having heating and cooling system with a new Savings Finder function that constantly looks for small optimizations and change in the user’s schedule. The new smart thermostat is based on Soli technology for motion sensing and uses the phone’s location to check the user’s location and through that sets the Eco temperature so that the HVAC system does not waste energy.
Carrier Corporation in December 2020 has launched an updated zoning sensor with its flagship Infinity System. The sensor allows the home owners to control an individual zone in the home’s infinity zoning system. The new smart sensor is compact than the previous generation of sensors, can adjust the fan and hold settings for each zone and also monitors the humidity level and outdoor temperature. The sensor features a touch screen that blends with the decor of many homes.
In September 2020, Eni gas e Luce and Tado partnered with each other to diversify their customer base. With the partnership, Tado’s smart thermostat solution to be a part of Eni gas e Luces Smart Home offer in Italy. The partnership aims to offer innovative and technological solutions to Italian customers for helping them use energy better.
Evolution of technology past 10 years, growing awareness regarding energy conservation, environmental protection are the key growth prospects likely to fuel the growth of smart thermostats.
Buildings account for 40% of energy consumption in US producing one third of global carbon dioxide emissions. According to National Telecommunications and Information Administration, usage of smart phones and internet technology has increased tremendously. Internet use among Americans with family income below $25,000 per year has been increased from 62% in 2017 to 65% in 2019. The growing use of internet has paved a way for using smart automation system in homes. According to engage.vic.gov.au, approximately 11% of single family homes have installed smart thermostats.
The smart thermostat market has also been lucrative in Europe with 20 million installed by 2019. It is expected that over 41% of homes by 2025 will have smart thermostats installed as per the report making it second largest growing region for smart thermostats. The UK, Germany and Netherlands accounted for 70% of smart thermostat sales in 2019. Although the covid-19 disrupted the market, the adoption of smart thermostat was over 7.5 million homes and is expected to have significant growth during the forecast period 2021-2031.
Asia Pacific is likely to witness a significant growth in smart thermostats market due to growing use of smart technology and smart home automation systems. Awareness regarding energy conservation and rise in adoption of green buildings and government initiatives regarding electricity saving, can be the major driving factors for the growth of smart thermostat market in Asia.
By Installation Type
Key Questions Answered
Honeywell International (US), Carrier Corporation (US), Legrand (France), Nortek Control (US), Johnson Controls (Ireland), Lennox International (US), Trane Technologies (Ireland), etc.
Residential space, office buildings, industrial areas are the key areas where most of the thermostats are installed.
Connected, stand-alone and learning thermostats.
Learning smart thermostat is most usable as it does not require programming on daily basis.
North America, Europe (Italy), to have a lucrative growth owing to the growth of smart homes.
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Ascensions in Technology
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