Smart Thermostats are thermostats equipped with additional features like Wi-Fi connectivity, sensors, and voice assistance features which are used in controlling the temperature and air-conditioning of a building or an industry.Smart Thermostats are connected to IoT-enabled devices like smartphones, tablets, smartwatches, and laptops which allow the user to control the temperature from any part of the room via their devices. Smart Thermostats consist of different sensors like temperature sensors and humidity sensors which help in conveying important information such as temperature and humidity of the room to the user via an inbuilt display.

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Market Dynamics

Concerns over energy savings, increase in customers preferring smart home solutions, rising sales of smart home products such as Google Home and Amazon Echo, and demand for connected and IoT devices are the major factors responsible for the growth of the global smart thermostat market.Concerns over energy savings are a significant factor propelling the growth of the global smart thermostat market. Rising energy prices are posing a significant problem for the population and are adopting home automation solutions in reducing the overall spendings on energy.Owing to these reasons, concerns over energy savings are a significant factor driving the growth of the global smart thermostat market.

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Segment Analysis

Based on the type of technology, the market is segmented as wired and wireless technology. The wireless technology is further segmented into Wi-Fi, Bluetooth, and Z-Wave. Wi-Fi is the dominant segment of the global Smart Thermostat market owing to its unique advantages like affordable performance, unlicensed spectrum operation, ease of use, self-deployment, and long-term compatibility.According to the Wi-Fi Alliance, the global economic market of Wi-Fi is estimated at USD 1.96 trillion. There are 340.8 million Wi-Fi hotspots across the world of which 12.2 million are commercially managed, and 328 million are community access points. Owing to the dominance of Wi-Fi networks, consumers widely prefer Wi-Fi-based products, and the Wi-Fi technology of the smart thermostats is anticipated to dominate the global smart thermostat market.Based on the application, the market is segmented as residential applications, industrial applications, and commercial applications. Residential uses are the dominant segment of the global smart thermostat market owing to the increasing demand for smart thermostat devices in home automation and smart home solutions.

Competitive Landscape

The report profiles the following companies – Nest Labs Inc, Schneider Electric, Siemens Corporation, Honeywell International, Carrier Corporation, Nortek Inc, Lennox International Inc, Ecobee Company, Texas Instruments, and Emerson Electric.

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