The research study covers the present scenario and growth prospects of the global smart thermostats market for 2017-2021. The market is segmented based on technology (Wi-Fi and ZigBee) and geography (North America, Europe, APAC, and ROW).
The global smart thermostats market is expected to grow significantly during the forecast period owing to the rapid increase in the demand for smart thermostats. The growing demand for energy-efficient equipment and the increase in residential and commercial construction activities are the key factors propelling the growth of the smart thermostats market. Most of the consumers in Europe and the Americas are adopting energy-efficient HVAC systems to comply with the emission regulations proposed by the countries in these regions. Due to this, the demand for HVAC systems is expected to rise, thereby driving the demand for smart thermostats.
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Technavio heavy industry research analysts highlight the following three factors that are contributing to the growth of the global smart thermostats market:
- Growth in number of HVAC equipment users
- Increasing popularity of smart homes
- Government initiatives to promote the use of thermostats
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Growth in number of HVAC equipment users
HVAC systems are being increasingly adopted globally for their energy efficiency. With the help of heating and air conditioning equipment, the temperature can be maintained within a household. Smart thermostats help in monitoring and controlling the temperature from remote locations also. Therefore, the growth in the construction of residential and commercial buildings is expected to drive the demand for HVAC equipment, thereby spurring the demand for smart thermostats.
Anju Ajay Kumar, a lead tools and components research analyst at Technavio, says, “The number of ACs installed in residential households in the US increased significantly during 2010-2016 and is expected to rise in the next five years. Consumers have become highly conscious of energy costs and the conservation of energy. Hence, they prefer investing in technology that aids in reducing costs. This is expected to drive the demand for smart thermostats, thereby driving the growth of the market.”
Increasing popularity of smart homes
Smart homes use electronic communication devices such as smartphones or tablets to connect domestic appliances like air conditioning units, lighting systems, TVs, computers, heating systems, security devices, and cameras. Smart homes are gaining popularity globally as consumers give higher preference to their comfort and convenience. The global smart homes market is expected to grow exponentially during the forecast period due to the increase in the adoption of smart devices. These devices can be controlled remotely and can report their own maintenance needs, which makes it more convenient for the consumer.
“In most of the developed regions like Europe and North America, there is a high rate of adoption of smart thermostats. North America is the world's most advanced smart home market and is witnessing significant growth mainly due to the need for energy management in households. Innovations in IT and growing consumer acceptance are the key drivers of the smart homes market,” adds Anju.
Government initiatives to promote the use of thermostats
Government agencies are an important factor in driving the sales of smart thermostats in the US and European countries. Governments across the world are working to educate their citizens and formulating policies and legislation that are designed to reduce the carbon footprint. This has contributed to the growing awareness about the need to protect the environment. Consequently, consumers are willing now more than ever to take energy-saving initiatives, and smart thermostats help users reduce energy wastage by cutting electricity consumption.
The smart thermostats market in Europe is being driven by the emission reduction targets to combat climate change. Energy efficiency certifications for commercial and residential buildings are also helping the market in Europe to grow. Also, increasing awareness among consumers regarding the user-friendly features and convenience of smart thermostats represent a major market growth driver.
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