The Asia Pacific Smart Thermostat Market would witness market growth of 17.7% CAGR during the forecast period (2022-2028).
A regular thermostat utilizes temperature to determine when to turn off the fan and AC or heat on and off. It works like a light switch, except it incorporates temperature into the equation (to determine when to turn the fan, cooling, or heating on & off). A typical thermostat has a hot wire, a standard wire, a wire that connects to the fan blower and wires that connect to the HVAC system for cooling and heating.
It may also contain additional cables for emergency heat, auxiliary heat, two-stage heating or cooling, or wires for systems with separate or standalone heat or AC. When a specific temperature is set, the fan and heat or cool shut off as the internal thermostat reaches the desired temperature. Smart thermostats operate similarly, except they must connect to the home’s Wi-Fi.
This allows the user to change the thermostat’s settings using a companion app remotely. When a temperature is set in the application, it transmits that setting through the Wi-Fi network to the thermostat and the thermostat then forwards that signal to the blower and HVAC system. When the user utilizes a smart speaker, it communicates the command to the thermostat’s companion app, which travels through the Wi-Fi network to the thermostat.
The Japanese government has designed tourism as a pillar of its growth strategy and also utilize it for regional revitalization. In March 2016, the “Tourism Vision Design Council for supporting the tomorrow of Japan,” set a target of 40 million foreign visitors to Japan by 2020 and 60 million by 2030. The ministry of Internal Affairs and communications allocated 3.88 billion yen for the DX (Digital Transformation) in local governments in its FY 2021-22 budget request. The increasing tourism due to the government’s involvement will also boost the hospitality sector as well as the demand for smart thermostat in luxury commercial home stays and hotels. This would result in boosting the market’s growth in the APAC region.
The China market dominated the Asia Pacific Smart Thermostat Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $582.2 million by 2028.The Japan market is estimated to grow a CAGR of 17% during (2022 - 2028). Additionally, The India market would experience a CAGR of 18.4% during (2022 - 2028).
Based on Product, the market is segmented into Connected, Standalone and Learning. Based on End User, the market is segmented into Residential, Commercial and Industrial. Based on Technology, the market is segmented into Wi-Fi, ZigBee and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Smart Thermostat Market is Projected to reach USD 9.5 Billion by 2028, at a CAGR of 16.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Siemens AG, Johnson Controls International PLC, Emerson Electric Co., Resideo Technologies, Inc., Snap One Holdings Corp. (Control4), Centrica Plc, Ecobee, Inc. (Generac Holdings, Inc.), Netatmo SAS (LeGrand Group), Tado GmbH, and Vine Connected Corporation (Xing Connected Corporation).
By Product
By End User
By Technology
By Country
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