According to a new report, published by KBV research, The Global Smart Thermostat Market size is expected to reach $9.5 billion by 2028, rising at a market growth of 16.9% CAGR during the forecast period.
The Standalone segment is showcasing a CAGR of 17.1% during (2022 - 2028). The growth is due to its rising application in smaller or remote buildings. These units work jointly with a self-acting thermostat, which communicates directly to the module and opens or closes the flow. Also, the standalone thermostat plays a crucial role in the room's HVAC applications, like heating, fan coils, cooling and variable air volume. Its utilization in remote or smaller buildings, coupled with its role in room HVAC, is expected to surge the segment growth.
The Residential segment is leading the Global Smart Thermostat Market by End-user in 2021 thereby, achieving a market value of $6 billion by 2028. The growth is due to the rising average energy expenditure and the need for remote access solutions to control as well as monitor energy consumption. The residential construction industry has raised the demand for HVAC equipment such as coolers, air conditioners and heaters. Also, the rising disposable income in many nations, rising awareness regarding energy conservation, and increasing cost of power encourage people to adopt efficient technologies and equipment, hence boosting the segment’s growth.
The ZigBee segment has shown the growth rate of 17.2% during (2022 - 2028). This is due to the increased consumer demand owing to its wireless connectivity with other home automation tools. It allows the user to manage devices through smartphones. Zigbee technology-based smart thermostats consume less energy and take less time while being cost-effective. Also, the ZigBee’s gateway saves all the connected object’s setpoints and programs to keep the home functional and smart even during an internet outage. These features of the Zigbee-based devices will boost the segment’s growth.
The North America market dominated the Global Smart Thermostat Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $4.5 billion by 2028.The Europe market is exhibiting a CAGR of 17.4% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 17.7% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/smart-thermostat-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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).
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