Like many other industries, COVID-19 badly knocked the electronic and semiconductor industries. This unprecedented event has impacted nearly 230 countries in just a few weeks, resulting in the forced shutdown of manufacturing and transportation activities within and across the countries. This has directly affected the overall sector's growth. It is estimated that COVID-19 to leave more than USD 30 billion impacts on the electronics and semiconductor industry. The sector is majorly affected due to transport restrictions on major electronics and semiconductor raw material providers. However, the emerging need for semiconductors in several industries will offer rapid market recovery over the future period.
Smart Thermostat Market Overview
Smart thermostats are thermostats that can be used with home automation and are responsible for controlling a home's heating, ventilation, and air conditioning. They allow users to adjust heating settings from other internet-connected devices, such as a laptop or smartphones. The global Smart Thermostat market is expected to witness significant growth due to higher demand for smart thermostats in the next few years. A smart thermostat is a major energy-saving device for smart homes/buildings. Smart thermostats are mainly used in residential buildings. Also, enhancements in residential and commercial buildings have driven the RFID industry. These factors directly boost the demand for smart thermostats which in turn is further enhancing their market statistics.
Additionally, other factors such as encouragement from governments for using energy-saving devices, growing energy prices, and the rising need to optimize power in order to cut energy bills are expected to fuel the growth of the Smart Thermostat market. Moreover, companies are continuously focusing on integrating smart thermostats with IoT to operate smart thermostats from remote locations. This key fact remarkably contributing to the growth of the market in near future.
On the other hand, lack of awareness about the smart thermostat and increasing price-based competition are the main factors projected to hamper the growth of the smart thermostat market during the forecast period.
Smart Thermostat Market Segment Overview
Based on products, the learning smart thermostat segment is expected to register the highest growth in the market. This is because it is easy to use and equipped with advanced technologies. Additionally, the learning smart thermostat is not required to be programmed regularly like the connected thermostat. It is the finest device favored by smart homeowners for residential applications.
In addition, smart thermostats are progressively being adopted by small and medium enterprises (SMEs), due to the rising trend of digitization and increasing adoption of building automation solutions. This prime factor is expected to boost the growth of the Smart Thermostats market in the coming period.
Smart Thermostat Market Regional Overview
Region-wise, North America and Europe are major markets for a smart thermostat. This is because of the increasing number of smart homes across these regions. Similarly, the Asia Pacific is expected to register the fastest growth during the forecast period. The growing adoption of smartphones and smart electronic appliances in residential, commercial, and industrial sectors is expected to propel the smart thermostat industry in this region.
Smart Thermostat Market Competitor overview
· In December 2020, Carrier launched an updated zoning sensor to be used with its flagship Infinity System. The sensor provides homeowners with a wall control featuring a new, contemporary design, with the ability to control an individual zone in an Infinity zoning system.
· In September 2020, Eni gas e luce and tado° announced a new partnership, tado°’s Smart Thermostat solution will be part of Eni gas e luce’s Smart Home offer for the Italian market, strengthening the brand’s energy efficiency solutions offering.
Smart Thermostat Market, Key Players
· Emerson Electric Co.
· Ecobee, Inc.
· Honeywell International Inc.
· Johnson Controls
· Nest Labs, Inc.
· Control4 Corporation
· Schnieder Electric SE
· Tado GmbH
· Nortek, Inc.
· Ingersoll Rand plc.
· Alphabet
· Lennox International
· Carrier Corporation
· Legrand
· Resideo Technologies
· Siemens
· Trane Technologies
Smart Thermostat Market Segmentation
Smart Thermostat Market, By Products
· Connected Smart thermostat
· Learning Smart Thermostat
· Standalone Smart Thermostat
Smart Thermostat Market, By Technology
- Wireless Network
- Wi-Fi
- Zigbee
- Z-wave
- Bluetooth
- Wired Network
· New Installation
· Retrofit Installation
Smart Thermostat Market, By End User
· Residential
· Commercial
· Industrial
· Others
Smart Thermostat Market, By Region:
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East and Africa
- GCC
- South Africa
- Rest of Middle East and Africa
1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Regulatory Landscape
- 4.4. Industry SWOT Analysis
- 4.5. Porters Five Forces Analysis
5. Global Smart Thermostat Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Products
- 5.2.1. Connected Smart thermostat
- 5.2.2. Learning Smart Thermostat
- 5.2.3. Standalone Smart Thermostat
- 5.3. Market Analysis, Insights and Forecast – By Technology
- 5.3.1. Wireless Network
- 5.3.1.1. Wi-Fi
- 5.3.1.2. Zigbee
- 5.3.1.3. Z-wave
- 5.3.1.4. Bluetooth
- 5.3.2. Wired Network
- 5.3.1. Wireless Network
- 5.4. Market Analysis, Insights, and Forecast – By Installation Type
- 5.4.1. New Installation
- 5.4.2. Retrofit Installation
- 5.5. Market Analysis, Insights, and Forecast – By End User
- 5.5.1. Eyewear
- 5.5.2. Solar Panels
- 5.5.3. Automotive
- 5.5.4. Building And Construction
- 5.5.5. Consumer Goods
- 5.5.6. Others
- 5.6. Market Analysis, Insights and Forecast – By Region
- 5.6.1. North America
- 5.6.2. Latin America
- 5.6.3. Europe
- 5.6.4. Asia Pacific
- 5.6.5. Middle East and Africa
6. North America Smart Thermostat Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Products
- 6.2.1. Connected Smart thermostat
- 6.2.2. Learning Smart Thermostat
- 6.2.3. Standalone Smart Thermostat
- 6.3. Market Analysis, Insights and Forecast – By Technology
- 6.3.1. Wireless Network
- 6.3.1.1. Wi-Fi
- 6.3.1.2. Zigbee
- 6.3.1.3. Z-wave
- 6.3.1.4. Bluetooth
- 6.3.2. Wired Network
- 6.3.1. Wireless Network
- 6.4. Market Analysis, Insights and Forecast – By Installation Type
- 6.4.1. New Installation
- 6.4.2. Retrofit Installation
- 6.5. Market Analysis, Insights and Forecast – By End User
- 6.5.1. Residential
- 6.5.2. Commercial
- 6.5.3. Industrial
- 6.5.4. Others
- 6.6. Market Analysis, Insights and Forecast – By Country
- 6.6.1. U.S.
- 6.6.2. Canada
7. Latin America Smart Thermostat Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Products
- 7.2.1. Connected Smart thermostat
- 7.2.2. Learning Smart Thermostat
- 7.2.3. Standalone Smart Thermostat
- 7.3. Market Analysis, Insights and Forecast – By Technology
- 7.3.1. Wireless Network
- 7.3.1.1. Wi-Fi
- 7.3.1.2. Zigbee
- 7.3.1.3. Z-wave
- 7.3.1.4. Bluetooth
- 7.3.2. Wired Network
- 7.3.1. Wireless Network
- 7.4. Market Analysis, Insights and Forecast – By Installation Type
- 7.4.1. New Installation
- 7.4.2. Retrofit Installation
- 7.5. Market Analysis, Insights and Forecast – By End User
- 7.5.1. Residential
- 7.5.2. Commercial
- 7.5.3. Industrial
- 7.5.4. Others
- 7.6. Market Analysis, Insights and Forecast – By Country
- 7.6.1. Brazil
- 7.6.2. Mexico
- 7.6.3. Rest of Latin America
8. Europe Smart Thermostat Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Products
- 8.2.1. Connected Smart thermostat
- 8.2.2. Learning Smart Thermostat
- 8.2.3. Standalone Smart Thermostat
- 8.3. Market Analysis, Insights and Forecast – By Technology
- 8.3.1. Wireless Network
- 8.3.1.1. Wi-Fi
- 8.3.1.2. Zigbee
- 8.3.1.3. Z-wave
- 8.3.1.4. Bluetooth
- 8.3.2. Wired Network
- 8.3.1. Wireless Network
- 8.4. Market Analysis, Insights and Forecast – By Installation Type
- 8.4.1. New Installation
- 8.4.2. Retrofit Installation
- 8.5. Market Analysis, Insights and Forecast – By End User
- 8.5.1. Residential
- 8.5.2. Commercial
- 8.5.3. Industrial
- 8.5.4. Others
- 8.6. Market Analysis, Insights and Forecast – By Country
- 8.6.1. UK
- 8.6.2. Germany
- 8.6.3. France
- 8.6.4. Italy
- 8.6.5. Spain
- 8.6.6. Russia
- 8.6.7. Rest of Europe
9. Asia Pacific Smart Thermostat Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Products
- 9.2.1. Connected Smart thermostat
- 9.2.2. Learning Smart Thermostat
- 9.2.3. Standalone Smart Thermostat
- 9.3. Market Analysis, Insights and Forecast – By Technology
- 9.3.1. Wireless Network
- 9.3.1.1. Wi-Fi
- 9.3.1.2. Zigbee
- 9.3.1.3. Z-wave
- 9.3.1.4. Bluetooth
- 9.3.2. Wired Network
- 9.3.1. Wireless Network
- 9.4. Market Analysis, Insights and Forecast – By Installation Type
- 9.4.1. New Installation
- 9.4.2. Retrofit Installation
- 9.5. Market Analysis, Insights and Forecast – By End User
- 9.5.1. Residential
- 9.5.2. Commercial
- 9.5.3. Industrial
- 9.5.4. Others
- 9.6. Market Analysis, Insights and Forecast – By Country
- 9.6.1. China
- 9.6.2. India
- 9.6.3. Japan
- 9.6.4. Australia
- 9.6.5. South East Asia
- 9.6.6. Rest of Asia Pacific
10. Middle East & Africa Smart Thermostat Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 10.1. Key Findings / Summary
- 10.2. Market Analysis, Insights and Forecast – By Products
- 10.2.1. Connected Smart thermostat
- 10.2.2. Learning Smart Thermostat
- 10.2.3. Standalone Smart Thermostat
- 10.3. Market Analysis, Insights and Forecast – By Technology
- 10.3.1. Wireless Network
- 10.3.1.1. Wi-Fi
- 10.3.1.2. Zigbee
- 10.3.1.3. Z-wave
- 10.3.1.4. Bluetooth
- 10.3.2. Wired Network
- 10.3.1. Wireless Network
- 10.4. Market Analysis, Insights and Forecast – By Installation Type
- 10.4.1. New Installation
- 10.4.2. Retrofit Installation
- 10.5. Market Analysis, Insights and Forecast – By End User
- 10.5.1. Residential
- 10.5.2. Commercial
- 10.5.3. Industrial
- 10.5.4. Others
- 10.6. Market Analysis, Insights and Forecast – By Country
- 10.6.1. GCC
- 10.6.2. South Africa
- 10.6.3. Rest of Middle East & Africa
11. Competitive Analysis
- 11.1. Company Market Share Analysis, 2018
- 11.2. Key Industry Developments
- 11.3. Company Profile
- 11.4. Emerson Electric Co.
- 11.4.1. Business Overview
- 11.4.2. Segment 1 & Service Offering
- 11.4.3. Overall Revenue
- 11.4.4. Geographic Presence
- 11.4.5. Recent Development
- 11.5. Ecobee, Inc.
- 11.6. Honeywell International Inc.
- 11.7. Johnson Controls
- 11.8. Nest Labs, Inc.
- 11.9. Control4 Corporation
- 11.10. Schnieder Electric SE
- 11.11. Tado GmbH
- 11.12. Nortek, Inc.
- 11.13. Ingersoll Rand plc.
- 11.14. Alphabet
- 11.15. Lennox International
- 11.16. Carrier Corporation
- 11.17. Legrand
- 11.18. Resideo Technologies
- 11.19. Siemens
Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization
FIGURE 1: DLR RESEARH PROCESS
Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary ResearchSecondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size EstimationBoth, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
Forecast Model
