According to a new market research report, published by Transparency Market Research , the smart thermostat market is expected to reach US$ 8,729.2 Mn by 2026, expanding at a CAGR of 23.7% from 2018 to 2026. According to the report, the smart thermostat market is likely to continue to be influenced by a range of macroeconomic and market-specific factors in the next few years. In terms of demand, Asia Pacific is projected to lead the global market during the forecast period. The market in the region is likely to expand at a CAGR of 26.9% from 2018 to 2026. China, India, Japan, and South Korea are expected to be major contributors to the smart thermostat market in Asia Pacific during the forecast period.
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Smart thermostats and other connected devices are gaining traction in the consumer goods sector. This is primarily due to the rising demand for energy-saving equipment for use in smart homes/buildings. Different research studies have proved that usage of smart thermostats helps reduce energy consumption and increase the efficiency of households. Smart thermostats are highly useful and returns on investment of this product are high.
Increasing demand for energy-saving devices for use in residential and commercial buildings is driving the market for smart thermostats. It is also expected to create better opportunities for manufacturers of smart thermostats in the next few years. Moreover, smart thermostats have become an important topic for scientists to research in. Furthermore, government organizations in the U.S. and countries in Europe have mandated use of smart thermostats in smart homes and new residential buildings. This is expected to propel the demand for smart thermostats in the next few years.
The global smart thermostat market has been broadly segmented in terms of component, connectivity, application, and geography. Among components, the motion sensor segment accounted for a major share of more than 30.0%, in terms of revenue, in 2017. The segment is anticipated to expand at a CAGR of 24.7% during the forecast period. In order to fulfill the global demand, various manufacturers of smart thermostats are currently focusing on research and development activities on a regular basis in order to invent advanced applications of smart thermostats.
Developing infrastructure, economic growth, large population, increasing urbanization are expected to drive the smart thermostat market during the forecast period. Smart thermostats can fulfill the energy efficiency needs of a wide range of residential and commercial applications. Smart thermostats are cost effective, easy to operate, and with low maintenance costs. Factors such as rising disposable income and adoption of smart electronics devices are expected to augment the smart thermostat market in the next few years.