Drastic changes in climatic conditions due to global warming have made thermostats a necessity for homes across the world. The thermostat maintains an appropriate temperature inside an enclosure to ensure comfort levels with respect to the ambient atmospheric temperature. However, conventional thermostats lack features such as remote monitoring and control of HVAC systems, optimum utilization of energy sources, and cost-effectiveness. In order to overcome the aforementioned issues, consumers have begun favoring smart thermostats over conventional equivalents. Smart thermostats enable consumers to monitor and control HVAC systems through smartphones, PCs, and tablets. Smart thermostats have the ability to understand and learn HVAC usage patterns and set preferences accordingly in order to save energy. Therefore, smart thermostats ensure optimum energy utilization and a substantial reduction in utility bills and overhead expenses.
Integration of wireless technologies, including IoT, Wi-Fi, and Bluetooth, in smart thermostats, has enabled end-users to control, monitor, and operate HVAC systems conveniently using connecting devices. The widespread adoption of wireless technologies has significantly increased the demand for smart thermostats. A leading smart thermostat company, Nest Labs, claims that a smart thermostat can allow savings of up to 10–12% on heating and more than 15% on air conditioning. This equates to an annual savings of approximately US$ 130 to US$ 145 for an individual home. The appealing statistics and merits offered by smart thermostats have encouraged people across the globe to incorporate smart thermostats in their HVAC systems. In 2015, approximately 5 million smart thermostats were sold worldwide, and the number is expected to grow multifold in the coming years. Thus, the overall market for smart thermostats is expected to grow by leaps and bounds throughout the forecast period from 2018 to 2026.
The global smart thermostats market is divided into four categories:
- North America
- rest of North America
- Rest of Europe
- Rest of Asia Pacific
Rest of the World
- Middle East and Africa
- Latin America
Key players identified in the global smart thermostats market include, but are not limited to:
Nest Labs, ecobee, Inc., Honeywell International Inc., Radio Thermostat Company of America, The Emerson Electric Company, Carrier Corporation, Venstar, Inc., Energate, Inc., Lux Products Corporation, Figure Corp., Control4 Corporation, Centralite Systems, Inc., Leviton Manufacturing Co., Inc., and others The global market for smart thermostats is highly fragmented and characterized by several international players. Intense competition in this highly fragmented market is keeping leading players on their toes with respect to technology development, product quality, and service to their customers. Focus on innovation remains the premier strategy of all smart thermostat manufacturers. In addition, providing customized solutions according to the needs of consumers is another important strategy adopted by smart thermostat manufacturers to maintain their dominance in the market.