LONDON–(BUSINESS WIRE)–#Research—Technavio
analysts forecast the global
smart thermostats market to grow at a CAGR of around 19%
during the forecast period, according to their latest report.

The research study covers the present scenario and growth prospects of
the global smart thermostats market for 2017-2021. The market is
segmented based on technology (Wi-Fi and ZigBee) and geography
(North America, Europe, APAC, and ROW).

The global smart thermostats market is expected to grow significantly
during the forecast period owing to the rapid increase in the demand for
smart thermostats. The growing demand for energy-efficient equipment and
the increase in residential and commercial construction activities are
the key factors propelling the growth of the smart thermostats market.
Most of the consumers in Europe and the Americas are adopting
energy-efficient HVAC systems to comply with the emission regulations
proposed by the countries in these regions. Due to this, the demand for
HVAC systems is expected to rise, thereby driving the demand for smart
thermostats.

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Technavio heavy
industry research analysts highlight the following three factors
that are contributing to the growth of the global smart thermostats
market:

• Growth in number of HVAC equipment users
• Increasing popularity of smart homes
• Government initiatives to promote the use of thermostats

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Growth in number of HVAC equipment users

HVAC systems are being increasingly adopted globally for their energy
efficiency. With the help of heating and air conditioning equipment, the
temperature can be maintained within a household. Smart thermostats help
in monitoring and controlling the temperature from remote locations
also. Therefore, the growth in the construction of residential and
commercial buildings is expected to drive the demand for HVAC equipment,
thereby spurring the demand for smart thermostats.

Anju Ajay Kumar, a lead tools
and components research analyst at Technavio, says, “The number
of ACs installed in residential households in the US increased
significantly during 2010-2016 and is expected to rise in the next five
years. Consumers have become highly conscious of energy costs and the
conservation of energy. Hence, they prefer investing in technology that
aids in reducing costs. This is expected to drive the demand for smart
thermostats, thereby driving the growth of the market.”

Increasing popularity of smart homes

Smart homes use electronic communication devices such as smartphones or
tablets to connect domestic appliances like air conditioning units,
lighting systems, TVs, computers, heating systems, security devices, and
cameras. Smart homes are gaining popularity globally as consumers give
higher preference to their comfort and convenience. The global smart
homes market is expected to grow exponentially during the forecast
period due to the increase in the adoption of smart devices. These
devices can be controlled remotely and can report their own maintenance
needs, which makes it more convenient for the consumer.

“In most of the developed regions like Europe and North America,
there is a high rate of adoption of smart thermostats. North America is
the world's most advanced smart home market and is witnessing
significant growth mainly due to the need for energy management in
households. Innovations in IT and growing consumer acceptance are the
key drivers of the smart homes market,” adds Anju.

Government initiatives to promote the use of thermostats

Government agencies are an important factor in driving the sales of
smart thermostats in the US and European countries. Governments across
the world are working to educate their citizens and formulating policies
and legislation that are designed to reduce the carbon footprint. This
has contributed to the growing awareness about the need to protect the
environment. Consequently, consumers are willing now more than ever to
take energy-saving initiatives, and smart thermostats help users reduce
energy wastage by cutting electricity consumption.

The smart
thermostats market in Europe is being driven by the emission
reduction targets to combat climate change. Energy efficiency
certifications for commercial and residential buildings are also helping
the market in Europe to grow. Also, increasing awareness among consumers
regarding the user-friendly features and convenience of smart
thermostats represent a major market growth driver.

Top vendors:

• Carrier
• ecobee
• Emerson
• Honeywell International
• Nest Labs

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