Market outlook of the global smart thermostat
The market for smart thermostats is still at its nascent stage, but Technavio’s market research analysts expect the market to grow exponentially, as consumers become more aware of the advantages and features of smart thermostats. It is projected that the global smart thermostat market will generate a significant revenue of more than USD 1,314 million by 2019.
The concept of smart homes, which connects domestic appliances such as lighting systems, heating modules, air conditioning units, television sets, computers, entertainment systems, security devices and camera systems using electronic communication units, is rapidly gaining popularity among consumers around the world. The increase in demand for smart homes is expected to drive the demand for smart thermostat market in the forecast period.
Competitive landscape and key vendors
Key vendors of this market are –
Other prominent vendors included in this report are Computime, Emerson, Energate, Radio Thermostat Company of America, and Venstar.
Market segmentation of the global smart thermostat by product
Standalone smart thermostats
Networked smart thermostats
Learning smart thermostats
The most basic type of thermostat is the standalone smart thermostats that are controlled by either wall mounted control panels or remote controls. These thermostats are relatively cheaper than other thermostats that are available in the market and are, at the same time, easy to install.
Market segmentation of the global smart thermostat by technology
The Wi-Fi technology contributed the largest share in 2014, accounting for almost 38% of the overall market share, which is closely followed by the Zig Bee technology.
Geographical segmentation of the global smart thermostat market
North America, which is home to many smart thermostat manufacturing companies such as Nest Labs and Honeywell, represented about 59% share of the market in 2013 and was the largest market for smart thermostats. The market demand for smart thermostats continue to rise steadily in North America, and market research analysts expect it to grow during the forecast period.
Drivers, challenges, and upcoming trends: Smart thermostat
Technavio’s market research report also emphasizes the increased channel partnering by smart thermostat vendors who are expanding their market partnerships to boost product sales and increase market share. They are focusing on developing devices that are user-friendly in terms of installation procedures.
This report provides a number of factors contributing to the adoption, limitations, and opportunities of the global smart thermostat market. It also offers an analysis of each factor and an estimation of the extent to which the factors are likely to impact the overall market growth.
Key questions answered in the report include
What will the market size and the growth rate be in 2019?
What are the key factors driving the global smart thermostat market?
What are the key market trends impacting the growth of the global smart thermostat market?
What are the challenges to market growth?
Who are the key vendors in the global smart thermostat market?
What are the market opportunities and threats faced by the vendors in the global smart thermostat market?
Trending factors influencing the market shares of North America, Europe, APAC, and MEA.
What are the key outcomes of the five forces analysis of the global smart thermostat market?
Technavio also offers customization on reports based on specific client requirement.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
Key market highlights
PART 05: Market landscape
Market size and forecast
Five forces analysis
PART 06: Market segmentation by product
Market segmentation by product
PART 07: Market segmentation by technology
Market size and forecast
Global smart thermostat market by Wi-Fi
Global smart thermostat market by ZigBee
Global smart thermostat market by others
PART 08: Geographical segmentation
Smart thermostat market in North America
Smart thermostat market in Europe
Smart thermostat market in APAC
Smart thermostat market in MEA
PART 09: Key leading countries
PART 10: Market drivers
Rising power prices
Demand for energy efficient equipment
Growing numbers of smart homes
Promotion of smart thermostats by government bodies
Remote control of thermostats
PART 11: Impact of drivers
PART 12: Market challenges
High initial cost of smart thermostats
Volatility in oil and gas prices
Low penetration of smart thermostats
Lack of support from state and federal governments
PART 13: Impact of drivers and challenges
PART 14: Market trends
Growing concerns over data security
Convergence of mobile devices with smart thermostats
Development of open-source DIY smart thermostats
PART 15: Vendor landscape
Other prominent vendors
PART 16: Key vendor analysis
PART 17: Appendix
List of abbreviations
PART 18: Explore Technavio
List of Exhibits
Exhibit 01: Global smart thermostat market
Exhibit 02: Product offerings
Exhibit 03: Thermostats used for heating and cooling
Exhibit 04: Global smart thermostat market 2014-2019 ($ millions)
Exhibit 05: Five forces analysis
Exhibit 06: Global smart thermostat market by product
Exhibit 07: Global smart thermostat market by technology 2014-2019
Exhibit 08: Global smart thermostat market by Wi-Fi 2014-2019 ($ millions)
Exhibit 09: Global smart thermostat market by ZigBee 2014-2019 ($ millions)
Exhibit 10: Global smart thermostat market by others 2014-2019 ($ millions)
Exhibit 11: Global smart thermostat market by geographical segmentation 2014
Exhibit 12: Global smart thermostat market by geographic segmentation 2019
Exhibit 13: Smart thermostat market in North America 2014-2019 ($ millions)
Exhibit 14: US homes: Residential energy consumption in 2014
Exhibit 15: Smart thermostat market in Europe 2014-2019 ($ millions)
Exhibit 16: Smart thermostat market in APAC 2014-2019 ($ millions)
Exhibit 17: Smart homes market in China 2014-2019 ($ billions)
Exhibit 18: Smart thermostat market in MEA 2014-2019 ($ millions)
Exhibit 19: Electricity tariffs in selected countries 2014 (kW/hr)
Exhibit 20: Global smart home market 2014-2019 ($ billions)
Exhibit 21: Impact of drivers
Exhibit 22: Major products in smart thermostat market
Exhibit 23: Prices of crude oil February 2015 to July 2015 ($/bbl)
Exhibit 24: Impact of drivers and challenges
Exhibit 25: Product segmentation
Exhibit 26: Segmentation
Exhibit 27: Business segmentation 2014 by Revenue
Exhibit 28: Business segmentation by revenue 2013 and 2014 ($ billions)
Exhibit 29: Geographical segmentation by revenue 2014
Exhibit 30: Business segmentation 2014 by revenue
Exhibit 31: Business segmentation by revenue 2013 and 2014 ($ billions)
Exhibit 32: Geographical segmentation by revenue 2014
Exhibit 33: Products