LONDON, Sept. 18, 2019 /PRNewswire/ -- Smart thermostats will transcend indoor climate control and become the interface to control the entire smart home, including lights, door locks, windows, security systems, and heating, ventilation, and air conditioning (HVAC) systems. The rising penetration of smart home solutions and demand for energy and cost-saving technologies are expected to propel the $1.63 billion market towards $4.81 billion by 2025, while the unit shipment is estimated to reach 38.8 million units from 8.6 million in 2018.
"Smart thermostats are increasingly being developed with additional intelligence to deliver value to the customer in terms of personalized climate and lighting control beyond residential use cases," said Dennis Marcell Victor, Senior Research Analyst, Energy & Environment. "With improved focus on air quality and comfort, smart thermostats are expected to be widely installed in campuses, hospitals, and office spaces."
Frost & Sullivan's recent analysis, Global Smart Thermostats Market, Forecast to 2025, examines the key market drivers and challenges. It analyzes the current technologies in the market as well as the degree of competition. It studies the growth opportunities and critical success factors for participants to survive and compete in markets across North America, Europe, Asia-Pacific, and Rest-of-the-World.
For further information on this analysis, please visit: http://frost.ly/3rn
"Penetration of smart thermostats in North American and European homes will accelerate rapidly as awareness and acceptance increases. By 2025, almost 63.7% of North American and 41.4% of European homes are forecast to have smart thermostats," noted Victor. "Asia-Pacific will witness the highest growth, especially in developing markets like China, Japan, and Southeast Asia. Meanwhile, countries in Latin America, such as Argentina and Brazil, are likely to experience a late surge in adoption."
Smart thermostat vendors all over the world are likely to continue growing by tapping the growth opportunities presented by:
- Offering building and appliance diagnostics, recommending relevant energy-efficiency measures and aiding compliance with building codes.
- Reinforcing energy-efficiency initiatives that add to the ease of implementing demand response programs, especially in countries with higher demand for electricity.
- Partnering with utility providers to offer rebates or guaranteed energy savings through subscription plans.
- Focusing on customer relationships, from pricing, ease of installation and ease of use to quick resolution of issues.
- Adopting an omnichannel strategy to unlock market potential in low-growth markets.
Global Smart Thermostats Market, Forecast to 2025 is part of Frost & Sullivan's global Homes & Buildings Growth Partnership Service program.
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Global Smart Thermostats Market, Forecast to 2025
SOURCE Frost & Sullivan