USD 4.11 billion growth in Smart Thermostats Market | North America to offer maximum opportunities | Technavio

NEW YORK, March 23, 2022 /PRNewswire/ -- The global smart thermostats market size is expected to increase by USD 4.11 billion between 2021 and 2026. Technavio anticipates the market to observe a YOY growth of 19.55% in 2022 and expand at a CAGR of 19.81% during the forecast period. North America will emerge as the largest market for smart thermometers during the forecast period.

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The market is driven by the growth in the number of HVAC equipment users. The growth of the global construction industry is increasing the number of residential and commercial buildings, which has spurred the demand for HVAC equipment. In addition, consumers are becoming highly conscious of energy conservation. These factors have increased the consumers' spend on technologies that aid in reducing energy costs. This, in turn, will increase the demand for smart thermostats, thereby driving the growth of the market.

"The increasing popularity of smart homes and government initiatives to promote the use of thermostats will further drive the growth of the market," says a senior analyst at Technavio.

Smart Thermostats Market: Segment Highlights

• By Technology, the market is segmented by Wi-Fi, ZigBee, and others.
• The Wi-Fi segment accounted for maximum growth in the market in 2021.
• The ease of use and convenience offered by Wi-Fi-enabled smart thermostats are driving the growth of the segment.
• The market growth in the segment will be significant during the forecast period.

Regional Analysis

• 53% of the growth will originate from the North American region.
• The growth in the residential and commercial construction sectors and government regulations on the adoption of energy-efficient systems for homes and buildings have been crucial in driving the growth of the smart thermostats market in North America.
• The US and Canada are the key markets for smart thermostats in North America.
• Market growth in this region will be slower than the growth of the market in APAC.
• The market will also observe healthy growth in countries such as Mexico, China, Germany, and the UK during the forecast period.

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Notes:

• The smart thermostats market size is expected to accelerate at a CAGR of 19.81% during the forecast period.
• The smart thermostats market is segmented by technology (Wi-fi, ZigBee, and Others) and geography (North America, Europe, APAC, Middle East and Africa, and South America).
• The market is fragmented due to the presence of international and regional vendors.
• The competition in the market is expected to increase during the forecast period due to product innovations, technological advancements, and mergers and acquisitions.
• The research report offers information on several market vendors, including Alphabet Inc., Carrier Global Corp., Centrica Plc, Computime Group Ltd., Control4 Corp., ecobee Inc., EcoFactor Inc., Emerson Electric Co., GridPoint Inc., Honeywell International Inc., Johnson Controls International Plc, Legrand SA, NETATMO SAS, Nortek Inc., Radio Thermostat Co. of America, Robert Bosch GmbH, Robertshaw Controls Co., Schneider Electric SE, tado GmbH, and Venstar Inc.

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Table of Contents:

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Technology
• Exhibit 06: Executive Summary – Chart on Incremental Growth
• Exhibit 07: Executive Summary – Data Table on Incremental Growth
• Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 09: Parent market
• Exhibit 10: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 11: Offerings of vendors included in the market definition

• 3.2 Market segment analysis
• Exhibit 12: Market segments

• 3.3 Market size 2021

• 3.4 Market outlook: Forecast for 2021-2026
• Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ billion)
• Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ billion)
• Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
• Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

• 4.1 Five forces summary
• Exhibit 17: Five forces analysis - Comparison between 2021 and 2026

• 4.2 Bargaining power of buyers
• Exhibit 18: Bargaining power of buyers – Impact of key factors in 2021 and 2026

• 4.3 Bargaining power of suppliers
• Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026

• 4.4 Threat of new entrants
• Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026

• 4.5 Threat of substitutes
• Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026

• 4.6 Threat of rivalry
• Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026

• 4.7 Market condition
• Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

5 Market Segmentation by Technology

• 5.1 Market segments
• Exhibit 24: Chart on Technology - Market share 2021-2026 (%)
• Exhibit 25: Data Table on Technology - Market share 2021-2026 (%)

• 5.2 Comparison by Technology
• Exhibit 26: Chart on Comparison by Technology
• Exhibit 27: Data Table on Comparison by Technology

• 5.3 Wi-fi - Market size and forecast 2021-2026
• Exhibit 28: Chart on Wi-fi - Market size and forecast 2021-2026 ($ billion)
• Exhibit 29: Data Table on Wi-fi - Market size and forecast 2021-2026 ($ billion)
• Exhibit 30: Chart on Wi-fi - Year-over-year growth 2021-2026 (%)
• Exhibit 31: Data Table on Wi-fi - Year-over-year growth 2021-2026 (%)

• 5.4 ZigBee - Market size and forecast 2021-2026
• Exhibit 32: Chart on ZigBee - Market size and forecast 2021-2026 ($ billion)
• Exhibit 33: Data Table on ZigBee - Market size and forecast 2021-2026 ($ billion)
• Exhibit 34: Chart on ZigBee - Year-over-year growth 2021-2026 (%)
• Exhibit 35: Data Table on ZigBee - Year-over-year growth 2021-2026 (%)

• 5.5 Others - Market size and forecast 2021-2026
• Exhibit 36: Chart on Others - Market size and forecast 2021-2026 ($ billion)
• Exhibit 37: Data Table on Others - Market size and forecast 2021-2026 ($ billion)
• Exhibit 38: Chart on Others - Year-over-year growth 2021-2026 (%)
• Exhibit 39: Data Table on Others - Year-over-year growth 2021-2026 (%)

• 5.6 Market opportunity by Technology
• Exhibit 40: Market opportunity by Technology ($ billion)

6 Customer Landscape

• 6.1 Customer landscape overview
• Exhibit 41: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7 Geographic Landscape

• 7.1 Geographic segmentation
• Exhibit 42: Chart on Market share by geography 2021-2026 (%)
• Exhibit 43: Data Table on Market share by geography 2021-2026 (%)

• 7.2 Geographic comparison
• Exhibit 44: Chart on Geographic comparison
• Exhibit 45: Data Table on Geographic comparison

• 7.3 North America - Market size and forecast 2021-2026
• Exhibit 46: Chart on North America - Market size and forecast 2021-2026 ($ billion)
• Exhibit 47: Data Table on North America - Market size and forecast 2021-2026 ($ billion)
• Exhibit 48: Chart on North America - Year-over-year growth 2021-2026 (%)
• Exhibit 49: Data Table on North America - Year-over-year growth 2021-2026 (%)

• 7.4 Europe - Market size and forecast 2021-2026
• Exhibit 50: Chart on Europe - Market size and forecast 2021-2026 ($ billion)
• Exhibit 51: Data Table on Europe - Market size and forecast 2021-2026 ($ billion)
• Exhibit 52: Chart on Europe - Year-over-year growth 2021-2026 (%)
• Exhibit 53: Data Table on Europe - Year-over-year growth 2021-2026 (%)

• 7.5 APAC - Market size and forecast 2021-2026
• Exhibit 54: Chart on APAC - Market size and forecast 2021-2026 ($ billion)
• Exhibit 55: Data Table on APAC - Market size and forecast 2021-2026 ($ billion)
• Exhibit 56: Chart on APAC - Year-over-year growth 2021-2026 (%)
• Exhibit 57: Data Table on APAC - Year-over-year growth 2021-2026 (%)

• 7.6 Middle East and Africa - Market size and forecast 2021-2026
• Exhibit 58: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)
• Exhibit 59: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)
• Exhibit 60: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
• Exhibit 61: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)

• 7.7 South America - Market size and forecast 2021-2026
• Exhibit 62: Chart on South America - Market size and forecast 2021-2026 ($ billion)
• Exhibit 63: Data Table on South America - Market size and forecast 2021-2026 ($ billion)
• Exhibit 64: Chart on South America - Year-over-year growth 2021-2026 (%)
• Exhibit 65: Data Table on South America - Year-over-year growth 2021-2026 (%)

• 7.8 US - Market size and forecast 2021-2026
• Exhibit 66: Chart on US - Market size and forecast 2021-2026 ($ billion)
• Exhibit 67: Data Table on US - Market size and forecast 2021-2026 ($ billion)
• Exhibit 68: Chart on US - Year-over-year growth 2021-2026 (%)
• Exhibit 69: Data Table on US - Year-over-year growth 2021-2026 (%)

• 7.9 Canada - Market size and forecast 2021-2026
• Exhibit 70: Chart on Canada - Market size and forecast 2021-2026 ($ billion)
• Exhibit 71: Data Table on Canada - Market size and forecast 2021-2026 ($ billion)
• Exhibit 72: Chart on Canada - Year-over-year growth 2021-2026 (%)
• Exhibit 73: Data Table on Canada - Year-over-year growth 2021-2026 (%)

• 7.10 Germany - Market size and forecast 2021-2026
• Exhibit 74: Chart on Germany - Market size and forecast 2021-2026 ($ billion)
• Exhibit 75: Data Table on Germany - Market size and forecast 2021-2026 ($ billion)
• Exhibit 76: Chart on Germany - Year-over-year growth 2021-2026 (%)
• Exhibit 77: Data Table on Germany - Year-over-year growth 2021-2026 (%)

• 7.11 China - Market size and forecast 2021-2026
• Exhibit 78: Chart on China - Market size and forecast 2021-2026 ($ billion)
• Exhibit 79: Data Table on China - Market size and forecast 2021-2026 ($ billion)
• Exhibit 80: Chart on China - Year-over-year growth 2021-2026 (%)
• Exhibit 81: Data Table on China - Year-over-year growth 2021-2026 (%)

• 7.12 Mexico - Market size and forecast 2021-2026
• Exhibit 82: Chart on Mexico - Market size and forecast 2021-2026 ($ billion)
• Exhibit 83: Data Table on Mexico - Market size and forecast 2021-2026 ($ billion)
• Exhibit 84: Chart on Mexico - Year-over-year growth 2021-2026 (%)
• Exhibit 85: Data Table on Mexico - Year-over-year growth 2021-2026 (%)

• 7.13 UK - Market size and forecast 2021-2026
• Exhibit 86: Chart on UK - Market size and forecast 2021-2026 ($ billion)
• Exhibit 87: Data Table on UK - Market size and forecast 2021-2026 ($ billion)
• Exhibit 88: Chart on UK - Year-over-year growth 2021-2026 (%)
• Exhibit 89: Data Table on UK - Year-over-year growth 2021-2026 (%)

• 7.14 Market opportunity by geography
• Exhibit 90: Market opportunity by geography ($ billion)

8 Drivers, Challenges, and Trends

• 8.1 Market drivers

• 8.2 Market challenges

• 8.3 Impact of drivers and challenges
• Exhibit 91: Impact of drivers and challenges in 2021 and 2026

• 8.4 Market trends

9 Vendor Landscape

• 9.1 Overview

• 9.2 Vendor landscape
• Exhibit 92: Overview on Criticality of inputs and Factors of differentiation

• 9.3 Landscape disruption
• Exhibit 93: Overview on factors of disruption

• 9.4 Industry risks
• Exhibit 94: Impact of key risks on business

10 Vendor Analysis

• 10.1 Vendors covered
• Exhibit 95: Vendors covered

• 10.2 Market positioning of vendors
• Exhibit 96: Matrix on vendor position and classification

• 10.3 Alphabet Inc.
• Exhibit 97: Alphabet Inc. - Overview
• Exhibit 98: Alphabet Inc. - Business segments
• Exhibit 99: Alphabet Inc. - Key news
• Exhibit 100: Alphabet Inc. - Key offerings
• Exhibit 101: Alphabet Inc. - Segment focus

• 10.4 Centrica Plc
• Exhibit 102: Centrica Plc - Overview
• Exhibit 103: Centrica Plc - Business segments
• Exhibit 104: Centrica Plc - Key news
• Exhibit 105: Centrica Plc - Key offerings
• Exhibit 106: Centrica Plc - Segment focus

• 10.5 Computime Group Ltd.
• Exhibit 107: Computime Group Ltd. - Overview
• Exhibit 108: Computime Group Ltd. - Business segments
• Exhibit 109: Computime Group Ltd. - Key offerings
• Exhibit 110: Computime Group Ltd. - Segment focus

• 10.6 ecobee Inc.
• Exhibit 111: ecobee Inc. - Overview
• Exhibit 112: ecobee Inc. - Product / Service
• Exhibit 113: ecobee Inc. - Key offerings

• 10.7 EcoFactor Inc.
• Exhibit 114: EcoFactor Inc. - Overview
• Exhibit 115: EcoFactor Inc. - Product / Service
• Exhibit 116: EcoFactor Inc. - Key offerings

• 10.8 Emerson Electric Co.
• Exhibit 117: Emerson Electric Co. - Overview
• Exhibit 118: Emerson Electric Co. - Business segments
• Exhibit 119: Emerson Electric Co. - Key news
• Exhibit 120: Emerson Electric Co. - Key offerings
• Exhibit 121: Emerson Electric Co. - Segment focus

• 10.9 GridPoint Inc.
• Exhibit 122: GridPoint Inc. - Overview
• Exhibit 123: GridPoint Inc. - Product / Service
• Exhibit 124: GridPoint Inc. - Key offerings

• 10.10 Honeywell International Inc.
• Exhibit 125: Honeywell International Inc. - Overview
• Exhibit 126: Honeywell International Inc. - Business segments
• Exhibit 127: Honeywell International Inc. - Key news
• Exhibit 128: Honeywell International Inc. - Key offerings
• Exhibit 129: Honeywell International Inc. - Segment focus

• 10.11 Johnson Controls International Plc
• Exhibit 130: Johnson Controls International Plc - Overview
• Exhibit 131: Johnson Controls International Plc - Business segments
• Exhibit 132: Johnson Controls International Plc - Key news
• Exhibit 133: Johnson Controls International Plc - Key offerings
• Exhibit 134: Johnson Controls International Plc - Segment focus

• 10.12 Robert Bosch GmbH
• Exhibit 135: Robert Bosch GmbH - Overview
• Exhibit 136: Robert Bosch GmbH - Business segments
• Exhibit 137: Robert Bosch GmbH - Key news
• Exhibit 138: Robert Bosch GmbH - Key offerings
• Exhibit 139: Robert Bosch GmbH - Segment focus

11 Appendix

• 11.1 Scope of the report

• 11.2 Inclusions and exclusions checklist
• Exhibit 140: Inclusions checklist
• Exhibit 141: Exclusions checklist

• 11.3 Currency conversion rates for US$
• Exhibit 142: Currency conversion rates for US$

• 11.4 Research methodology
• Exhibit 143: Research methodology
• Exhibit 144: Validation techniques employed for market sizing
• Exhibit 145: Information sources

• 11.5 List of abbreviations
• Exhibit 146: List of abbreviations

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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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