Smart home products like smart thermostats are specifically designed for the Americas and Europe. The products that are developed for those countries cannot be directly adopted in the Indian market.
Technavio recognizes the following companies as the key players in the global smart thermostats market: Carrier, ecobee, Emerson, Honeywell International, and Nest Labs.Other Prominent Vendors in the market are: Bosch Thermotechnology, Centrica, Climate, Computime, EcoFactor, GridPoint, Ingersoll-Rand, LUXPRO, Netatmo, Quby, Radio Thermostat Company of America, Robertshaw Climate, Schneider Electric, tado?, and Venstar.Commenting on the report, an analyst from Technavios team said: The latest trend gaining momentum in the market is Limited penetration of smart thermostats in APAC. The penetration of smart home products and devices has been significantly lower in APAC countries like India and China when compared with the countries in the Americas and Europe.
The lifestyles and environment in India and China are substantially different from that in other countries.
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According to the report, one of the major drivers for this market is 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.Further, the report states that one of the major factors hindering the growth of this market is High initial prices affect the demand for smart thermostats. The high initial cost of smart thermostats is one of the primary challenges faced by the consumers.
Most of the thermostats offered by major vendors like Nest Labs, Honeywell International, and ecobee are the do-it-yourself (DIY) type, which poses a challenge to most consumers. Thus, it leads to the need to hire professionals to install the thermostats, thereby resulting in additional costs.
Therefore, the high initial cost of smart thermostats, as well as the costs incurred in their installation discourages many consumers from opting for them.The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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About Smart ThermostatsSmart thermostats are devices that are connected to home automation systems and are used to regulate the temperature within an enclosed area. Smart thermostats combine software, sensors, Wi-Fi connectivity, algorithms, and user-friendly interfaces to aid in conserving energy and energy costs.
These thermostats are used in both commercial and residential settings. Users use mobile apps to regulate the settings on the smart thermostats remotely.
Smart thermostats are also programmed to self-learn the pattern of activities of the end-user.Technavios analysts forecast the global smart thermostats market to grow at a CAGR of 19.00% during the period 2017-2021.Covered in this report
The report covers the present scenario and the growth prospects of the global smart thermostats market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.The market is divided into the following segments based on geography:
ROWTechnavio's report, Global Smart Thermostats Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years.
The report also includes a discussion of the key vendors operating in this market.
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Nest LabsOther prominent vendors
Radio Thermostat Company of America
Growth in number of HVAC equipment users
For a full, detailed list, view our report Market challenge
High initial prices affect the demand for smart thermostats
For a full, detailed list, view our report Market trend
Limited penetration of smart thermostats in APAC
For a full, detailed list, view our report Key questions answered in this report
What will the market size be in 2021 and what will the growth rate be?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
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