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Global Smart Thermostat Market to reach USD XX billion by 2028.

Global Smart Thermostat Market Size study, By Products (Connected Smart thermostat, Learning Smart Thermostat, Standalone Smart Thermostat), By Connectivity Technology (Wireless Network, Wired Network), By Installation Type (New Installation, Retrofit Installation), By End User (Residential, Commercial, Industrial), and Regional Forecasts 2022-2028

Product Code: ENGE-27471675
Publish Date: 10-05-2022
Page: 200

Global Smart Thermostat Market is valued approximately USD XX billion in 2021 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2022-2028.
Smart thermostats are Wi-Fi thermostats that are used with home automation. This device is accountable for controlling the home’s ventilation, heating, and air conditioning (HVAC). The rising inclination towards smart homes, growing adoption of IoT-enabled HVAC systems, an increasing number of government regulations pertaining to increasing the energy efficiency of buildings are the primary factors that are fostering market growth across the globe. For instance, as per Statista, in the United States, the revenue of the building efficiency market was recorded at USD 82.84 billion in 2018, and the market exhibits substantial growth and reached USD 94.47 billion in 2020. Accordingly, the development of the building efficiency market is likely to surge the demand for a smart thermostat, thus, in turn, accelerating the market growth worldwide. However, the high manufacturing and installation costs of smart thermostats and high concerns regarding data security impede the growth of the market over the forecast period of 2022-2028. Also, increasing demand for self-learning devices and rising demand for cloud computing in the HVAC industry are anticipated to act as a catalyzing factor for the market demand during the forecast period.

The key regions considered for the global Smart Thermostat Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the leading region across the world in terms of market share owing to the growing spending on technological developments and the presence of well-established market players in the region. Whereas, Asia-Pacific is anticipated to exhibit the highest CAGR over the forecast period 2022-2028. Factors such as rising awareness for environmental protection, escalating population, as well as, increasing adoption of green building, would create lucrative growth prospects for the Smart Thermostat Market across the Asia-Pacific region.
Major market players included in this report are:
Alphabet Inc. (Google Nest)
Emerson Electric Co.
Honeywell International Inc.
Lennox International Inc.
Carrier Corporation
Resideo Technologies Inc.
Siemens AG
Trane Technologies PLC
Bosch Thermotechnik GmbH

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Products:
Connected Smart thermostat
Learning Smart Thermostat
Standalone Smart Thermostat
By Connectivity Technology:
Wireless Network
Wired Network
By Installation Type:
New Installation
Retrofit Installation
By End User:
By Region:
North America

Asia Pacific
South Korea
Latin America
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year – 2018, 2019, 2020
Base year – 2021
Forecast period – 2022 to 2028

Target Audience of the Global Smart Thermostat Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2028 (USD Billion)
1.2.1. Global Smart Thermostat Market, by Region, 2020-2028 (USD Billion)
1.2.2. Global Smart Thermostat Market, by Products, 2020-2028 (USD Billion)
1.2.3. Global Smart Thermostat Market, by Connectivity Technology, 2020-2028 (USD Billion)
1.2.4. Global Smart Thermostat Market, by Installation Type, 2020-2028 (USD Billion)
1.2.5. Global Smart Thermostat Market, by End User, 2020-2028 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Smart Thermostat Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Smart Thermostat Market Dynamics
3.1. Smart Thermostat Market Impact Analysis (2020-2028)
3.1.1. Market Drivers Rising inclination towards smart homes Government regulations pertaining to increase energy efficiency of buildings
3.1.2. Market Challenges High manufacturing and installation costs of smart thermostats High concerns regarding data security
3.1.3. Market Opportunities Growing demand for self-learning devices Rising demand for cloud computing in HVAC industry
Chapter 4. Global Smart Thermostat Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter’s 5 Force Model (2019-2028)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
4.5. Top investment opportunity
4.6. Top winning strategies
Chapter 5. Risk Assessment: COVID-19 Impact
5.1.1. Assessment of the overall impact of COVID-19 on the industry
5.1.2. Pre COVID-19 and post COVID-19 market scenario
Chapter 6. Global Smart Thermostat Market, by Products
6.1. Market Snapshot
6.2. Global Smart Thermostat Market by Products, Performance – Potential Analysis
6.3. Global Smart Thermostat Market Estimates & Forecasts by Products 2019-2028 (USD Billion)
6.4. Smart Thermostat Market, Sub Segment Analysis
6.4.1. Connected Smart thermostat
6.4.2. Learning Smart Thermostat
6.4.3. Standalone Smart Thermostat
Chapter 7. Global Smart Thermostat Market, by Connectivity Technology
7.1. Market Snapshot
7.2. Global Smart Thermostat Market by Connectivity Technology, Performance – Potential Analysis
7.3. Global Smart Thermostat Market Estimates & Forecasts by Connectivity Technology 2019-2028 (USD Billion)
7.4. Smart Thermostat Market, Sub Segment Analysis
7.4.1. Wireless Network
7.4.2. Wired Network
Chapter 8. Global Smart Thermostat Market, by Installation Type
8.1. Market Snapshot
8.2. Global Smart Thermostat Market by Installation Type, Performance – Potential Analysis
8.3. Global Smart Thermostat Market Estimates & Forecasts by Installation Type 2019-2028 (USD Billion)
8.4. Smart Thermostat Market, Sub Segment Analysis
8.4.1. New Installation
8.4.2. Retrofit Installation
Chapter 9. Global Smart Thermostat Market, by End User
9.1. Market Snapshot
9.2. Global Smart Thermostat Market by End User, Performance – Potential Analysis
9.3. Global Smart Thermostat Market Estimates & Forecasts by End User 2019-2028 (USD Billion)
9.4. Smart Thermostat Market, Sub Segment Analysis
9.4.1. Residential
9.4.2. Commercial
9.4.3. Industrial
Chapter 10. Global Smart Thermostat Market, Regional Analysis
10.1. Smart Thermostat Market, Regional Market Snapshot
10.2. North America Smart Thermostat Market
10.2.1. U.S. Smart Thermostat Market Products estimates & forecasts, 2019-2028 Connectivity Technology estimates & forecasts, 2019-2028 Installation Type estimates & forecasts, 2019-2028 End User estimates & forecasts, 2019-2028
10.2.2. Canada Smart Thermostat Market
10.3. Europe Smart Thermostat Market Snapshot
10.3.1. U.K. Smart Thermostat Market
10.3.2. Germany Smart Thermostat Market
10.3.3. France Smart Thermostat Market
10.3.4. Spain Smart Thermostat Market
10.3.5. Italy Smart Thermostat Market
10.3.6. Rest of Europe Smart Thermostat Market
10.4. Asia-Pacific Smart Thermostat Market Snapshot
10.4.1. China Smart Thermostat Market
10.4.2. India Smart Thermostat Market
10.4.3. Japan Smart Thermostat Market
10.4.4. Australia Smart Thermostat Market
10.4.5. South Korea Smart Thermostat Market
10.4.6. Rest of Asia Pacific Smart Thermostat Market
10.5. Latin America Smart Thermostat Market Snapshot
10.5.1. Brazil Smart Thermostat Market
10.5.2. Mexico Smart Thermostat Market
10.6. Rest of The World Smart Thermostat Market
Chapter 11. Competitive Intelligence
11.1. Top Market Strategies
11.2. Company Profiles
11.2.1. Alphabet Inc. (Google Nest) Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
11.2.2. Emerson Electric Co.
11.2.3. Honeywell International Inc.
11.2.4. Lennox International Inc.
11.2.5. Ecobee
11.2.6. Carrier Corporation
11.2.7. Resideo Technologies Inc.
11.2.8. Siemens AG
11.2.9. Trane Technologies PLC
11.2.10. Bosch Thermotechnik GmbH
Chapter 12. Research Process
12.1. Research Process
12.1.1. Data Mining
12.1.2. Analysis
12.1.3. Market Estimation
12.1.4. Validation
12.1.5. Publishing
12.2. Research Attributes
12.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
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Data Collection:
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In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
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