HOME Top Market Reports Smart Thermostat Market by Component , Network Connectivity (Wired, Wireless), Application (Residential, Office Building, Industrial Building, Educational Institutional, Retail, Hospitality, and Healthcare), and Geography - Forecast to 2020

Smart Thermostat Market by Component , Network Connectivity (Wired, Wireless), Application (Residential, Office Building, Industrial Building, Educational Institutional, Retail, Hospitality, and Healthcare), and Geography - Forecast to 2020

By: marketsandmarkets.com
Publishing Date: September 2015
Report Code: SE 3752

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One of the major growth drivers for the smart thermostat market is the globally rising demand for energy-efficient devices. The major application of smart thermostat is in residential buildings and this application is expected to grow at the highest rate during the forecast period. The overall smart thermostat market including hardware and service is expected to grow from USD 585.09 Million in 2014 and reach 5.9 Billion by 2020, at a CAGR of 31.82% between 2015 and 2020.

Market Segments and Aspects Covered:

Market, by Component:

The smart thermostat market has been segmented on the basis of components into display, temperature sensor, humidity sensor, motion sensor, and others.

Market, by Network Connectivity:

On the basis of network connectivity, the smart thermostat market has been segmented into wired network and wireless network.

Market, by Application:

On the basis of application, the smart thermostat market has been segmented into residential, office building, educational institution, industrial building, retail, hospitality, and healthcare.

Market, by Geography:

The smart thermostat market has been segmented on the basis of geography into North America (U.S., Canada, and Mexico), Europe (Germany, U.K., France, and RoE), APAC (China, Japan, South Korea, and RoAPAC), and Rest of the World (RoW).

Residential, office buildings, and educational institutions are some of the fastest-growing applications in the smart thermostat market. The market in Europe is expected to grow at the highest rate during the forecast period.

The key players in this market include Nest Labs (U.S.), Honeywell international (U.S.), Ecobee (Canada), Schneider Electric SE (France), Emerson Electric Co. (U.S.), Tado (Germany), Control4 Corporation (U.S.), Ingersoll Rand (Ireland), Carrier Corporation (U.S.), and Nortek, Inc. (France).

Smart Thermostat Market

The smart thermostat market has been analyzed with the market overview and industry trends, along with the market dynamics and additional qualitative analysis. The market classification includes the segmentation and subsegmentation of the market on the basis of component, network technology, application, and geography. Furthermore, a detailed competitive landscape and company profiles of the key players have also been included in the report.

This report caters to the needs of leading operators, contractors, and service providers in the smart thermostat market. Other parties that could benefit from the report include government bodies, environmental agencies, consulting firms, business development executives, C-level employees, and VPs. Our report would help to analyze new opportunities and potential revenue sources and enhance the decision-making process for new business strategies. The quantitative and qualitative information in the report along with the comprehensive analysis would help you gain a competitive edge in the market.

The following customization options are available for the smart thermostat market report.

Product Analysis

  • Product Matrix which gives a detailed comparison of the product portfolio of top companies

Company Information

  • Detailed analysis and profiling of additional market players (Up to five)

Table of Contents

1 Introduction (Page No. - 13)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Markets Covered
           1.3.2 Geographic Scope
           1.3.3 Years Considered for the Study
    1.4 Currency and Pricing
    1.5 Limitation
    1.6 Stakeholders

2 Research Methodology (Page No. - 17)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Key Industry Insights
                    2.1.2.3 Breakdown of Primaries: By Company Type, Designation, and Region
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Market Breakdown and Data Triangulation
    2.4 Research Assumptions and Limitations
           2.4.1 Assumptions
           2.4.2 Limitations

3 Executive Summary (Page No. - 25)

4 Premium Insights (Page No. - 30)
    4.1 Attractive Growth Opportunity in the Market
    4.2 Market, By Application
    4.3 Market in Europe, 2014
    4.4 U.S. Accounted for the Highest Market Share in the Market in 2014
    4.5 Residential Application of Smart Thermostat is Expected to Grow at the Highest CAGR Between 2015 and 2020

5 Market Overview (Page No. - 34)
    5.1 Introduction
    5.2 Market Segmentation
    5.3 Market Dynamics
           5.3.1 Drivers
                    5.3.1.1 Increasing Demand for Energy-Efficient Devices
                    5.3.1.2 Growth of the Smart Home Market
                    5.3.1.3 Configurable and Programmable Thermostat
           5.3.2 Restrains
                    5.3.2.1 False Trigging of Switches By Sensors
                    5.3.2.2 Incompatibility Issues in Wireless Networks
           5.3.3 Opportunity
                    5.3.3.1 Demand for Self-Learning Automated Devices
           5.3.4 Challenge
                    5.3.4.1 Ability to Work Offline

6 Industry Trends (Page No. - 40)
    6.1 Introduction
    6.2 Value Chain Analysis
    6.3 Porter’s Five Force Analysis
           6.3.1 Threat of New Entrants
           6.3.2 Threat of Subsititutes
           6.3.3 Bargaining Power of Suppliers
           6.3.4 Bargaining Power of Buyers
           6.3.5 Degree of Competition

7 Smart Thermostat Market, By Component (Page No. - 46)
    7.1 Introduction
           7.1.1 Display
           7.1.2 Temperature Sensor
           7.1.3 Humidity Sensor
           7.1.4 Motion Sensor
           7.1.5 Others

8 Smart Thermostat Market, By Network Technology (Page No. - 49)
    8.1 Introduction
           8.1.1 Wired Networking
           8.1.2 Wireless Network
                    8.1.2.1 Wi-Fi
                    8.1.2.2 Zigbee
                    8.1.2.3 Z-Wave
                    8.1.2.4 Bluetooth

9 Smart Thermostat Market, By Application (Page No. - 54)
    9.1 Introduction
           9.1.1 Residential
           9.1.2 Office Building
           9.1.3 Educational Buildings
           9.1.4 Industrial Building
           9.1.5 Retail
           9.1.6 Hospitality
           9.1.7 Healthcare

10 Geographic Analysis (Page No. - 79)
     10.1 Introduction
             10.1.1 North America
             10.1.2 Europe
             10.1.3 Asia-Pacific
             10.1.4 Rest of the World

11 Competitive Landscape (Page No. - 95)
     11.1 Overview
     11.2 Market Ranking Analysis
     11.3 Competitive Situation and Trends
             11.3.1 New Product Launches
             11.3.2 Agreements, Partnerships, and Collaborations
             11.3.3 Mergers and Acquisitions
             11.3.4 Other Developments

12 Company Profile (Page No. - 100)
(Company at A Glance, Recent Financials, Products & Services, Strategies & Insights, & Recent Developments)*
     12.1 Nest Labs, Inc.
     12.2 Honeywell International Inc.
     12.3 Ecobee, Inc.
     12.4 Emerson Electric Co.
     12.5 Schneider Electric SE
     12.6 Tado GmbH
     12.7 Control4 Corporation
     12.8 Ingersoll Rand PLC
     12.9 Carrier Corporation
     12.10 Nortek, Inc.

*Details on Company at A Glance, Recent Financials, Products & Services, Strategies & Insights, & Recent Developments Might Not Be Captured in Case of Unlisted Companies.

13 Appendix (Page No. - 121)
     13.1 Insights of Industry Experts
     13.2 Discussion Guide
     13.3 Introducing RT: Real-Time Market Intelligence
     13.4 Available Customizations
     13.5 Related Reports


List of Tables (75 Tables)

Table 1 Smart Thermostat Market Size By Value and Volume, 2014-2020
Table 2 Drivers: Impact Analysis
Table 3 Market Size, By Component, 2014–2020 (USD Million)
Table 4 Market Size, By Network Connectivity, 2014-2020 (USD Million)
Table 5 Wireless Network Connectivity Market Size, By Technology, 2014–2020 (USD Million)
Table 6 Market Size, By Application, 2014–2020 (USD Million)
Table 7 Market for Residential Application, Bynetwork Connectivity, 2014–2020 (USD Million)
Table 8 Market for Residential Application, By Region, 2014–2020 (USD Million)
Table 9 North America: Market for Residential Application Market, By Country, 2014–2020 (USD Million)
Table 10 Europe: Market for Residential Application, By Country, 2014–2020 (USD Million)
Table 11 APAC: Market for Residential Application, By Country, 2014–2020 (USD Million)
Table 12 RoW: Market for Residential Application, By Region, 2014–2020 (USD Million)
Table 13 Market for Office Building Application, By Network Connectivity, 2014–2020 (USD Million)
Table 14 Market for Office Building Application, By Region, 2014–2020 (USD Million)
Table 15 North America: Market for Office Building Application, By Country, 2014–2020 (USD Million)
Table 16 Europe: Market for Office Building Application, By Country, 2014–2020 (USD Million)
Table 17 APAC: Market for Office Building Application, Bycountry, 2014–2020 (USD Million)
Table 18 RoW: Market for Office Building Application, By Region, 2014–2020 (USD Million)
Table 19 Market for Educational Building Application, By Network Connectivity, 2014–2020 (USD Million)
Table 20 Market for Educational Building Application, By Region, 2014–2020 (USD Million)
Table 21 Educational Building Application Market By,North America, 2014–2020 (USD Million)
Table 22 Europe: Market for Educational Building Application, By Country, 2014–2020 (USD Million)
Table 23 APAC: Market for Educational Building Application, By Country, 2014–2020 (USD Million)
Table 24 RoW: Market for Educational Building Application, By Region, 2014–2020 (USD Million)
Table 25 Market for Industrial Application, By Network Connectivity, 2014–2020 (USD Million)
Table 26 Market for Industrial Building Application, By Geography, 2014–2020 (USD Million)
Table 27 North America: Market for Industrial Building Application Market, By Country, 2014–2020 (USD Million)
Table 28 Europe: Market for Industrial Building Application, By Country, 2014–2020 (USD Million)
Table 29 APAC: Market for Industrial Building Application, By Country, 2014–2020 (USD Million)
Table 30 RoW: Market for Industrial Building Application, By Region, 2014–2020 (USD Million)
Table 31 Market for Retail Application, By Network Connectivity, 2014–2020 (USD Million)
Table 32 Market for Retail Application, By Region, 2014–2020 (USD Million)
Table 33 North America: Market for Retail Application, By Country, 2014–2020 (USD Million)
Table 34 Europe: Market for Retail Application, By Country, 2014–2020 (USD Million)
Table 35 APAC: Market for Retail Application, By Country, 2014–2020 (USD Million)
Table 36 RoW: Market for Retail Application, By Region, 2014–2020 (USD Million)
Table 37 Market for Hospitality Application, By Network Connectivity, 2014–2020 (USD Million)
Table 38 Market for Hospitality Application, By Region, 2014–2020 (USD Million)
Table 39 North America: Market for Hospitality Application, By Country, 2014–2020 (USD Million)
Table 40 Europe: Market for Hospitality Application, By Country, 2014–2020 (USD Million)
Table 41 APAC: Market for the Hospitality Application, By Country, 2014–2020 (USD Million)
Table 42 RoW: Market for Hospitality Application, Byregion, 2014–2020 (USD Million)
Table 43 Market for Healthcare Application, By Network Connectivity, 2014–2020 (USD Million)
Table 44 Market for Healthcare Application, By Region, 2014–2020 (USD Million)
Table 45 North America: Market for Healthcare Application, By Country, 2014–2020 (USD Million)
Table 46 Europe: Market for Healthcare Application, By Country, 2014–2020 (USD Million)
Table 47 APAC: Market for Healthcare Application, By Country, 2014–2020 (USD Million)
Table 48 RoW: Market for Healthcare Application, By Region, 2014–2020 (USD Million)
Table 49 Market Size, By Region, 2014–2020 (USD Million)
Table 50 North America: Smart Thermostat Market Size, By Application, 2014–2020 (USD Million)
Table 51 U.S.: Smart Thermostat Market Size, By Application, 2014–2020 (USD Million)
Table 52 Canada: Market Size, By Application, 2014–2020 (USD Million)
Table 53 Mexico: Smart Thermostat Market Size, By Application, 2014–2020 (USD Million)
Table 54 North America: Market Size, By Country, 2014–2020 (USD Million)
Table 55 Europe: Smart Thermostat Market Size, By Application, 2014–2020 (USD Million)
Table 56 U.K.: Market Size, By Application, 2014–2020 (USD Million)
Table 57 France: Smart Thermostat Market Size, By Application, 2014–2020 (USD Million)
Table 58 Germany: Market Size, By Application, 2014–2020 (USD Million)
Table 59 Rest of Europe: Smart Thermostat Market Size, By Application, 2014–2020 (USD Million)
Table 60 Europe: Smart Thermostat Market Size, By Country, 2014–2020 (USD Million)
Table 61 APAC: Market Size, By Application, 2014-2020 (USD Million)
Table 62 China: Market Size, By Application, 2014–2020 (USD Million)
Table 63 Japan: Smart Thermostat Market Size, By Application, 2014–2020 (USD Million)
Table 64 South Korea: Smart Thermostat Market Size, By Application, 2014–2020 (USD Million)
Table 65 Others: Market Size, By Application, 2014–2020 (USD Million)
Table 66 APAC: Market Size, By Country, 2014–2020 (USD Million)
Table 67 RoW: Market Size, By Application, 2014–2020 (USD Million)
Table 68 South America: Market Size, By Application, 2014–2020 (USD Million)
Table 69 Middle East and Africa: Smart Thermostat Market Size, By Application, 2014–2020 (USD Million)
Table 70 RoW: Smart Thermostat Market Size, By Country, 2014–2020 (USD Million)
Table 71 Market Ranking Analysis for Market, 2014
Table 72 New Product Launches, 2015
Table 73 Agreements, Partnerships, and Collaborations, 2014–2015
Table 74 Mergers and Acquisitions, 2013-2015
Table 75 Other Developments, 2013–2015


List of Figures (54 Figures)

Figure 1 Research Design
Figure 2 Market Size Estimation Methodology: Bottom-Up Approach
Figure 3 Market Size Estimation Methodology: Top-Down Approach
Figure 4 Data Triangulation Methodology
Figure 5 Assumptions of the Research Study
Figure 6 Limitations of the Research Study
Figure 7 Market Snapshot (2015 vs 2020): Residential Application is Expected to Hold the Largest Market Size During the Forecast Period
Figure 8 Global Smart Thermostat Market, By Application, 2014
Figure 9 Market, By Network Technology, 2015 vs 2020
Figure 10 Smart Thermostat Wireless Network Technology Market, 2015vs 2020
Figure 11 Global Market Share, By Region, 2014
Figure 12 Smart Thermostat is Expected to Have A Very High Rate of Adoption During the Forecast Period
Figure 13 Residential Application is Expected to Grow With Highest CAGR for Smart Thermostat Between 2015 and 2020
Figure 14 U.K. Accounted for the Largest Market Share in European Market in 2014
Figure 15 U.S. Had the Largest Market Share for Smart Thermostat in 2014
Figure 16 Smart Thermostat is Expected to Have the Highest Rate of Adoption in the Residential Application During the Forecast Period
Figure 17 Smart Thermostat Market, By Component
Figure 18 Market, By Network Connectivity
Figure 19 Market, By Application
Figure 20 Demand for Energy-Efficient Devices and Growth of the Smart Home Market are Likely to Drive the Market
Figure 21 Value Chain Analysis for the Market
Figure 22 Porter’s Five Force Analysis for the Market
Figure 23 Porter’s Five Forces Impact Analysis
Figure 24 Threat of New Entrants
Figure 25 Threat of Substitutes
Figure 26 Bargaining Power of Suppliers
Figure 27 Bargaining Power of Buyers
Figure 28 Degree of Competition
Figure 29 Display is Expected to Grow at the Highest CAGR Between 2015 and 2020
Figure 30 The Wireless Thermostat Holds the Largest Share of the Market in 2014
Figure 31 The Wi-Fi Technology Holds the Largest Share Among All Networking Technologies in 2014
Figure 32 The Residential Application Had the Largest Market Size in Terms of Value in 2014
Figure 33 The U.K. Held the Largest Market Size of the European Market for the Residential Application in 2014
Figure 34 Japanese Market for Office Building Application is Expected to Grow at the Highest CAGR Between 2015 and 2020
Figure 35 The Middle East Held the Largest Market Size for Educational Building Application in 2014
Figure 36 The Market for Industrial Application in Germany is Expected to Grow at the Highest CAGR Between 2015 and 2020
Figure 37 U.S. Dominates the Retail Application Market in North America in 2014
Figure 38 Smart Thermostat Market: Geographic Snapshot (2014)
Figure 39 North America: Geographic Snapshot (2014)
Figure 40 Europe: Geographic Snapshot (2014)
Figure 41 Companies Adopted New Product Launch as A Key Strategy Over the Last Three Years (2013-2015)
Figure 42 Battle for Market Share: New Product Launches Was the Key Strategy
Figure 43 Geographic Revenue Mix of Top Market Players
Figure 44 SWOT Analysis: Nast Labs, Inc.
Figure 45 Honeywell International, Inc.: Company Snapshot
Figure 46 SWOT Analysis: Honeywell International, Inc.
Figure 47 SWOT Analysis: Ecobee, Inc.
Figure 48 Emerson Electric Co.: Company Snapshot
Figure 49 SWOT Analysis: Emerson Electric Co.
Figure 50 Schneider Electric SE: Company Snapshot
Figure 51 SWOT Analysis: Schneider Electric SE
Figure 52 Control4 Corporation: Company Snapshot
Figure 53 Ingersoll Rand PLC: Company Snapshot
Figure 54 Nortek, Inc.: Company Snapshot

Smart thermostat is has proved beneficial in a wide range of applications and is gaining attention over the past decade owing to its advantages and the increasing awareness among customers. The growing urbanization, rise in population, and the requirement for connected devices in smart homes act as drivers for this market. The encouragement from the government for energy-saving devices further contributes to the growth of the smart thermostat market.

Smart thermostat is an emerging technology and this market has a potential for growth in various applications such as residential, industrial buildings, educational institutions, office buildings, retail, hospitality, and healthcare. The advanced features of smart thermostat, increasing demand for energy-saving devices, and the government initiative for energy saving provide an impetus for the adoption of smart thermostats all over the world. The application of this technology in residential buildings held the largest share of the market and this market is expected to grow at the highest CAGR of 35.64% between 2015 and 2020.

In this report, the drivers, restraints, opportunities, and challenges for the smart thermostat market have been covered. The major driving factors for this market are government initiatives and mandates, requirement for energy-saving devices and the growing smart home market. The restraints for this market include the risk of false triggering of switches by sensors leading to improper temperature adjustments. The figure below shows the estimated growth of the smart thermostat market between 2015 and 2020.

Smart Thermostat Market

In the smart thermostat market, the residential building and office building applications are the two major applications. The market for these applications is expected to grow at the highest CAGR between 2015 and 2020. Some of the major players in this market include Nest Labs (U.S.), Honeywell international (U.S.), Ecobee (Canada), Schneider Electric SE (France), Emerson Electric Co. (U.S.), Tado (Germany), Control4 Corporation (U.S.), Ingersoll Rand (Ireland), Carrier Corporation (U.S.), and Nortek, Inc. (France).

Geographically, this market covers North America, APAC, Europe, and Rest of the World (RoW).

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