The global smart thermostat market size is expected to reach USD 6.4 billion by 2026 from USD 2.5 billion in 2021, growing at a CAGR of 20.8%. The key factors driving the growth of the market include increasing adoption of smart homes attributed to COVID-19 situation, emergence of IoT-enabled HVAC systems, government regulations pertaining to increase energy efficiency of buildings, and surging adoption of smart home voice assistants. Alphabet (Google Nest) (US), Emerson Electric (US), Honeywell International (US), Lennox International (US), ecobee (Canada), Carrier Corporation (US), Johnson Controls (Lux Products) (Ireland), Legrand (Netatmo) (France), Resideo Technologies (US), Siemens (Germany), Trane Technologies (Ireland), Control4 Corporation (US), Nortek Control (US), tado (Germany) are among a few major players in the smart thermostat market
Alphabet (Google Nest)
Google Nest is one of the key players in the smart thermostat market. It has adopted the strategy of product launches to gain a competitive edge in the market. For instance, in October 2020, it introduced Nest Thermostat. The company was acquired by Google Inc. in 2014, which helped the former to benefit from the wide geographical reach of its parent company and increase its customer base across the world. The company has a very strong image in the thermostat market. The strong R&D capabilities of Google ensure the company’s leading position in the future.
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A diversified product portfolio helps the company to cater to a wide customer base. Also, a strong financial performance in the Building Technologies segment is expected to strengthen the position of the company in the smart thermostat market. The huge R&D expenditure of USD 2.6 billion in 2019 and similar investments in the past ensure the company’s technological edge in the thermostat market. Honeywell International has licensed its Honeywell Home brand through a long-term license agreement to Resideo to allow the latter to market its smart thermostats for home automation. Resideo is an independent public company spun-off from Honeywell in November 2018. Honeywell International focuses on sales by taking advantage of its wide geographic reach and brand name. The company brings world-class products and services to the market at an affordable price. The expansion strategy of the company also helps it to increase its customer base across the world, including in emerging economies such as India and China, which would also allow it to generate higher profit.
A diversified product portfolio and balanced global revenue generation of Emerson Electric decrease business risk. The company’s technology and engineering capabilities offer a competitive advantage. The percentage of R&D has increased over the last 5 years—from 2.2% in FY2016 to 2.6% in FY2020. These factors ensure steady growth for the company. The company has adopted product developments as a key strategy to increase its business in the smart thermostat market. In April 2018, Emerson announced that its top-rated Sensi smart thermostats were compatible with Google Assistant. These new innovative products would help the company to cater to new customers and increase its revenue in the smart thermostat market.
ecobee has a strong brand image and is a key player in the smart thermostat market. ecobee has a strong research team which ensures its competitiveness in the smart thermostat market. The company’s offerings in the smart home ecosystem incorporate security with comfort, thereby offering a complete smart home solution. The company has a strong brand image in the smart thermostat market that helps it to retain its customers and hold its key player position. It adopted product launches as a key strategy to increase its revenue through energy-saving devices. In April 2020, it launched Haven, the first truly intelligent home monitoring platform that eliminates the need for keypads, programming, and single-use devices. This strategy helps the company to cater to new customers and increase its share in the smart thermostat market.
Smart Thermostat Market by Product (Connected, Learning, Standalone), Connectivity Technology (Wireless, Wired), Installation Type (New Installation, Retrofit Installation), Vertical (Residential, Commercial, Industrial), and Region - Global Forecast to 2026
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