The thermostat is a type of device used for automatically regulating temperature and triggers the device when the temperature reaches a certain point. It also helps to maintain the temperature at a certain level. A smart thermostat is used in a home automation system for monitoring and controlling air condition, and heating in the house. It contains various sensor, Wi-Fi connectivity, and controlling system that maintains the temperature of the home throughout the day. A smart thermostat can be connected via the internet and controlled via smartphones. It eliminates the requirement to get up or move to operate the device as it can be operated where the owner is at that moment. It improves heating and cooling system and cooling system of the house. The smart thermostat also controls the temperature with tracking location via GPS and switches on the system when the host is near his/her house.
A smart thermostat saves energy as if the owner forgot to switch off the system before leaving, he/she can operate the system via the internet. The owner can also switch on the system when he/she is nearby the house that result in saving energy. The smart thermostat also adjusts the temperature according to the requirements. In addition, it can be controlled by any internet connected device. These are some of the advantages of a smart thermostat.
Commonly, smart thermostat consists of three components – smart thermostat app which is operated by phone, tablet, laptop, etc., the thermostat control, and the heating, ventilation, and air conditioning system. The smart thermostat also includes smart ‘learning’ models that use smart tacking, adjusts the temperature as members of the family are nearby, improves energy efficiency, zoned temperature control, with no programming. It saves you up to 20% heating and cooling cost than a conventional thermostat.
An increasing number of smart homes is expected to increase demand for smart thermostat among end users in the near future. In addition, use of voice command and cloud-based voice service such as Alexa, Google Home, etc. to control smart thermostat is another factor expected to increase its adoption.
By region, the smart thermostat is categorized into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. Presence of prominent payers in the target market, coupled with their wide distribution network in countries in the North America region is expected to increase its adoption in countries in this region. Increasing usage of the smart energy system is another factor anticipated to support growth of the smart thermostat market in North America. Government initiatives that favor use of smart thermostat in Europe is expected to fuel its demand in countries in this region. In addition, efforts to reducing energy consumption and improve energy efficiency are also anticipated to augment growth in demand for smart thermostat among end users in this region.
By type, the smart thermostat is categorized into WiFi thermostats and ZigBee thermostats. By application, the smart thermostat is categorized into residential and commercial. Key players of the smart thermostat market include Nest, Honeywell, EcoBee, and Schneider Electric.