SAN FRANCISCO, July 4, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Smart Thermostat - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 7; Released: January 2022
Executive Pool: 7089
Companies: 11 - Players covered include Control4 Corporation; Ecobee, Inc.; Emerson Electric Co.; Energate, Inc.; Honeywell International, Inc.; Lennox International, Inc.; Nest Labs, Inc.; Schneider Electric SA; Siemens Corporation; Texas Instruments, Inc. and Others.
Coverage: All major geographies and key segments
Segments: Component (Display, Temperature Sensor, Humidity Sensor, Motion Sensor, Other Components); End-Use (Residential, Commercial, Industrial)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
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Global Smart Thermostat Market to Reach $5.3 Billion by 2026
Amid the COVID-19 crisis, the global market for Smart Thermostat estimated at US$1.7 Billion, is projected to reach a revised size of US$5.3 Billion by 2026, growing at a CAGR of 20.5% over the analysis period. Display, one of the segments analyzed in the report, is projected to record a 18% CAGR and reach US$1.2 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Temperature Sensor segment is readjusted to a revised 23.4% CAGR for the next 7-year period.
The U.S. Market is Estimated at $634.8 Million in 2021, While China is Forecast to Reach $942.3 Million by 2026
The Smart Thermostat market in the U.S. is estimated at US$634.8 Million in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$942.3 Million by the year 2026 trailing a CAGR of 20.2% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 18.2% and 17.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 14.4% CAGR.
Humidity Sensor Segment to Reach US$817 Million by the year 2026
In the global Humidity Sensor segment, USA, Canada, Japan, China and Europe will drive the 19.5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$220.5 Million will reach a projected size of US$766.1 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. More
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SOURCE Global Industry Analysts, Inc.