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CTOnews.com, April 27 (Xinhua) with the soaring energy prices and the global pursuit of sustainable development, smart thermostats have become the focus of attention in the past 12 months, according to a TechInsights research report. Traditional thermostats can program heating and cooling schedules, while smart thermostats can be remotely monitored and controlled through smartphone applications, among other functions.

Smart thermostat market: competitive landscape and positioning competition between companies that sell smart home products and companies with mature heating and cooling solutions is particularly fierce. Google Nest, ecobee and Tado: products include features and functions such as occupancy sensing, learning ability, and predictive maintenance. By contrast, the value proposition of smart thermostats from well-known thermostat brands such as Carrier, Trane and Emerson is that they are the control panels for the entire heating and cooling system in the home and are sold as part of the system, not separately. At the low end of the market, Amazon and Wyze are exploring the low-cost market at a price point similar to that of traditional (unintelligent) thermostats. These low-cost options are likely to drive wider adoption by price-sensitive consumers.

The competition in the market is also divided into two different channels, the retail market directly facing consumers and the professional installation market of business-to-business (B2B2C). The ability of smart thermostat brands to address these channels is significantly different.

Tuyuan PexelsTechInsights estimates that one in 20 households worldwide has a smart thermostat, so its penetration in broadband households is relatively low, with North America and Western Europe being the main markets. TechInsight Smart Home Strategy Service estimates that sales of smart thermostats will grow steadily and strongly, with a compound annual growth rate of 11.8%, close to 65 million units, from 2022 to 2027.

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