Australia markets close in 3 hours 16 minutes

  • ALL ORDS

    7,218.90
    -33.40 (-0.46%)
     

  • ASX 200

    6,966.50
    -28.70 (-0.41%)
     

  • AUD/USD

    0.7603
    -0.0020 (-0.27%)
     

  • OIL

    59.31
    -0.01 (-0.02%)
     

  • GOLD

    1,738.60
    -6.20 (-0.36%)
     

  • BTC-AUD

    78,604.38
    -1,526.81 (-1.91%)
     

  • CMC Crypto 200

    1,275.44
    +47.90 (+3.90%)
     

  • AUD/EUR

    0.6393
    -0.0008 (-0.13%)
     

  • AUD/NZD

    1.0826
    +0.0001 (+0.00%)
     

  • NZX 50

    12,486.60
    -87.75 (-0.70%)
     

  • NASDAQ

    13,845.05
    +86.55 (+0.63%)
     

  • FTSE

    6,915.75
    -26.47 (-0.38%)
     

  • Dow Jones

    33,800.60
    +297.00 (+0.89%)
     

  • DAX

    15,234.16
    +31.46 (+0.21%)
     

  • Hang Seng

    28,319.24
    -379.56 (-1.32%)
     

  • NIKKEI 225

    29,616.71
    -151.35 (-0.51%)
     
Sign up here 📩:

Get the latest business, economy and property news, delivered straight to you.

Stay informed every day with Yahoo Finance's free Fully Briefed newsletter.

The Worldwide Smart Thermostat Industry is Expected to Reach $6.4 Billion by 2026 at a CAGR of 20.8% from 2021 - ResearchAndMarkets.com

·4-min read

The "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" report has been added to ResearchAndMarkets.com's offering.

The smart thermostat market size is expected to grow from USD 2.5 billion in 2021 to USD 6.4 billion by 2026; it is expected to grow at a CAGR of 20.8% from 2021 to 2026.

The key factors driving the growth of the smart thermostat market are increasing adoption of smart homes attributed to the COVID-19 situation, the emergence of IoT-enabled HVAC systems, government regulations pertaining to increase the energy efficiency of buildings, and surging adoption of smart home voice assistants.

The market for connected smart thermostats to account for the largest market share during the forecast period

The connected smart thermostat segment is expected to continue to hold the largest market size during the forecast period. The growth of the connected smart thermostat segment is majorly driven by the increasing demand for energy-efficient devices and the expansion of the smart home market. The growing smart home market in APAC is expected to create lucrative opportunities for the global market players in the near future. As the product is cheaper as compared to a learning thermostat, it is a preferred choice for commercial building applications.

Wireless network to account for larger market share during the forecast period

The wireless segment is expected to continue to hold a larger market size during the forecast period. Wireless network is the most widely used connectivity technology in smart thermostats as it helps to reduce the installation and maintenance costs, provides higher flexibility and scalability, and better connectivity. The installation of wireless connectivity makes smart thermostats more compatible with smart devices such as smartphones, tablets, and laptops for operation. The increasing adoption of smart homes in the US is fueling the demand for smart thermostats based on wireless connectivity technology.

New installation to account for larger market share during the forecast period

The new installation segment is expected to continue to hold the larger market size during the forecast period. Rapid infrastructure developments, improved standard of living, and increased focus on developing energy-efficient HVAC systems are fueling the growth of the smart thermostat market for new installation.

Implementation of various government regulations to deploy energy-efficient HVAC systems and controls has resulted in the wide adoption of smart thermostats in new buildings. These factors have led to the higher growth of the new installation segment.

Residential vertical to hold the largest size during the forecast period

The residential vertical is expected to hold the largest market size during the forecast period. The growing awareness regarding energy conservation & efficiency and environmental protection has fueled the adoption of energy-efficient HVAC controls such as smart thermostats. They help in the optimum utilization of energy and maintaining the most comfortable and healthy environment indoors. Favorable government regulations and tax credit facilities on the installation of HVAC systems and the increasing focus of end users on reducing electricity bills have significantly contributed to the growth of the smart thermostat market for the residential vertical.

North America is expected to capture the largest market size during the forecast period

The North American region is expected to hold the largest share of the smart thermostat market during the forecast period. Supportive government plans and programs & favorable laws are the major factors driving the growth of the regional market. However, the US witnessed a significant decline in the market size in 2020 due to the sudden outbreak of the COVID-19 pandemic and its adverse effects on the infrastructure, industrial, and commercial sectors. The adoption of smart thermostats might be largely impacted in 2021 due to the shutdown of various ongoing construction sites. However, with these projects gradually resuming operations, the demand for smart thermostats is expected to increase with time in the coming years, along with economic recovery.

Market Dynamics

Drivers

  • 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

  • Surging Adoption of Smart Home Voice Assistants

Restraints

  • High Manufacturing and Installation Costs of Smart Thermostats

  • Concerns Regarding Data Security

Opportunities

  • Increasing Demand for Self-Learning Devices

  • Growing Demand for Cloud Computing in HVAC Industry

Challenges

  • High Upgradation Cost of Existing Systems

  • Inability to Work Offline

  • Disruption in Supply Chain due to COVID-19 Situation

Companies Mentioned

  • Alarm.Com

  • Alphabet (Google Nest)

  • Bosch Thermotechnology

  • Carrier Corporation

  • Centrica Hive

  • Cielo Wigle

  • Climote

  • Control4 Corporation

  • Ecobee

  • Emerson Electric

  • Empowered Homes (Mysa)

  • Eve Systems

  • Honeywell International

  • Johnson Controls (Lux Products)

  • Legrand (Netatmo)

  • Lennox International

  • Mrcool

  • Nortek Control

  • Radio Thermostat Company of America

  • Resideo Technologies

  • Salus Controls

  • Siemens

  • Tado

  • Trane Technologies

  • Vine Connected

  • Vivint

  • Zen Ecosystems

For more information about this report visit https://www.researchandmarkets.com/r/mu0j2k

View source version on businesswire.com: https://www.businesswire.com/news/home/20210408005572/en/

Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com

For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

Latest stories

  • Hugh Jackman's sweet tribute to wife Deborra-Lee Furness

    Aussie actor Hugh Jackman has marked 25 years with his wife Deborra-Lee Furness with a touching message. Read more.

  • Oil Steady Near $59 as Fed’s Powell Points to Economic Growth

    (Bloomberg) -- Oil was steady in Asian trading after Federal Reserve Chair Jerome Powell said the U.S. economy was poised for stronger growth, while cautioning that Covid-19 still remains a threat.Futures in New York traded near $59 a barrel after dropping 3.5% last week. The economy is at an “inflection point” with stronger growth and hiring ahead thanks to rising vaccinations and powerful policy support, Powell said in an interview with CBS’s “60 Minutes,” adding that the key risk was a spreading virus. That’s been highlighted in other regions including parts of Europe, while a second wave in India is overwhelming the health system.Oil’s robust start to the year faltered in mid-March as a resurgence of Covid-19 and renewed restrictions in some regions raised concerns about the outlook for near term fuel demand. The market is also facing rising supply after the OPEC+ alliance agreed to add more barrels from May, although Saudi Arabia’s energy minister said the decision to boost output was the right move.Iran is also a wildcard for the market. Talks between the OPEC producer and world powers on resuscitating a 2015 nuclear accord are set to continue this week after an initial round of discussions, described by a senior U.S. official as a good first step but still short of what’s necessary for a revival of the deal.“While rising virus cases will have an impact, the vaccination drive is progressing really well,” said Howie Lee, an economist at Oversea-Chinese Banking Corp. in Singapore. “I think markets will overlook the short-term weakness and focus on the longer-term. Demand will go up for sure.”The prompt timespread for Brent was 45 cents a barrel in backwardation -- a bullish market structure where near-dated contracts are more expensive than later-dated ones -- compared with 32 cents a week earlier.See also: There’s a Lot of Unused Oil Stored Around the World: Julian LeeFed officials have repeatedly stressed that the U.S. economy continues to need aggressive monetary policy support as it recovers from the pandemic, even as the outlook brightens amid widening vaccinations. In the U.K., some scientists are saying the country could achieve so-called herd immunity as soon as Monday, moving on from the worst of the outbreak.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • China Led The Recovery Trade; Now Almost Everyone Is Cautious

    (Bloomberg) -- No matter the asset class, the outlook is turning bleak for China’s financial markets.The nation’s stocks, bonds and currency are losing their shine after an impressive start to the year, overshadowed by a stronger dollar, higher U.S. Treasury yields and a domestic campaign to cut financial risk.The nation’s benchmark stock index remains 13% below a 13-year high in early February, following a brutal selloff that wiped out more than $1.3 trillion in market value. The yuan just suffered its worst month in a year in March, erasing all its 2021 gains against the greenback. Chinese sovereign bonds, a sanctuary during the recent global rout, saw foreign investors lower their holdings last month for the first time in more than two years.The sharp reversal of fortunes came as confidence grew in a strong U.S. economic recovery that is reclaiming the allure of dollar assets around the world. The latest underperformance of Chinese markets also resulted from Beijing’s decision to resume a battle on debt that was interrupted by the trade war with Washington and the pandemic.Concerns about inflation and tighter monetary conditions mean appetite for Chinese shares will likely remain subdued, while the country’s government debt market faces the test of a supply glut later this year, investors and analysts say. The yuan could weaken further as the dollar extends its global resurgence.“China’s bull run is being tested,” said Adrian Zuercher, head of global asset allocation of UBS Chief Investment Office. “Volatility will stay elevated in the near term.”Subdued TradingAfter delivering a world-beating rally earlier in the year, Chinese shares have reversed course since February, when it became increasingly clear that policymakers were shifting their priority to taming asset bubbles and reducing financial leverage.The broader de-risking campaign also includes a crackdown on the country’s internet and fintech giants. In the latest of such moves, the authorities slapped a record $2.8 billion fine on Alibaba Group Holding Ltd. over the weekend after an anti-monopoly probe found it abused its market dominance.The benchmark CSI 300 Index fell 1.1% as of 10:38 a.m. Beijing time, bringing its year-to-date loss to 4.5% and down 14% from a peak in February.The world’s second-largest stock market is $838 billion smaller than at its February peak and trading interest has been waning. Daily average turnover on China’s two stock exchanges was 670 billion yuan ($102 billion) so far this month, the lowest since May, according to data compiled by Bloomberg.UBS’ Zuercher said he expects rising Treasury yields to be a major source of near-term volatility in China’s equity market, as it will continue to exert pressure on valuations of the country’s growth stocks and trigger rotation.Echoing the view, Herald van Der Linde, HSBC Holdings Plc’s head of Asia Pacific equity strategy, said there remains downside risk to Asian equities in the near term and “China is no exception”.Domestically, a central bank unwilling to keep funding conditions too loose, a contrast to its peers in other major economies, has also disappointed stock investors. Apart from its deleveraging campaign, signs of inflationary pressures, as shown in March’s consensus-beating 4.4% jump in China’s producer prices, could prompt Beijing to further dial back its pandemic-induced economic stimulus.“We believe monetary policy might be tightened,” Hanfeng Wang, a strategist at China International Capital Corp., wrote in a note this week, adding that investors should pay attention to policy signals from the next meeting of the Politburo, the Communist Party’s top decision-making body.Bonds PressuredWhile Chinese government bonds outpaced their competitors in the first quarter as their haven status helped them stand out as a bulwark amid the global slump, they are facing a host of challenges in the coming months.In addition to a longer-than-expected phase-in period for the inclusion in FTSE Russell’s World Government Bond Index, a surge in bond supply from local governments and a narrowing China-U.S. yield gap also threaten to reduce the appeal of Chinese debt.Now at 3.21%, yields on China’s benchmark 10-year sovereign notes are expected to rise to 3.5% by the end of this quarter, according to Becky Liu, head of China macro strategy at Standard Chartered Plc.As China’s yield premium over Treasurys thinned, global investors last month trimmed their holdings of Chinese government debt for the first time since February 2019, a trend that is expected to continue for some time. The yield gap fell to 144.8 basis points on March 31, the narrowest since Feb. 24, 2020 when it was 144.2 basis points.Weaker YuanThe dollar’s renewed strength, the tighter yield gap, as well as Beijing’s latest move to boost capital outflows also have prompted analysts, including ING’s, to lower their forecasts on the Chinese currency.After rising nearly 7% against the dollar last year and reaping further gains earlier this year, the yuan suffered its worst selloff in a year last month, arresting a steady advance since May.Read: Yuan Erases Year’s Gains Against Dollar as PBOC Steps AsideAlso weighing on the yuan is the slowing speed of capital inflows: Cross-border currency flows tracked by Goldman Sachs totaled $1.5 billion in the week ended on April 7, compared with about $3 billion in the previous week.“It’s about how views on the U.S. dollar have changed rapidly,” said Zhou Hao, an economist from Commerzbank AG. “People believe the U.S. economy will recover strongly in the next two years and that’s what stocks and bonds have been pricing in.”Zhou said he expects the yuan to weaken to 6.83 per dollar by the end of this year, from around 6.56 Friday.(Updates with CSI 300 Index’ latest performance in the ninth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Asia Stocks Dip With U.S. Futures; Dollar Edges Up: Markets Wrap

    (Bloomberg) -- Asian stocks slipped Monday as investors weighed the latest upbeat economic assessment from Federal Reserve Chair Jerome Powell against persistent risks from the pandemic. The dollar ticked up.Shares in China and Hong Kong underperformed, even as Alibaba Group Holding Ltd. rallied after the weekend imposition of a record antitrust fine removed a key uncertainty. U.S. equity futures retreated after a third straight week of gains for the S&P 500 Index, with investors bracing for earnings reports this week.The yield on 10-year Treasuries held Friday’s advance on stronger-than-expected producer-price inflation data and ahead of a heavy week of supply.China Led The Recovery Trade; Now Almost Everyone Is CautiousWhile the economic recovery is accelerating, policy makers say more progress is needed before they consider withdrawing exceptional support. Traders’ concerns that this stimulus will boost inflation have already weighed on bonds, driving yields higher. And prices data are about to get an artificial boost as the pandemic-driven economic collapse falls out of year-on-year index comparisons. U.S. consumer-price data are due Tuesday.The U.S. economy is at an “inflection point” with stronger growth and hiring ahead thanks to rising vaccinations and powerful policy support, Powell told CBS’s 60 Minutes in an interview aired Sunday. He warned that a resurgence of Covid-19 remains the principal risk to the economy and any rebound in inflation will be temporary.“The Fed is going to be more concerned about the labor market,” Sian Fenner, senior economist at Oxford Economics, told Bloomberg News. “Definitely inflation’s not spiraling out of control.”Investors are wary of supply stirring more rates-market volatility. Bonds have rallied from the losses that roiled equity markets earlier this year, but another heavy round of auctions could pressure yields higher again. The U.S. sells three-, 10- and 30-year Treasuries at the start of the week.Oil inched back toward $60 a barrel after a 3.5% drop last week. Bitcoin eased from a rally past $61,000 on the weekend. The forthcoming listing of cryptocurrency exchange Coinbase Global Inc. in the U.S. has put the spotlight back on the digital-token sector.Some key events to watch this week:Banks and financial firms begin reporting first-quarter earnings, including JPMorgan Chase & Co., Citigroup Inc., Bank of America Corp., Morgan Stanley, Goldman Sachs Group Inc.U.S. officials and company executives are due to discuss the global shortage of computer chips on Monday.The U.S. releases inflation data Tuesday.Chinese trade data are scheduled for Tuesday.Economic Club of Washington hosts Fed Chair Jerome Powell for a moderated Q&A on Wednesday.U.S. Federal Reserve releases Beige Book on Wednesday.U.S. data including initial jobless claims, industrial production and retail sales come Thursday.China economic growth, industrial production and retail sales figures are on Friday.These are some of the main moves in financial markets:StocksS&P 500 futures dipped 0.3% as of 11:39 a.m. in Tokyo. The index rose 0.8% on Friday.Japan’s Topix Index fell 0.2%.China’s Shanghai Composite fell 0.7%.Hong Kong’s Hang Seng dropped 1.3%.South Korea’s Kospi Index was flat.Australia’s S&P/ASX 200 slipped 0.4%.CurrenciesThe Bloomberg Dollar Spot Index edged up 0.1%.The yen was up 0.1% at 109.52 per dollar.The euro was at $1.1888.The offshore yuan was at 6.5633 per dollar.BondsThe yield on 10-year Treasuries steadied at about 1.65%.Australia’s 10-year yield climbed a basis point to 1.77%.CommoditiesWest Texas Intermediate crude was up 0.1% at $59.37 a barrel.Gold was down 0.3% at $1,737.07 an ounce.(An earlier version corrected the day of the U.S. CPI release.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • ‘Roaring back’: 4 predictions for the Aussie economy

    All things being equal, Australia’s economic recovery is on track. Here’s what you should know.

  • Top End's remote communities going solar

    The Northern Territory is another step closer to switching on solar power for remote Indigenous communities.Solar panel arrays and batteries are set to replace diesel generators in 72 communities across the Top End.

  • ASX drops 0.33 per cent, most sectors down

    Shares on the Australian market have started the week lower and the ASX200 slipped further below the 7000 points mark it briefly bettered last week.The benchmark S&P;/ASX200 index was down 23.

  • SUNDAY WRESTLEMANIA® SOLD OUT

    For the second consecutive night, a sell-out of 25,675 fans attended WrestleMania at Raymond James Stadium in Tampa Bay, FL with millions more watching at home on Peacock in the U.S. and on WWE Network around the world.

  • GLOBAL MARKETS-Asia shares slip into earnings season, U.S. data deluge

    Asian shares faltered on Monday as investors wait to see if U.S. earnings can justify sky-high valuations, while bond markets could be tested by what should be very strong readings for U.S. inflation and retail sales this week. MSCI's broadest index of Asia-Pacific shares outside Japan was off 0.6% in slow trade.

  • Ugly fallout after sexual assault 'victims' compared to 'terrorists'

    An American sports reporter has been fired after his controversial comments about sexual assault complainants.

  • Swans hunt best AFL start since 2012

    Complacency and cross-town rivals Greater Western Sydney are all that stand between Sydney and their best start to an AFL season in nine years.The Swans haven't enjoyed a 5-0 start since 2012, when coach John Longmire helped deliver a premiership in his second year in charge.

  • John Hewson's defamation action settles

    Former federal Liberal leader John Hewson has settled his defamation dispute with the Nine Network's A Current Affair.The retired politician was suing Nine and ACA presenter Tracy Grimshaw over a May 2020 report on a Sydney couple's rejected $6000 insurance claim after water inundated a storage unit and damaged furniture.

  • Metro Manila imposes 8pm to 5am curfew as it shifts to MECQ

    Shorter curfew hours will be imposed on Metro Manila as the region shifts from the enhanced community quarantine to the looser modified enhanced community quarantine (MECQ). Starting today the curfew hours will be from 8pm to 5am, according to a statement released by the Metropolitan Manila Development Authority (MMDA). The curfew will last until April ... This article, Metro Manila imposes 8pm to 5am curfew as it shifts to MECQ, originally appeared on Coconuts, Asia's leading alternative media company.

  • Woman jailed for disgusting act in viral shopping centre video

    After going viral on social media Debra Hunter said her family have lost friends and no longer go out in their community anymore.

  • Banker Beats Socialist in Ecuador Runoff After Surprise Surge

    (Bloomberg) -- Career banker Guillermo Lasso won Ecuador’s presidential election runoff after a late surge in the polls, preventing a return to socialism and reassuring bondholders in the default-prone country.With 97% of the votes counted, the 65-year-old Lasso had 52.5% compared with 47.5% for economist Andres Arauz, a left-wing protege of former president Rafael Correa. The win caps a surprise last-minute comeback in the polls by the pro-market candidate in the final weeks after Arauz, who conceded defeat on Sunday’s vote, won the first round by 13 percentage points.Lasso’s victory will likely be well received by investors when markets open Monday as he’s vowed to uphold a $6.5 billion financing agreement with International Monetary Fund and stay current on the country’s overseas bonds. The nation’s recently restructured notes rallied in recent weeks as polls showed his chances improving.Why Ecuador’s Runoff Vote Matters for the Bond Market: QuickTakeWhile the bond market may breathe a sigh of relief, Lasso won’t have an easy time running the country of 17 million people which is far behind in its vaccination campaign and reeling from the economic impact of the pandemic. Last year the economy contracted 7.8%, its worst performance since at least the 1970s.To govern successfully, he will also have to find a working relationship with the National Assembly, where his backers hold just 31 of the 137 seats. He will also need to reach out to the more than 1.8 million Ecuadorians who voided their votes, including many from indigenous movements.Arauz, 36, had vowed to use central bank reserves to pay poor families and was expected to strengthen ties with left-leaning governments in the region including Argentina, Mexico, Venezuela and Cuba. He had obtained 32.7% of the vote in the first round of the elections in February, while Lasso edged into the runoff with 19%.Lasso, a self-made millionaire and father of five, has been president of Banco de Guayaquil, one of the nation’s biggest private banks, and has also served as a regional governor and as finance minister. This was his third run for president.The now president-elect has said he’ll promote policies that boost investment and private sector job creation, and will phase out a tax on taking money out of the country. He’s also promised to boost the monthly minimum wage to $500, from $400, and oversee the vaccination of 9 million people against Covid-19 during his first 100 days in office.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Mets P Marcus Stroman upset game started with heavy rain, was delayed almost instantly

    The Mets-Marlins game went into a rain delay after just seven pitches on Sunday.

  • 'Death trap': Driver's baffling act after car left in 'insane' condition

    Police were left shocked after pulling over a man who drove this car across several states before being noticed.

  • US police cars vandalised after man shot

    Members of an angry crowd have vandalised police cars after the death of a man shot by an officer about 16 km from where George Floyd died during his arrest last May in Minneapolis.About 100 people, some visibly upset and one carrying a sign declaring "Justice for George Floyd" confronted police in riot gear after an officer shot a man in his car in Brooklyn Center, a Minneapolis suburb, on Sunday.

  • Lleyton Hewitt's son Cruz wins Aust title

    Cruz Hewitt has added more tennis silverware to the family's stash, watched on by his dad, former world No.1 Lleyton Hewitt, as he breezed to the Australian under-12 clay court title.

  • Eels half Brown facing NRL ban for crusher

    Parramatta five-eighth Dylan Brown could miss Saturday's NRL clash with Canberra after being charged by the NRL judiciary for a crusher tackle.Brown will cop a one-game ban with an early plea after being charged with a grade one offence on St George Illawarra lock Tyrell Fuimaono for an incident in the first half of the Eels' 26-12 loss to the Dragons.