Overview and Scope
A smart thermostat is a device used to control the temperature and climate settings of a building or individual rooms in an intelligent and automated manner. A smart thermostat can automatically adjust the temperature based on preset schedules and occupancy detection.
Sizing and Forecast
The smart thermostat market size has grown exponentially in recent years. It will grow from $2.96 billion in 2023 to $3.58 billion in 2024 at a compound annual growth rate (CAGR) of 21.1%. The growth in the historic period can be attributed to energy efficiency awareness, rise of smart homes, climate change concerns, government regulations and incentives, hvac system modernization.
The smart thermostat market size is expected to see rapid growth in the next few years. It will grow to $7.29 billion in 2028 at a compound annual growth rate (CAGR) of 19.4%. The growth in the forecast period can be attributed to growth in iot ecosystem, focus on energy conservation, remote work adaptation, ai and machine learning integration, health and comfort solutions. Major trends in the forecast period include rapid technological innovations, voice-activated controls, increased interconnectivity, occupancy sensing and adaptive control, smart integrations with renewable energy sources.
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Segmentation & Regional Insights
The smart thermostat market covered in this report is segmented –
1) By Product: Connected Smart thermostat, Learning Smart Thermostat, Standalone Smart Thermostat
2) By Technology: Wi-Fi, Bluetooth, Zigbee, Other Technologies
3) By Application: Air Conditioning, Heating, Ventilation
4) By End-User: Residential, Commercial, Industrial, Other End-Users
North America was the largest region in the smart thermostat market in 2023. Asia-Pacific is expected to be the fastest-growing region in the smart thermostat market report during the forecast period. The regions covered in the smart thermostat market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing adoption of smart homes is expected to propel the growth of the smart thermostat market going forward. The adoption of smart homes refers to homeowners’ growing acceptance and integration of smart home technologies and devices. It signifies the willingness of individuals or households to embrace the benefits and conveniences offered by a connected and automated living environment. A smart thermostat is one of the most used devices in smart homes, where a connected and programmable thermostat allows homeowners to remotely control and manage their heating, ventilation, and air conditioning (HVAC) systems. For instance, in December 2022, according to the reports shared by IoT For All, a US-based technology media platform, the smart home’s penetration was around 14% in 2022, and it can reach 25% by the end of 2026. Further, there will be automation in 48.4% of US households by 2025. Therefore, the increasing adoption of smart homes is driving the growth of the smart thermostat market.
Key Industry Players
Major companies operating in the smart thermostat market report are Alphabet Inc., Bosch Thermotechnology, Siemens AG, Honeywell International Inc., Schnieder Electric SE, Johnson Controls International plc, Emerson Electric Co., Trane Technologies plc, Legrand Group, Ingersoll Rand plc, Resideo Technologies Inc., Lennox International Inc., Nortek Inc., Control4 Corporation, Ecobee Inc., Tado GmbH, Centrica Hive Limited, Netatmo SA, Lux Products Corporation, Salus Controls GmbH, Empowered Homes LLC, Eve Systems GmbH, Nest Labs Inc., Vine Connected Corporation, Climote Ltd.
The smart thermostat market report table of contents includes:
1. Executive Summary
2. Smart Thermostat Market Characteristics
3. Smart Thermostat Market Trends And Strategies
4. Smart Thermostat Market – Macro Economic Scenario
5. Global Smart Thermostat Market Size and Growth
…
32. Global Smart Thermostat Market Competitive Benchmarking
33. Global Smart Thermostat Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Smart Thermostat Market
35. Smart Thermostat Market Future Outlook and Potential Analysis
36. Appendix
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