Smart Thermostat Market Size was valued at USD 03 Billion in 2022. The Smart Thermostat market industry is projected to grow from USD 07 Billion in 2023 to USD 16 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 24.00% during the forecast period (2024 - 2032).
The smart thermostat is an automated device for controlling air cooling devices. The demand for this device is higher in both residential and commercial industries. The need for an energy-efficient automation system is the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The rapid development of intelligent infrastructure is expected to boost the smart thermostat market. This is because smart thermostats can communicate with other devices and systems in the home, such as heating and cooling systems, to optimize energy use. In addition, smart thermostats are also able to learn the occupants' preferences and schedules to provide customized comfort. Smart thermostats offer numerous benefits over traditional thermostats, such as improved comfort, energy savings, and greater convenience. As consumers become more aware of these benefits, they are increasingly opting for smart thermostats.
The increasing number of construction projects is another factor driving the smart thermostat market. This is because smart thermostats are being increasingly used in new construction projects to meet the growing demand for energy-efficient and comfortable homes. The smart thermostat market is expected to continue to grow in the coming years. This is due to the growing demand for energy-efficient and comfortable homes, as well as the increasing number of construction projects. Therefore, such factors related to Smart Thermostats have enhanced the Smart Thermostat market CAGR across the globe in recent years.
The Smart Thermostat Market segmentation, based on component, includes Display, Humidity Sensor, and Temperature Sensor. The display segment held the majority share in 2022 of the Smart Thermostat Market revenue. This is due to the growing adoption of touchscreen displays in smart thermostats, which offer a more user-friendly interface.
The Smart Thermostat Market segmentation, based on deployment, includes Wired Technology, Wireless Technology. The wireless technology segment held the majority share in 2022. This is due to the increasing adoption of wireless technologies such as Bluetooth smart thermostats. Wireless technologies offer several advantages over wired technologies, such as easier installation, lower costs, and greater flexibility.
Based on application, the Smart Thermostat Market segmentation includes Residential, Commercial, and others. The residential segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2023-2030. The growth of the residential segment is primarily driven by the increasing awareness among consumers about the benefits of smart thermostats, such as energy savings and improved comfort. Moreover, the growing adoption of smart home technologies is another key factor driving the growth of the residential segment. These all factors for Smart Thermostat positively impact the market growth.
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific will be the fastest-developing region over the next years. This is due to the growing awareness of the benefits of smart thermostats and the increasing adoption of smart home technology in the region. As the Asia Pacific region is home to some of the world's most populous countries, such as China and India, the potential for growth in the smart thermostat market is considerable. In addition, the region's economies are generally growing at a faster rate than those in other parts of the world, which is fuelling the demand for smart home technology.
Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Europe’s Smart Thermostat market accounts for the third-largest market share. Europe is witnessing a surge in the smart-thermostat market growth in the past two years. The development of smart buildings and infrastructure is the reason for this high market demand. Moreover, governmental initiatives in other regions are raising market growth in future years. Further, the German Smart Thermostat market held the largest market share, and the UK Smart Thermostat market was the fastest-growing market in the European region.
The North American smart thermostat industry is the largest region in the world for a smart thermostats. The increasing awareness of the benefits of smart thermostats among consumers, the growing number of new home construction projects, and the increasing adoption of smart home technology by utilities and energy companies. Moreover, the U.S. Smart Thermostat market held the largest market share, and the Canada Smart Thermostat market was the fastest-growing market in the North American region.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Smart Thermostat market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Smart Thermostat industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Smart Thermostat. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their global presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Smart Thermostat industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Smart Thermostat industry to benefit customers and expand the market sector. Major Smart Thermostat market players, including Alphabet Inc. (Nest Labs), Ecobee, Emerson Electric Co., Honeywell International Inc., Johnson Controls, Netatmo, Schneider Electric, Siemens AG, CPower Energy Management , Zen Thermostat, and others, are attempting to increase market demand by funding R&D initiatives.
Alphabet Inc. is an American multinational conglomerate. Alphabet Inc. has a diversified business portfolio that includes some of the world's most popular and innovative companies. Its companies are leaders in a wide range of industries, including search, online advertising, cloud computing, software, and hardware.
Ecobee is a Canadian home automation company that specializes in manufacturing smart thermostats and other energy-saving products. Ecobee's flagship product is the Ecobee3, a smart thermostat that learns heating and cooling preferences and programs itself to save you energy. The Ecobee3 also features a built-in occupancy sensor that knows when someone is home and adjusts the temperature accordingly. Other Ecobee products include the Ecobee4, a smart thermostat with Amazon Alexa built-in, and the Ecobee Switch+ light switch with Amazon Alexa built-in.
Alphabet Inc. (Nest Labs)
Emerson Electric Co.
Honeywell International Inc.
Johnson Controls
Netatmo
Schneider Electric
Siemens AG
CPower Energy Management
Zen Thermostat among others
April 2022: CPower Energy Management announced a partnership with Resideo Technologies for the expansion of its existing residential portfolio.
Display
Humidity Sensor
Temperature Sensor
Wired Technology
Wireless Technology
Residential
Commercial
Others
North America
Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 03 Billion |
| Market Size 2023 | USD 07 Billion |
| Market Size 2032 | USD 16 Billion |
| Compound Annual Growth Rate (CAGR) | 24.00% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018 & 2020 |
| Market Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Deployment, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Alphabet Inc. (Nest Labs), Ecobee, Emerson Electric Co., Honeywell International Inc., Johnson Controls, Netatmo, Schneider Electric, Siemens AG, CPower Energy Management , Zen Thermostat |
| Key Market Opportunities | Rise of wifi-enabled automation devices |
| Key Market Dynamics | Increased growth of industrialization The rise of the urban population |
Smart Thermostat Market Highlights:
Frequently Asked Questions (FAQ) :
The Smart Thermostat Market size was valued at USD 03 Billion in 2022.
The global market is projected to grow at a CAGR of 24.00% during the forecast period, 2024-2032.
North America had the largest share in the Smart Thermostat Market.
The key players in the market are Alphabet Inc. (Nest Labs), Ecobee, Emerson Electric Co., Honeywell International Inc., Johnson Controls, Netatmo, Schneider Electric, Siemens AG, CPower Energy Management , Zen Thermostat.
The display category dominated the market in 2022.
The residential had the largest share in the global market for Smart Thermostat.
Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
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