Smart Thermostat Market is valued at USD 3.64 Billion in 2021 and expected to reach USD 14.75 Billion by 2028 with a CAGR of 22.10% over the forecast period.
Smart Thermostat is a thermostat that can be used with home automation and are responsible for controlling a home’s heating and air conditioning. Smart thermostat enables the user to switch the temperature of the room by using a schedule, for instance setting different temperature during the day-time and night-time. Smart thermostats are linked with internet which allows its user to manage the heat setting using different internet-connected devices, like smartphones, tablets etc. It also permits user to easily switch on/off the heating or air conditioning of room even when they are not inside home or office. A smart thermostat has the ability to make automated and smart adjustments for customers so as to achieve energy savings and to communicate with sources external to an HVAC system. Thus, the demand for smart thermostat is rising at a rapid pace.
Smart Thermostat Market report is segmented on the basis of component, network security, application and by regional & country level. Based on component global market is classified as motion sensor, display, temperature sensor, humidity sensor, and others. Based upon network security, global market is classified into wireless network and wired network. Based upon application, global market is classified into industrial, healthcare, commercial, residential, and others.
Global smart thermostat market report covers prominent players like
The increasing popularity of smart homes and advantages offered by these like ease of use by cloud-based services and improved energy management by self-learning capabilities serves as some of the key factors augmenting the demand for smart Thermostat. According to U.S. Energy Information Administration, in 2015, 12% of the nation’s 118 million households had a central air-conditioning unit that is actually controlled using the programmed thermostat. One in eight U.S. homes largely utilizes a programmed thermostat with a central air conditioning unit. However, factors such as lack of infrastructure, high implementation cost and inconsistency among the wireless networks are some the restraining factors for the growth of smart thermostat market.
North America is dominating the smart thermostat market owing to factors such as increased internet penetration and technological advancements. According to an investment firm Cowen & Co., it was estimated that around 60.5 million Americans used virtual personal assistants and voice-controlled speakers at least once a month. Also, in 2017, 24% of Americans used Amazon Echo and 31% used Google Home for home control settings following music, shopping, and requesting information applications. With the increase in the use of virtual assistants in home control, the forecast period is likely to witness the exponential adoption of smart thermostat in this region, followed by Europe.
However, Asia-Pacific region is expected to grow rapidly during forecast period. Increasing consumer awareness on the benefits of home energy management systems and the rising penetration of smart home devices and home automation systems will augment the growth in this region.
Middle East and Africa
|Historical data||2018 - 2021|
|Forecast Period||2022 - 2028|
|Market Size in 2021:||
USD 3.64 Billion
|Base year considered||2021|
|Forecast Period CAGR %:||
|Market Size Expected in 2028:||
USD 14.75 Billion
|Tables, Charts & Figures:||175|
Honeywell International Inc., Carrier Corporation, Schneider Electric SE, Emerson Electric Co., Ecobee, Control4 Corporation, Nortek, Inc., Tado, Nest Labs, Ingersoll Rand, Others
By Component, By Network Connectivity, By Application
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
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