Smart Thermostats Market Is Likely To Grow At A CAGR Value Of Around 20.4% By 2028

06-May-2022 | Zion Market Research

The Smart Thermostats Market was worth around USD 2,254.1 million in 2021 and is estimated to grow to about USD 6,866.4 million by 2028, with a compound annual growth rate (CAGR) of approximately 20.4 percent over the forecast period. The report analyzes the digital remittance market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the digital remittance market.

Smart thermostats are devices that automatically regulate the temperature and air conditioning in a room. These smart gadgets are integrated with sensors and smart-net technology such as Wi-Fi, which provides remote access to internet-connected devices that allow users to set a plan for controlling the temperature throughout the day. These smart devices provide users the benefit to control the temperature throughout the day using a schedule. The expanding usage of IoT-enabled HVAC systems, government initiatives aimed at improving building energy efficiency, and the growing acceptance of smart home voice assistants are among the primary drivers driving the development of the smart thermostat market throughout the forecast period. In addition, an increase in the use of smart technology in medical monitoring is expected to boost the demand for smart thermostats in the upcoming years. The growing need for smart thermostats and the benefit associated with it like energy conservation, energy tracking, and the need for an increase in potential savings will propel the growth of the market in the coming years. The rise in industrialization and substantial increase in digitalized population will spur the growth of the global smart thermostat market growth in the coming years. Moreover, the technological advancements in temperature regulation of appliances and the adoption of automated systems provide significant growth opportunities for the global smart thermostat market in the approaching years.

The Smart Thermostats Market is segregated based on product, connectivity technology, installation type, vertical. Based on product, the global market is distinguished into Connected Smart thermostat, Learning Smart Thermostat, Standalone Smart Thermostat. Based on connectivity technology, the global market is distinguished into Wireless Network (Wi-Fi, ZigBee, Z-wave, and Bluetooth), Wired Network. . Based on installation type, the global market is distinguished into New Installation, Retrofit Installation. Based on vertical, the global market is distinguished into Residential, Commercial (Retail, Offices, Educational Institutes, Hospitality Centers, and Hospitals), Industrial.

Global Smart Thermostats Market

Asia-Pacific dominated the market due to technological advancements, appliances in residential buildings, such as washing machines, heating, and cooling equipment, and refrigerators becoming smart. In addition, the Adoption of smartphones and smart electronic appliances in residential, commercial, and industrial sectors is expected to propel the smart thermostat industry in this region. However it is estimated that the North American market will also grow at a significant rate over the forecast period due to increased internet penetration in the area, availability of Wi-Fi across various locations in the region, and the emerging 5G technology. In addition, the increased demand for smart assistant devices, such as Amazon Echo and Google Home for many purposes will fuel the growth of the market in the region in the coming years.

Key players functioning in the Smart Thermostats Market include Alphabet (Google Nest) (US), Emerson Electric (US), Honeywell International (US), Lennox International (US), Ecobee (Canada), Carrier Corporation (US), Johnson Controls (Lux Products) (Ireland), Legrand (Netatmo)  (France), Resideo Technologies (US), Siemens (Germany), Trane Technologies (Ireland), Control4 Corporation (US), Nortek Control (US), Tado (Germany), Alarm.com (US), Bosch Thermotechnology (Germany), Centrica Hive (UK), Cielo Wigle (US), Climote (Ireland), Empowered Homes (MYSA) (Canada), Eve Systems (Germany), MRCOOL (US), Radio Thermostat Company of America (US), Salus Controls (UK), Vine Connected (US), VIvint (US), Zen Ecosystems (US).

Recent developments:

  • In 2020, Carrier Introduces Updated Smart Sensor for Infinity Zoning System. The sensor consists of a wall control with a fresh, modern design that allows homeowners to manage a single zone in their home's Infinity zoning system. In addition, the new smart sensors showcase the Infinity System's originality by giving an easy-to-read temperature display and simple controls.
  • In 2020, Resideo Technologies Inc. announces the construction of a new, state-of-the-art technical center in Lotte. The new technical center will house Lotte's numerous development divisions, which specialize in safety device measurements and testing for worldwide boiler manufacturers.

Browse the full Smart Thermostats Market By Products (Connected Smart thermostat, Learning Smart Thermostat, Standalone Smart Thermostat), By Connectivity Technology (Wireless Network (Wi-Fi, Zigbee, Z-wave, Bluetooth), Wired Network), By Installation Type (New Installation, Retrofit Installation), By Vertical (Residential, Commercial (Retail, Offices, Educational Institutes, Hospitality Centers, Hospitals), Industrial) Report at https://www.zionmarketresearch.com/report/smart-thermostat-market

Smart Thermostats Market is segmented as follows:

By Products:

  • Connected Smart thermostat
  • Learning Smart Thermostat
  • Standalone Smart Thermostat

By Connectivity Technology

  • Wireless Network
  • Wired Network

By Installation Type

  • New Installation
  • Retrofit Installation

By Vertical

  • Residential
  • Commercial
  • Industrial

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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