New York, April 28, 2023 (GLOBE NEWSWIRE) -- The Smart Thermostat Market will experience a remarkable growth trajectory, with a projected value of approximately USD 27.8 billion by 2032, up from USD 3.7 billion in 2022. This growth is expected to be driven by a compound annual growth rate (CAGR) of 23.0% between 2023 and 2032.
A smart thermostat is an electronic device that adjusts the temperature automatically based on weather conditions and daily schedules with cooling and heating requirements. A smart thermostat can adjust its functioning according to the environment. This helps the HVAC system to save energy by heating and cooling. The rising consumer inclination towards smart and energy-saving devices is driving the growth of the smart thermostat market.
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Key Takeaway:
- By product, the standalone dominates in the smart thermostat market.
- By technology, wired smart thermostats are preferred by customers over wireless smart thermostats.
- By application, the residential application leads the market with a major share.
- North America held a significant revenue share of 37.5% in the smart thermostat market.
- Europe is the second-largest market for smart thermostats.
- The Asia Pacific market is anticipated to grow the fastest during the forecast period.
The benefits of smart thermostats, like controlling the heating & cooling while conserving a significant amount of energy, attract customers to adopt them in their HVAC systems. In addition, the increasing popularity of home automation devices in smart homes has a significant part in the growth of the smart thermostat market. Also, the increasing usage of smartphones and rising awareness of energy-saving devices are positively impacting the market dynamics of the smart thermostat market.
Factors affecting the growth of the Smart Thermostat Market
Several factors can affect the growth of the smart thermostat market. Some of these factors include:
- Rising Awareness for Energy Conservation: The increasing demand for energy management solutions in residential applications has a big part in the growth of the smart thermostat market in the last few years. Individuals are adopting the smart thermostat in the HVAC system to conserve energy with the help of smart features offered by smart thermostats.
- Advance Features: The ability of smart thermostats to function according to the environment of the house or facility is attracting customers towards smart thermostats. The smart thermostats can control the heating and cooling as per the facility's needs. Advance features like these are driving the growth of the smart thermostat market.
- Remote Connectivity: The benefits, like remote connectivity for controlling the smart thermostats, are significantly impacting the growth of the smart thermostat market. The smart thermostats can be controlled from any remote location through wireless connectivity. This advantage of wireless connectivity is promoting the customers to adopt wireless smart thermostats over wired thermostats.
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Top Trends in Global Smart Thermostat Market
The ongoing trend of energy-efficient devices in smart homes is positively impacting the growth of the smart thermostat market. The advance features in the smart thermostat allow it to conserve energy and provide the best service according to the environment. Moreover, the increasing adoption of smart thermostat in residential, commercial, and industrial applications due to their energy-conserving benefits are boosting the growth of the market. These benefits of smart thermostats in energy saving are anticipated to continue the development of smart thermostats during the forecast period. Many governments worldwide have implemented strict rules and regulations regarding carbon emissions. This is also supporting the growth of the smart thermostat market over the last few years.
Market Growth
The ability of smart thermostats to function according to the environment of the house or facility is attracting customers towards smart thermostats. The smart thermostats can control the heating and cooling as per the facility's needs. Advance features like these are driving the growth of the smart thermostat market. Also, the benefits of a smart thermostat, like remote connectivity for controlling the HVAC system, are significantly impacting the development of the smart thermostat market. The smart thermostats can be controlled from any remote location through wireless connectivity. This advantage of wireless connectivity is promoting the customers to adopt wireless smart thermostats over wired thermostats. Critical factors like these are driving the growth of the smart thermostat market.
Regional Analysis
North America dominates the global smart thermostat market by accounting for a significant revenue share of 37.5%. The growth of the smart thermostat market is attributed to the presence of key companies in the region which offer smart thermostats. Also, the rising awareness about energy conservation in North America has played a massive part in the region's global smart thermostat market domination. Furthermore, the wide applications of smart thermostats across residential, commercial, and industrial use are further boosting the growth of North America in the global smart thermostat market.
After North America, Europe is the second largest region in the global smart thermostat market. The supporting rules and regulations from the governments in the Europe region are driving the growth of the smart thermostat market in the area.
Competitive Landscape
The market for smart thermostats includes major players like Emerson Electric Co. and Honeywell International Inc., Schneider Electric, Zen Thermostat (Jones Controls), Siemens AG, Zen Thermostat (Alphabet Inc.), Netatmo SA, Carrier Corporation, and others. These market players have adopted various strategies to maintain their market dominance, including partnerships, acquisitions, and expansion in different regions.
For example, in September 2021, a new Lotte Edge technical center which serves as the work area for devices that specialize in safety testing and measuring boiler and water heater makers was announced. In addition, the carrier also collaborated with Ecobee in January 2020 to offer co-branded Ecobee3lite Pro and Ecobee Smart Thermostat Pro models with voice control. These products will provide homeowners with the most recent experience in comfort and energy savings while also providing personalized comfort.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 3.7 billion |
| Market Size (2032) | USD 27.8 billion |
| CAGR (from 2023 to 2032) | 23.0% |
| North America Revenue Share | 37.5% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The increasing adoption of smart thermostats worldwide and rising awareness about energy-conserving devices are driving the growth of smart thermostats in the global market. After the outbreak of the COVID-19 pandemic, individuals across the world have started to adopt smart thermostats in the HVAC system in their houses and industries. The advanced features of smart thermostats forced people to adopt smart thermostats after the pandemic.
The worldwide increasing urbanization and growing construction industry have further boosted the growth of smart thermostats in the last few years. Consumers are massively adopting the smart thermostat in the HVAC system of their new houses, industries, and other facilities. This is anticipated to propel the growth of the smart thermostat market during the forecast period.
Market Restraints
With the increasing adoption of smart thermostats across the world, the growth of the market is also challenged by many obstructions like high cost and big initial investment. Smart thermostats offer many advanced features in the HVAC system to attract customers, but the high cost of these smart thermostats is restricting many customers from adopting smart thermostats. The high cost of smart thermostats makes them unaffordable for many small and medium enterprises to adopt. Also, with advanced features, smart thermostats have complex handling for customers. Due to this, many customers are unable to handle smart thermostats properly. The factors like these are restricting the growth of the smart thermostat market.
Market Opportunities
The continuous research from the research and development teams of the key companies in the development of smart advanced thermostats are driving the growth of the smart thermostats market over the last few years. And they are anticipated to continue their part in the growth of the smart thermostat market by creating many opportunities in the smart thermostats market throughout the forecast period. In addition, many companies are working on developing more efficient and self-learning smart thermostats, which can function more accordingly in the environment and situation. This is expected to create many lucrative opportunities in the smart thermostat market over the forecast period.
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Report Segmentation of the Smart Thermostat Market
Product Insight
The smart thermostat market is classified on the basis of products into connected, standalone, and learning. From these products, the standalone smart thermostat dominates the global thermostat market by covering the major revenue share, and it is anticipated to continue its domination over the forecast period. The growth of standalone smart thermostats is due to their rising adoption in small and remote buildings worldwide. After the standalone, the connected smart thermostat is expected to grow during the forecast period. This is because the lower cost of connected smart thermostats than the others in the competition drives the growth of the connected smart thermostats in the market.
Technology Insight
Based on technology, the smart thermostat market is divided into wired and wireless smart thermostats. Out of these, wired smart thermostats are mostly preferred by customers over wireless smart thermostats. The easy handling, low cost of wireless smart thermostats, and broad adoption across North America are driving the growth of the smart thermostat market. However, wireless smart thermostats are expected to grow massively over the forecast period. The advanced features and remote connectivity are expected to drive the growth of wireless smart thermostats over the forecast period.
Application Insight
The smart thermostat market is classified into residential, commercial, and industrial based on its application. Among these, the residential applications of smart thermostats are anticipated to grow significantly during the forecast period. The increasing energy-conserving awareness and remote access solution offered by smart thermostats are driving the growth of smart thermostats in residential applications. In addition, with rising urbanization worldwide, smart thermostats are expected to be heavily adopted by customers. These key factors drive the growth of residential applications in the smart thermostat market.
Recent Development of the Smart Thermostat Market
- In June 2022, Albioma, a French independent energy provider and producer, partnered with Emerson to assist in the transition of its Bois Rouge coal-fired plant to 100% renewable energy. Emerson's software and automation systems will permit the coal-fired power plant to become an energy feedstock as part of Albioma’s larger mission to transform all its fossil fuel plants into renewable energy.
- In June 2022, Emerson, a global technology and industrial leader, announced a multiyear strategic framework agreement with BayoTech, a pioneer in hydrogen solutions, to accelerate hydrogen delivery worldwide. Emerson will provide advanced automation technology, software, and products allowing BayoTech to build hundreds of hydrogen plants to produce cleaner and cheaper hydrogen.
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Market Segmentation
Based on Product
- Connected
- Standalone
- Learning
Based on Technology
- Wired
- Wireless
Based on Application
- Residential
- Commercial
- Industrial
Based on Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Market Key Players:
- Emerson
- Ecobee
- Control4
- Honeywell Home
- Tado GmbH
- Centrica Hive Limited
- Johnson Controls
- Google Nest
- Resideo Technologies Inc.
- Siemens
- Netatmo SA
- Other Key Players
Browse More Related Reports:
- Low voltage thermostat Market size is expected to be worth around USD 5023.09 Mn By 2032 from USD 1090.2 Mn in 2021, growing at a CAGR of 18.5%
- Connected thermostats market size is projected to grow from USD 1.27 billion in 2022 to USD 3.86 billion by 2029, at a CAGR of 17.2% during the forecast period
- Electrical room thermostats market size is estimated to grow at a CAGR of 4.5%in the forecast period.
- Industrial thermostat market is expected to grow from USD 2.5 billion in 2018 at a CAGR of 5.0% during the forecast period.
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