Smart Thermostat Market
Smart Thermostat Market Size, Share &Trends Analysis Report by Product (Connected Smart thermostat, Learning Smart Thermostat, and Standalone Smart Thermostat), by Connectivity Technology (Wireless Network and Wired Network) by Installation Type (New Installation, and Retrofit Installation)and by Vertical(Residential, Commercial, and Industrial), Forecast Period (2024-2031)
Smart thermostat market is anticipated to grow at an exponential CAGR of 28.2% during the forecast period (2024-2031). The market’s growth is attributed to the increasing demand for smart thermostats driven by growing consumer preference for smart gadgets and energy-efficient solutions.. In smart thermostat solutions interoperability and integration are highly soght after. For instance, the redLINK 3.0's expanded control capabilities and simple installation process promote compatibility with smart thermostats and other smart home products, promoting a more integrated ecosystem. Furthermore, since it enables for seamless connectivity with relevant HVAC systems and other smart house components, the simpler integration with existing HVAC systems and other smart home components promotes higher adoption among both consumers and enterprises.
In July 2022, Resideo Technologies, Inc., launched its Honeywell Home T10+ Smart Thermostat Kits. It has improved its Honeywell Home T10 Pro Smart Thermostat with RedLINK3.0, that offers additional control over three types of indoor air quality equipment, offering easy setup and customized options. Such developments are anticipated to drive the global market growth.
Segmental Outlook
The global smart thermostat market is segmented on the product, connectivity technology, installation type, and vertical. Based on the product, the market is sub-segmented into connected smart thermostat, learning smart thermostat, and standalone smart thermostat. Based on the connectivity technology, the market is sub-segmented into wireless network
and wired network. Based on the installation type, the market is sub-segmented into new installation, and retrofit installation. Furthermore, on the basis of vertical, the market is sub-segmented into residential, commercial, and industrial. The wireless network subcategory is expected to capture a significant portion of the market share within the connectivity technology segment. The growth can be attributed to the high adoption of wireless network, such as bluetooth smart thermostats owing to their high popularity. However, the wireless technologies offer a number of advantages over conventional technologies, including ease of installation, cheaper costs, and greater flexibility.
Zigbee Sub-Segment is Anticipated to Hold a Considerable Share of the global Smart Thermostat Market
Among the wireless technology, the zigbee sub-segment is expected to hold a considerable share of the global smart thermostat market. The segmental growth is attributed to the high demand possibilities for zigbee protocol. Zigbee's protocol facilitates easy integration with a wide range of IoT devices, allowing the UEI TBH300 to effectively communicate with other devices that are compatible with Zigbee in smart home ecosystems. In July 2022, Universal Electronics Inc. launched the new UEI TBH300 Smart Thermostat. The UEI TBH300 thermostat, integrated with the RUCKUS IoT suite, offers sustainable energy features for property managers and hoteliers, enhancing guest experience, cost savings, and energy efficiency. The zigbee thermostat, when paired with RUCKUS IoT Suite, enhances guest experience, energy efficiency, and cost savings by facilitating faster installation and control during check-in and check-out. Such developments are further contributing to the segmental market growth.
Regional Outlook
The global smart thermostat market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, North America is anticipated to hold a prominent share of the market across the globe, owing to the high adoption of smart thermostats in the region. Furthermore, the rising green buildings and government programs thatpromote energy-efficient practices in the commercial sector are encouraging the use of these devices across the region. In the US, the government has promoted the purchase of smart thermostats, with 17% of residences possessing them installed. Researchers have estimated potential cooling energy reductions in commercial buildings ranging from 4 to 32%, with one research projecting energy savings of more than 50% with the utilization of neural network-based predictive thermal comfort control.
The Global Smart Thermostat Market Growth by Region 2024-2031
Europe is Expected to Grow at a Significant CAGR in the Global Smart Thermostat Market
Among all regions, the Europe is anticipated to grow at a significant CAGR over the forecast period. Regional growth is attributed to the rising initiatives to increase awareness of energy efficient devices. Smart thermostats have grown more popular as a result of government incentives and regulations targeted at lowering energy consumption. Rebates and tax credits encourage individuals and businesses to invest in energy-efficient technology across the region. According to the MDPI, in April 2022, Smart thermostats have been demonstrated to minimize globally energy demand, with Europe witnessing a 22.0% reduction in energy consumption in over 1 million residences. If this technique were implemented in all European residences, it can reduce total European carbon dioxide (CO2) emissions by roughly 5%. Thereby, is contributing to the regional market share. Market Players Outlook
The major companies serving the smart thermostat market includes Honeywell International Inc., Lennox International Inc., Mitsubishi Electric Corp., NETATMO, and Resideo Technologies, Inc. and others.The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in May 2023, Mysa acquired Zen Ecosystems, the acquisition of a company that helps small and medium-sized organizations monitor and improve their energy usage, thereby expanding its reach in the energy-efficient smart thermostat and smart energy management market and boosting its objective to lead in global electrification and climate change.
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global smart thermostat market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.2. Alarm.com
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. Carrier Global Corp.
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. Emerson Electric Co.
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. Key Strategy Analysis
4. Market Segmentation
4.1. Global Smart Thermostat Market by Products
4.1.1. Connected Smart thermostat
4.1.2. Learning Smart Thermostat
4.1.3. Standalone Smart Thermostat
4.2. Global Smart Thermostat Market by Connectivity Technology
4.2.1. Wireless Network
4.2.1.1. Wi-Fi
4.2.1.2. Zigbee
4.2.1.3. Z-wave
4.2.1.4. Bluetooth
4.2.2. Wired Network
4.3. Global Smart Thermostat Market by Installation Type
4.3.1. New Installation
4.3.2. Retrofit Installation
4.4. Global Smart Thermostat Market by Vertical
4.4.1. Residential
4.4.2. Commercial
4.4.2.1. Retail
4.4.2.2. Offices
4.4.2.3. Educational Institutes
4.4.2.4. Hospitality Centers
4.4.2.5. Hospitals
4.4.3. Industrial
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
6. Company Profiles
6.1. APX Group
6.2. Centrica plc
6.3. ecobee
6.4. Honeywell International Inc.
6.5. Lennox International Inc.
6.6. Mitsubishi Electric Corp.
6.7. NETATMO
6.8. Resideo Technologies, Inc.
6.9. Schneider Electric
6.10. Siemens AG
6.11. tado GmbH
6.12. Tantalus Systems Corp.
6.13. ZEN Within Inc.
1. GLOBAL SMART THERMOSTAT MARKET RESEARCH AND ANALYSIS BY PRODUCT, 2023-2031($ MILLION)
2. GLOBAL CONNECTED SMART THERMOSTAT MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031($ MILLION)
3. GLOBAL LEARNING SMART THERMOSTAT MARKET RESEARCH AND ANALYSIS BY REGION,2023-2031($ MILLION)
4. GLOBAL STANDALONE SMART THERMOSTAT MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031($ MILLION)
5. GLOBAL SMART THERMOSTAT MARKET RESEARCH AND ANALYSIS BY CONNECTIVITY TECHNOLOGY, 2023-2031($ MILLION)
6. GLOBAL SMART THERMOSTAT BY WIRELESS NETWORK MARKET RESEARCH AND ANALYSIS BY REGION,2023-2031($ MILLION)
7. GLOBAL SMART THERMOSTAT BY WI-FI MARKET RESEARCH AND ANALYSIS BY REGION,2023-2031($ MILLION)
8. GLOBAL SMART THERMOSTAT BY ZIGBEE MARKET RESEARCH AND ANALYSIS BY REGION,2023-2031($ MILLION)
9. GLOBAL SMART THERMOSTAT BY Z-WAVE MARKET RESEARCH AND ANALYSIS BY REGION,2023-2031($ MILLION)
10. GLOBAL SMART THERMOSTAT BY BLUETOOTH MARKET RESEARCH AND ANALYSIS BY REGION,2023-2031($ MILLION)
11. GLOBAL SMART THERMOSTAT BY WIRED NETWORK MARKET RESEARCH AND ANALYSIS BY REGION,2023-2031($ MILLION)
12. GLOBAL SMART THERMOSTAT MARKET RESEARCH AND ANALYSIS BY INSTALLATION TYPE, 2023-2031($ MILLION)
13. GLOBAL SMART THERMOSTAT IN NEW INSTALLATION MARKET RESEARCH AND ANALYSIS BY REGION,2023-2031($ MILLION)
14. GLOBAL SMART THERMOSTAT IN RETROFIT INSTALLATION MARKET RESEARCH AND ANALYSIS BY REGION,2023-2031($ MILLION)
15. GLOBAL SMART THERMOSTAT MARKET RESEARCH AND ANALYSIS BY VERTICAL, 2023-2031($ MILLION)
16. GLOBAL SMART THERMOSTAT FOR RESIDENTIAL MARKET RESEARCH AND ANALYSIS BY REGION,2023-2031($ MILLION)
17. GLOBAL SMART THERMOSTAT FOR COMMERCIAL MARKET RESEARCH AND ANALYSIS BY REGION,2023-2031($ MILLION)
18. GLOBAL SMART THERMOSTAT FOR RETAIL MARKET RESEARCH AND ANALYSIS BY REGION,2023-2031($ MILLION)
19. GLOBAL SMART THERMOSTAT FOR OFFICES MARKET RESEARCH AND ANALYSIS BY REGION,2023-2031($ MILLION)
20. GLOBAL SMART THERMOSTAT FOR EDUCATIONAL INSTITUTES MARKET RESEARCH AND ANALYSIS BY REGION,2023-2031($ MILLION)
21. GLOBAL SMART THERMOSTAT FOR HOSPITALITY CENTERS MARKET RESEARCH AND ANALYSIS BY REGION,2023-2031($ MILLION)
22. GLOBAL SMART THERMOSTAT FOR HOSPITALS MARKET RESEARCH AND ANALYSIS BY REGION,2023-2031($ MILLION)
23. GLOBAL SMART THERMOSTAT FOR INDUSTRIAL MARKET RESEARCH AND ANALYSIS BY REGION,2023-2031($ MILLION)
24. GLOBAL SMART THERMOSTAT MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031($ MILLION)
25. NORTH AMERICAN SMART THERMOSTAT MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031($ MILLION)
26. NORTH AMERICAN SMART THERMOSTAT MARKET RESEARCH AND ANALYSIS BY PRODUCT, 2023-2031($ MILLION)
27. NORTH AMERICAN SMART THERMOSTAT MARKET RESEARCH AND ANALYSIS BY CONNECTIVITY TECHNOLOGY, 2023-2031($ MILLION)
28. NORTH AMERICAN SMART THERMOSTAT MARKET RESEARCH AND ANALYSIS BY INSTALLATION TYPE, 2023-2031($ MILLION)
29. NORTH AMERICAN SMART THERMOSTAT MARKET RESEARCH AND ANALYSIS BY VERTICAL, 2023-2031($ MILLION)
30. EUROPEAN SMART THERMOSTAT MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031($ MILLION)
31. EUROPEAN SMART THERMOSTAT MARKET RESEARCH AND ANALYSIS BY PRODUCT, 2023-2031($ MILLION)
32. EUROPEAN SMART THERMOSTAT MARKET RESEARCH AND ANALYSIS BY CONNECTIVITY TECHNOLOGY, 2023-2031($ MILLION)
33. EUROPEAN SMART THERMOSTAT MARKET RESEARCH AND ANALYSIS BY INSTALLATION TYPE, 2023-2031($ MILLION)
34. EUROPEAN SMART THERMOSTAT MARKET RESEARCH AND ANALYSIS BY VERTICAL, 2023-2031($ MILLION)
35. ASIA-PACIFIC SMART THERMOSTAT MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031($ MILLION)
36. ASIA-PACIFIC SMART THERMOSTAT MARKET RESEARCH AND ANALYSIS BY PRODUCT, 2023-2031($ MILLION)
37. ASIA-PACIFIC SMART THERMOSTAT MARKET RESEARCH AND ANALYSIS BY CONNECTIVITY TECHNOLOGY, 2023-2031($ MILLION)
38. ASIA-PACIFIC SMART THERMOSTAT MARKET RESEARCH AND ANALYSIS BY INSTALLATION TYPE, 2023-2031($ MILLION)
39. ASIA-PACIFIC SMART THERMOSTAT MARKET RESEARCH AND ANALYSIS BY VERTICAL, 2023-2031($ MILLION)
40. REST OF THE WORLD SMART THERMOSTAT MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031($ MILLION)
41. REST OF THE WORLD SMART THERMOSTAT MARKET RESEARCH AND ANALYSIS BY PRODUCT, 2023-2031($ MILLION)
42. REST OF THE WORLD SMART THERMOSTAT MARKET RESEARCH AND ANALYSIS BY CONNECTIVITY TECHNOLOGY, 2023-2031($ MILLION)
43. REST OF THE WORLD SMART THERMOSTAT MARKET RESEARCH AND ANALYSIS BY INSTALLATION TYPE, 2023-2031($ MILLION)
44. REST OF THE WORLD SMART THERMOSTAT MARKET RESEARCH AND ANALYSIS BY VERTICAL, 2023-2031($ MILLION)
1. GLOBAL SMART THERMOSTAT MARKET SHARE BY PRODUCT, 2023 VS 2031(%)
2. GLOBAL CONNECTED SMART THERMOSTAT THERMOSTAT MARKET SHARE BY REGION, 2023 VS 2031(%)
3. GLOBAL LEARNING SMART THERMOSTAT MARKET SHARE BY REGION, 2023 VS 2031(%)
4. GLOBAL STANDALONE SMART THERMOSTAT MARKET SHARE BY REGION, 2023 VS 2031(%)
5. GLOBAL SMART THERMOSTAT MARKET SHARE BY CONNECTIVITY TECHNOLOGY, 2023 VS 2031(%)
6. GLOBAL SMART THERMOSTAT BY WIRELESS NETWORK MARKET SHARE BY REGION, 2023 VS 2031(%)
7. GLOBAL SMART THERMOSTAT BY WI-FI MARKET SHARE BY REGION, 2023 VS 2031(%)
8. GLOBAL SMART THERMOSTAT BY ZIGBEE MARKET SHARE BY REGION, 2023 VS 2031(%)
9. GLOBAL SMART THERMOSTAT BY Z-WAVE MARKET SHARE BY REGION, 2023 VS 2031(%)
10. GLOBAL SMART THERMOSTAT BY BLUETOOTH MARKET SHARE BY REGION, 2023 VS 2031(%)
11. GLOBAL SMART THERMOSTAT BY WIRED NETWORK MARKET SHARE BY REGION, 2023 VS 2031(%)
12. GLOBAL SMART THERMOSTAT MARKET SHARE BY INSTALLATION TYPE, 2023 VS 2031(%)
13. GLOBAL SMART THERMOSTAT IN NEW INSTALLATION MARKET SHARE BY REGION, 2023 VS 2031(%)
14. GLOBAL SMART THERMOSTAT IN RETROFIT INSTALLATION MARKET SHARE BY REGION, 2023 VS 2031(%)
15. GLOBAL SMART THERMOSTAT MARKET SHARE BY VERTICAL, 2023 VS 2031(%)
16. GLOBAL SMART THERMOSTAT FOR RESIDENTIAL MARKET SHARE BY REGION, 2023 VS 2031(%)
17. GLOBAL SMART THERMOSTAT FOR COMMERCIAL MARKET SHARE BY REGION, 2023 VS 2031(%)
18. GLOBAL SMART THERMOSTAT FOR RETAIL MARKET SHARE BY REGION, 2023 VS 2031(%)
19. GLOBAL SMART THERMOSTAT FOR OFFICES MARKET SHARE BY REGION, 2023 VS 2031(%)
20. GLOBAL SMART THERMOSTAT FOR EDUCATIONAL INSTITUTES MARKET SHARE BY REGION, 2023 VS 2031(%)
21. GLOBAL SMART THERMOSTAT FOR HOSPITALITY CENTERS MARKET SHARE BY REGION, 2023 VS 2031(%)
22. GLOBAL SMART THERMOSTAT FOR HOSPITALS MARKET SHARE BY REGION, 2023 VS 2031(%)
23. GLOBAL SMART THERMOSTAT FOR INDUSTRIAL MARKET SHARE BY REGION, 2023 VS 2031(%)
24. GLOBAL SMART THERMOSTAT MARKET SHARE BY REGION, 2023 VS 2031(%)
25. US SMART THERMOSTAT MARKET SIZE, 2023-2031($ MILLION)
26. CANADA SMART THERMOSTAT MARKET SIZE, 2023-2031($ MILLION)
27. UK SMART THERMOSTAT MARKET SIZE, 2023-2031($ MILLION)
28. FRANCE SMART THERMOSTAT MARKET SIZE, 2023-2031($ MILLION)
29. GERMANY SMART THERMOSTAT MARKET SIZE, 2023-2031($ MILLION)
30. ITALY SMART THERMOSTAT MARKET SIZE, 2023-2031($ MILLION)
31. SPAIN SMART THERMOSTAT MARKET SIZE, 2023-2031($ MILLION)
32. REST OF EUROPE SMART THERMOSTAT MARKET SIZE, 2023-2031($ MILLION)
33. INDIA SMART THERMOSTAT MARKET SIZE, 2023-2031($ MILLION)
34. CHINA SMART THERMOSTAT MARKET SIZE, 2023-2031($ MILLION)
35. JAPAN SMART THERMOSTAT MARKET SIZE, 2023-2031($ MILLION)
36. SOUTH KOREA SMART THERMOSTAT MARKET SIZE, 2023-2031($ MILLION)
37. REST OF ASIA-PACIFIC SMART THERMOSTAT MARKET SIZE, 2023-2031($ MILLION)
38. REST OF THE WORLD SMART THERMOSTAT MARKET SIZE, 2023-2031($ MILLION)
