The global smart thermostat market size was US$ 2.9 billion in 2021. The global smart thermostat market is forecast to grow to US$ 13.6 billion by 2030 by growing at a compound annual growth rate (CAGR) of 25.1% during the forecast period from 2022 to 2030.
A smart thermostat performs programmable and automatic temperature settings, commonly according to the weather conditions, heating & cooling needs, and everyday schedules. A smart thermostat is a device that can efficiently understand the patterns of its surroundings.
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The U.S. Bureau of Economic Analysis and the U.S. Census Bureau reports that the goods and services deficit rose from $68.7 billion in January 2023 to $70.5 billion in February, an increase of $1.9 billion. Due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion, the goods and services deficit increased in February. The goods and services deficit has decreased this year by $35.5 billion, or 20.3% when compared to the same period in 2022. $10.8% more, or $49.5 billion, was exported. Imports cost $2.2% more, or $14.0 billion, than exports.
Factors Influencing the Market
The growing number of changes in the residential & commercial sectors will contribute to the growth of the global smart thermostat market. The smart thermostat is suitable for smart home infrastructure. The device is also efficient in saving energy. All of these factors will contribute to the growth of the global smart thermostat market.
Advancements in technology and rising urbanization will contribute to the growth of the smart thermostat market. For instance, Nest labs unveiled a new feature that alerts customers about any HVAC issues. Such advancements are likely to benefit the global smart thermostat market.
The rising demand to control electronic and electrical appliances and remote access to ambiance heating or temperature will escalate the growth of the market.
The growing penetration of IoT and AI-based technologies in residential and commercial spaces will offer ample growth opportunities for the smart thermostat market. On the contrary, the high cost associated with the installation and maintenance of the smart thermostat may limit the growth of the global smart thermostat market during the study period.
COVID-19 Impact Analysis
The COVID-19 pandemic highly affected the lifestyle of the population. It surged the demand to look over healthcare instead of other luxury technologies. Thus, various industries witnessed a significant backdrop in terms of revenue, including the smart thermostat market. In addition, industrial activities were reduced drastically due to the imposed lockdowns in various nations. Additionally, commercial spaces were also forced to shut the operations and allow work from home to the employees. All of these factors significantly declined the growth of the global smart thermostat market during the study period.
Regional Analysis
Asia-Pacific smart thermostat market is forecast to grow at the highest growth rate. The growth of the region is attributed to the trending smart home infrastructure. In addition, the growing urbanization and rising adoption of smartphones and smart electronic appliances in residential and commercial spaces will contribute to the growth of the market.
Growing industrialization and favorable laws associated with that will benefit the smart thermostat market during the study period.
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Competitors in the Market
- Alphabet Inc. (Nest Labs)
- Ecobee
- Emerson Electric Co.
- Honeywell International Inc.
- Johnson Controls
- Netatmo
- Schneider Electric
- Siemens AG
- Tado
- Zen Thermostat
- Other Prominent Players
Market Segmentation
The global smart thermostat market segmentation focuses on Technology, Application, End-User, and Region.
By Technology Outlook
- Wi-Fi
- Bluetooth
- ZigBee
- Others
By Application Outlook
- Air Conditioning
- Split AC
- Window AC
- Portable AC
- Others
- Heating
- Ventilation
By End User Outlook
- Residential
- Commercial
- Industrial
- Others
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By Regional Outlook
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
What are the key findings of the report?
?This report provides comprehensive information on factors expected to influence the market growth and market share in the future.
?The report offers the current state of the market and future prospects for various geographical regions.
?This report provides both qualitative and quantitative information about the competitive landscape of the market.
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