Our comprehensive research on the Global Smart Thermostat Market (2023-2031) provides insights for businesses. It covers trends, investments, tech advancements, and major players. The report uses qualitative and statistical data from 2017-2031, including SWOT, BCG, PESTLE analysis, and visuals. It offers a full market landscape with stakeholder insights, regional outlooks, and financial considerations.
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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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
The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the Smart Thermostat industry experienced notable growth in its workforce. Starting in January, employment within the Smart Thermostat sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Smart Thermostat output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global Smart Thermostat output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Smart Thermostat market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Smart Thermostat market.
Market Segmentation
The global smart thermostat market segmentation focuses on Technology, Application, End-User, and Region.
By Technology Outlook
- Wi-Fi
- Bluetooth
- ZigBee
- Others
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By Application Outlook
- Air Conditioning
- Split AC
- Window AC
- Portable AC
- Others
- Heating
- Ventilation
By End User Outlook
- Residential
- Commercial
- Industrial
- Others
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
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Table of Contents:
Chapter 1: Introduction to the Global Smart Thermostat Industry
Chapter 3: Dynamics of the Market
Chapter 4: Profiles of Leading Companies
Chapter 5: Competition in the Global Smart Thermostat Market among Players
Chapter 6: Market Size across Global Regions
Chapter 7: Application Segments in the Global Market
Chapter 8: Segment Analysis of the Global Smart Thermostat Industry
Chapter 9: Market Chain, Sourcing Strategies, and Downstream Buyers
Chapter 10: Strategies and Key Policies by Distributors/Suppliers/Traders
Chapter 11: In-depth Analysis of Key Marketing Strategies by Market Vendors
Chapter 12: Evaluation of Market Impact Factors
Chapter 13: Forecasted Global Smart Thermostat Market Size (2023-2031)
Reasons to Acquire This Report
(A) This research imparts invaluable insights tailored for senior management, policymakers, industry professionals, product innovators, sales executives, and stakeholders within the market. It equips them with the information needed to make well-informed decisions and craft effective strategies.
(B) The report delivers a comprehensive analysis of global, regional, and country-level Smart Thermostat market revenues, extending projections until 2030. This dataset empowers companies to gauge their market presence, recognize avenues for growth, and explore emerging markets.
(C) Through meticulous segmentation of the Smart Thermostat market encompassing types, applications, technologies, and end-uses, this study empowers leaders to blueprint their products and allocate resources based on the projected growth trajectories of each segment.
(D) Investors stand to gain from the market analysis by gaining insights into market scope, positioning, key drivers, challenges, limitations, expansion prospects, and potential risks. Armed with this knowledge, they can make well-considered investment choices.
(E) The report conducts an intricate analysis of competitors, unraveling their pivotal strategies and market positioning. This intelligence equips businesses with a profound understanding of the competitive landscape, enabling them to chart their own strategies accordingly.
(F) The study facilitates the assessment of Smart Thermostat business projections delineated by region, key countries, and prominent companies, bestowing invaluable information for investment strategizing and decision-making.
Why is our study consequential?
Our study holds paramount importance for various reasons, a few of which include:
• Assisting businesses in gauging the viability of new or existing products or services.
• Facilitating business enterprises in the identification and cultivation of novel market segments.
• Providing a preemptive understanding of consumer demand prior to introducing new products, services, or features.
• Enhancing the overall efficacy of marketing, advertising, and promotional initiatives.
• Analyzing market trends to aid businesses in devising adaptive strategies.
• Guiding businesses in the optimal placement of their products.
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