PUBLISHER: IMARC | PRODUCT CODE: 1287502
PUBLISHER: IMARC | PRODUCT CODE: 1287502
The global smart thermostat market size reached US$ 3.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 8.6 Billion by 2028, exhibiting a growth rate (CAGR) of 21.6% during 2023-2028.
A smart thermostat is a part of a control system which senses and maintains the temperature of an area. It is an automatic device which is capable of remotely switching on and off the heating of a room through the internet. Smart thermostats can be programmed and used via various mobile devices such as remote controls, smartphones and computers. They can also display the amount of heating being used and control their activity by tracking or learning the daily routine of the user.
Over the years, there has been a significant rise in the installation of smart home systems and technologies in households. This is one of the primary factors driving the growth of the global smart thermostat market. Moreover, there has been a surge in the sales of various smart home voice assistants such as Amazon Echo and Google Home which is further driving the growth of the market. In addition, as smart thermostats help in saving electricity, their sales have been influenced by the augmented demand for energy efficient solutions. This represents another factor which is positively influencing the market growth.
IMARC Group provides an analysis of the key trends in each sub-segment of the global smart thermostat market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on product, component, technology and application.
Standalone Smart Thermostats
Connected Smart Thermostats
Learning Smart Thermostats
Based on the product, the market has been segmented into standalone smart thermostats, connected smart thermostats and learning smart thermostats.
Display
Temperature Sensors
Humidity Sensors
Motion Sensors
Others
On the basis of component, the global smart thermostat market has been segregated into display, temperature sensors, humidity sensors, motion sensors and others.
Wired
Wireless
WiFi
Zig Bee
Others
Based on technology, the market has been segmented into wired and wireless smart thermostats. Further, the wireless smart thermostat market has been segregated into WiFi, Zig Bee and others.
Residential
Commercial
Industrial
Based on application, the market has been segmented into residential, commercial and industrial.
North America
Europe
Asia Pacific
Middle East and Africa
Latin America
Region-wise, the global smart thermostat market has been segregated into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. Among these, Asia-Pacific represents the biggest market for smart thermostats.
The competitive landscape of the market has also been examined with some of the key players being Nest Labs, Inc., Honeywell International Inc., Ecobee, Inc., Emerson Electric Co., Schneider Electric SE, Tado GmbH, Control4 Corporation, Carrier Corporation and Nortek, Inc.
This report provides a deep insight into the global smart thermostat market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter's five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the smart thermostat market in any manner.