As IoT technologies are integrated into smart homes with remote monitoring, demand for smart thermostats is expected to increase.
Wilmington, Delaware, United States, Dec. 08, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The smart thermostat industry was valued at US$ 1.8 billion in 2022. The smart thermostat market is expected to advance at a CAGR of 10.3% from 2023 to 2031. The market is expected to reach US$ 4.6 billion by the end of 2031. Consumers are adopting technologies that reduce their carbon footprint in response to concerns about climate change and environmental sustainability. Smart thermostats promote both Eco-friendly initiatives and energy conservation since they optimize energy use.
Smartphones and tablets in homes increasingly control heating and cooling systems. As a result, users can control their home's temperature even while they are away, which increases convenience and flexibility. Smart thermostats that integrate with smart grids can be part of a demand response program. Smart thermostats contribute to grid stability and reduce consumer and utility costs by adjusting energy use during peak demand periods.
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A growing number of consumers are becoming aware of the benefits of smart thermostats and are eager to adopt these devices. Adoption and awareness are increased through marketing campaigns and educational initiatives. A wider consumer base is becoming accessible to smart thermostats as their manufacturing costs decrease. Smart thermostats are becoming increasingly affordable, making them a good choice for homeowners planning to replace their HVAC systems.
Key Findings of Market Report
Based on components, temperature sensors will likely drive demand for smart thermostats in the market.
With the help of the Internet of Things (IoT), smart thermostats are revolutionizing home temperature control and offering a variety of advanced features.
A wireless-compatible smart thermostat is becoming more popular as wireless technologies advance.
Based on applications, residential sectors will likely drive demand for smart thermostats in the market.
Global Smart Thermostat Market: Growth Drivers
Cost-savings and energy conservation are becoming increasingly important to consumers. With advanced features such as occupancy sensors and learning algorithms, smart thermostats allow users to optimize heating and cooling schedules based on their preferences and use patterns. It will result in a lower utility bill and a reduced amount of energy consumed.
With the growing trend of smart homes, interconnected devices have become more popular. Integrating smart thermostats into smart homes contributes to the overall home automation experience. Energy efficiency and sustainability are being promoted by a variety of governments and regulatory bodies. Regulatory policies, tax rebates, and subsidies that promote energy-efficient technologies drive the market.
As smart thermostats become more sophisticated and feature-rich, the market for them continues to grow. The use of geofencing and artificial intelligence (AI) enables heating and cooling to be controlled according to location, and sensors help regulate temperature more accurately and minimize temperature fluctuations.
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Global Smart Thermostat Market: Regional Landscape
Smart thermostats are a significant market in North America, taking up a significant share of the global market. Due to the increasing adoption of smart thermostat technology in residential settings across North America, smart thermostat products and services are the largest contributors to revenue globally.
Smart homes are becoming increasingly popular in the United States, fueling market growth. With the advent of smart thermostats in homes, it is becoming increasingly evident that customers are using them to enhance comfort and lower their energy costs.
With an increasing awareness of energy consumption and a number of key vendors operating in North America, the market for smart thermostats has grown steadily. US households are adding smart home technology at a rapid pace. Nearly 30 million homes are expected to do so by the end of the year. As consumers integrate more connected products into their homes, such as video doorbells, connected cameras, and connected light bulbs, smart thermostats are in demand.
Global Smart Thermostat Market: Key Players
Smart thermostat companies implement a variety of business strategies to expand their customer base, such as launching new products and collaborating with other companies. The companies are expanding their existing product range to increase their market share.
Control4 (Snap One, LLC)
Ingersoll Rand Inc.
Emerson Electric Co.
Honeywell International Inc.
Schneider Electric SE
Nortek (Madison Industries)
In November 2023, Utilities Kingston held its third “Home Heating Week” with smart thermostat draw from November 27 to December 1. In addition to enhancing homeowner comfort and energy efficiency, this event will provide valuable insight into effectively managing heating costs over the winter months.
In December 2023, The 'TH1123WF' smart Wi-Fi thermostat will be available from Sinope for electric baseboard and convector heating systems. Neviweb's web platform or app can be used to control it remotely, and it is compatible with Apple HomeKit, Alexa, and Google Home.
Global Smart Thermostat Market: Segmentation
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Education & Research
Middle East & Africa
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