Smart Thermostat Market Size, Industry Trends Report | 2031

Segments - Smart Thermostat Market by Types (Wired and Wireless), Applications (Residential and Commercial Sectors), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

Author : Raksha Sharma

Fact-checked by : Vineet Pandey

Editor : Shruti Bhat

Report Description

The global smart thermostat detector market size was USD 3.02 Billion in 2022 and is likely to reach USD 16.54 Billion by 2031 , expanding at a CAGR of 20.8% during 2023–2031. Growth of the market is attributed to rising need for energy saving technology.

Smart thermostats are used in smart homes that control temperature and humidity while allowing fresh air to enter; they help in the conservation of indoor air pollution. At local or remote locations, one can observe performance of the system and respond to platform alarms. Smart thermostats eliminate a lot of energy used by an HVAC system to a great extent. Smart thermostats leverage wireless communications, internet access, and mobile devices to save energy and control the operation of HVAC systems. Customers' interest while using smart thermostats in smart homes has evolved as technology has progressed and swift innovation in various networks has increased.

According to a latest research by the consumer technology association, after the COVID-19 epidemic, 31% of US householders are predicted to embrace tech devices during forecast period. People are rearranging their physical spaces to accommodate new functional requirements, such as working and learning at home, setting up at-home gyms, or discovering new ways to relax and enjoy themselves. People who want to stay at home need connected dwellings, automated systems, and new technologies.

Market Trends, Drivers, Restraints, and Opportunities

Increasing initiatives and support from government is projected to drive the market.
Rising demand for energy saving technology has encouraged the adoption of smart thermostat.
Covid-19 pandemic is estimated to hinder the market growth.
Development of smart thermostat is anticipated to create immense opportunities for the market players.

Scope of Smart Thermostat Detector Market Report

The report on the global smart thermostat market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes	Details
Report Title	Smart Thermostat Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2023–2031
Segmentation	Types (Wired and Wireless), Applications (Residential and Commercial Sectors)
Regional Scope	Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report	Alphabet Inc.; Honeywell International Inc.; ecobee; Schneider Electric SE; and Lennox International Inc.

Smart Thermostat Market Segment Insights

The wireless segment holds a major market share

Based on types, the smart thermostat market is bifurcated into wired and wireless. The wireless segment is estimated to expand at a rapid pace. Wireless networks are the most commonly utilized networking technology in smart thermostats because it reduces installation & maintenance costs, offers better flexibility & scalability, and improves connectivity. The addition of wireless connectivity improves the compatibility of smart thermostats with smart devices such as smartphones, tablets, and laptops. The growing popularity of smart homes in the United States is driving up demand for wirelessly connected smart thermostats.

The residential segment is anticipated to expand during the forecast period

On the basis of applications, the smart thermostat market is fragmented into residential and commercial. The residential segment is estimated to hold a maximum market share. The adoption of energy-efficient HVAC controls such as smart thermostats has spurred by rising awareness of energy conservation and efficiency, and also environmental protection.

Asia Pacific is projected to dominate the market

In terms of regions, the smart thermostat market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is estimated to dominate the market. Consumers are utilizing smart assistant devices like Amazon echo and Google home for a variety of functions, with over one-third using it as an information source and over 40% using it as an audio speaker to listen to streaming music.

The Chinese government is projected to implement the 'new-type urbanization plan,' which focuses on new-type, smart, and humanistic city construction. In India, the IGBC Green Homes program is the first rating system designed specifically for the residential sector, with the goal of facilitating the efficient use of site resources, water conservation, energy efficiency, waste management, optimal material utilization, and design for healthy, smart homes.

Segments

Types

Wired
Wireless

End-users

Residential
Commercial

Regions

Asia Pacific
North America
Latin America
Europe
Middle East & Africa

Key Players

Alphabet Inc.
Honeywell International Inc.
Ecobee
Schneider Electric SE
Lennox International Inc.

Competitive Landscape

The major players in the smart thermostat market include Alphabet Inc., Honeywell International Inc., ecobee, Schneider Electric SE, and Lennox International Inc.

Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and to generate revenue and raise their production line of the business in the coming years.

Smart Thermostat Market Keyplayers

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Smart Thermostat Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Smart Thermostat Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Smart Thermostat Market - Supply Chain
  4.5. Global Smart Thermostat Market Forecast
     4.5.1. Smart Thermostat Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Smart Thermostat Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Smart Thermostat Market Absolute $ Opportunity
5. Global Smart Thermostat Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Smart Thermostat Market Size and Volume Forecast by Types
     5.3.1. Wired
     5.3.2. Wireless
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Smart Thermostat Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Smart Thermostat Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Smart Thermostat Demand Share Forecast, 2019-2026
7. North America Smart Thermostat Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Smart Thermostat Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Smart Thermostat Market Size and Volume Forecast by Types
     7.4.1. Wired
     7.4.2. Wireless
  7.5. Basis Point Share (BPS) Analysis by Types
  7.6. Y-o-Y Growth Projections by Types
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Smart Thermostat Demand Share Forecast, 2019-2026
8. Latin America Smart Thermostat Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Smart Thermostat Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Smart Thermostat Market Size and Volume Forecast by Types
     8.4.1. Wired
     8.4.2. Wireless
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Smart Thermostat Demand Share Forecast, 2019-2026
9. Europe Smart Thermostat Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Smart Thermostat Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Smart Thermostat Market Size and Volume Forecast by Types
     9.4.1. Wired
     9.4.2. Wireless
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Smart Thermostat Demand Share Forecast, 2019-2026
10. Asia Pacific Smart Thermostat Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Smart Thermostat Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Smart Thermostat Market Size and Volume Forecast by Types
     10.4.1. Wired
     10.4.2. Wireless
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Smart Thermostat Demand Share Forecast, 2019-2026
11. Middle East & Africa Smart Thermostat Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Smart Thermostat Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Smart Thermostat Market Size and Volume Forecast by Types
     11.4.1. Wired
     11.4.2. Wireless
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Smart Thermostat Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Smart Thermostat Market: Market Share Analysis
  12.2. Smart Thermostat Distributors and Customers
  12.3. Smart Thermostat Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Alphabet Inc.
     12.4.2. Honeywell International Inc.
     12.4.3. Ecobee
     12.4.4. Schneider Electric SE
     12.4.5. Lennox International Inc.