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
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Increasing initiatives and support from government is projected to drive the market.
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Rising demand for energy saving technology has encouraged the adoption of smart thermostat.
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Covid-19 pandemic is estimated to hinder the market growth.
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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.
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Attributes
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Details
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Report Title
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Smart Thermostat Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Types (Wired and Wireless), Applications (Residential and Commercial Sectors)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Alphabet Inc.; Honeywell International Inc.; ecobee; Schneider Electric SE; and Lennox International Inc.
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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
End-users
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
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.
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