MarketsandMarkets: The smart thermostat market size is expected to grow from USD 2.5 billion in 2021 to USD 6.4 billion by 2026; it is expected to grow at a CAGR of 20.8% from 2021 to 2026. The key factors driving the growth of the market increasing adoption of smart homes attributed to emergence of IoT-enabled HVAC systems, government regulations pertaining to increase energy efficiency of buildings, and surging adoption of smart home voice assistants.
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“Market for connected smart thermostats to account for largest market share during forecast period”
The connected smart thermostat segment is expected to continue to hold the largest market size during the forecast period. Compared to a standalone smart thermostat, the connected smart thermostat is equipped with advanced technologies. Since the connected smart thermostat is connected to the internet, the user can connect to the internet from any location and control the smart thermostat, and through it, the HVAC equipment at its installed location, may it be a home, office, or industrial warehouse. A connected smart thermostat is also connected to various smart sensors and collects data from these sensors to follow a preprogrammed schedule.
“The new installation segment is expected to dominate the smart thermostat market for residential vertical during the forecast period”
The new installation segment is expected to account for the largest share of the smart thermostat market for residential vertical during the forecast period. It is further expected to grow at fastest CAGR throughout the forecast period. The major reason behind the increasing adoption of smart thermostats in the residential vertical is the advantage of energy efficiency they offer over other traditional products. In the US, ~60% of the energy consumption is from the residential vertical. The requirement for high-energy devices in this vertical is one of the major drivers for the growth of the new installation smart thermostat market in this vertical.
“North America expected to dominate the smart thermostat market during the forecast period”
The North America region is expected to dominate the smart thermostat market throughout the forecast period. It is further expected to grow at significant CAGR during 2021 to 2026. Supportive government plans and programs & favorable laws are the major factors driving the growth of the regional market. The innovations undertaken by various companies and consumer awareness created in the market have helped North America to gain the largest share of the market as compared to the other regions. Moreover, the major retail chains in North America, such as Target and Walmart, are providing home automation products in many of their stores, thus giving a further impetus to the overall smart thermostat market in the region. The growth of the smart thermostat market in the region is driven by many factors, such as rising demand for energy-efficient HVAC systems and supportive government programs in the US. Further, the Canadian government is actively spreading awareness and promoting the use of energy-saving devices. Such factors and initiatives are expected to drive the smart thermostat market in the region during the forecast period.
Major players involved in the smart thermostat market include Alphabet (Google Nest) (US), Emerson Electric (US), Honeywell International (US), Lennox International (US), ecobee (Canada), Carrier Corporation (US), Johnson Controls (Lux Products) (Ireland), Legrand (Netatmo) (France), Resideo Technologies (US), Siemens (Germany), Trane Technologies (Ireland), Control4 Corporation (US), Nortek Control (US), tado (Germany).
Study Coverage
In this research report, the smart thermostat has been segmented based on products, connectivity technology, installation type, vertical, and region. This report describes the drivers, restraints, opportunities, and challenges influencing the growth of the smart thermostat market. The report also provides a detailed view of the market across different regions, namely, North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW). A detailed strategic profiling of market leaders and analysis of the competitive landscape has been included in the report.
Brief information on the research methodology for the report can be found in the report description provided on the Website.
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