According to FMI, the smart thermostat market might increase from $4.18 billion in 2023 to $35.70 billion in 2033. The market is expected to develop rapidly between 2023 and 2033, with a CAGR of 23.9%.
The massive rise may be ascribed to expanding customer demand for smart technology and energy-saving solutions, which is driving demand for smart thermostats. Smart thermostats gain popularity by regulating the operation of heating and cooling equipment while significantly lowering energy usage. They are increasingly employed in smart homes as home automation devices, which is driving market growth.
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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.
Who is the largest manufacturer of Smart Thermostats Market worldwide
- Nest
- Honeywell
- EcoBee
- Schneider Electric
- Emerson
- LUX/GEO
- Carrier
- Energate Inc.
- Tado GmbH
- Control4
- Netatmo
- Hive Home
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.
- Carrier
- Control4 (Snap One, LLC)
- ecobee
- Google Nest
- Ingersoll Rand Inc.
- Emerson Electric Co.
- Honeywell International Inc.
- Schneider Electric SE
- Nortek (Madison Industries)
- tado GmbH
- Pro1iaq
Key Segments
By Offering:
- Hardware
- Software
- Services
By Application:
- Warfare Platform
- Cyber Security
- Logistics & Transportation
- Surveillance & Situational Awareness
- Command & Control
- Others
By Technology:
- Machine Learning
- Natural Language Processing
- Deep Learning
- Computer Vision
- Context-Aware Computing
- Intelligent Virtual Agent (Iva) /Virtual Agents
- Others
By Platform:
- Land
- Naval
- Airborne
- Space
By Installation:
- New Procurement
- Upgradation
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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