Authored By: Sarah
18 Aug 2024

Smart Thermostats Market 2024-2028: Size and High initial prices affect demand for smart thermostats; growth driven by the Technology, Some of key Companies Positioned Strategically

The smart thermostats market size by Technology (Wi-fi, ZigBee, and Others) and Geography (North America, Europe, APAC, Middle East and Africa, and South America), is forecast to increase by USD 5511.8 million. The market is expected to grow at a CAGR of   24.07% between 2024 and 2028.

  • The adoption of smart thermostats in residential and commercial buildings has been impeded by their relatively high initial investment compared to traditional thermostats. Major vendors like Nest Labs, Honeywell International, and ecobee Inc. predominantly provide DIY-installed smart thermostats, necessitating the engagement of professional services for installation. This additional cost is a significant deterrent for potential buyers, as traditional thermostats are available for as little as USD50. Consequently, the high upfront cost and installation expenses associated with smart thermostats hinder their widespread acceptance.
  • The Smart Thermostats Market represents a significant growth opportunity for businesses seeking to optimize energy consumption and enhance operational efficiency. These advanced devices leverage artificial intelligence and machine learning algorithms to automatically adjust temperature settings based on occupancy patterns and historical data, resulting in substantial energy savings. Additionally, remote access and integration with voice assistants offer added convenience and flexibility for businesses. The market is expected to expand at a robust CAGR due to increasing adoption in both residential and commercial sectors.

Access the full report to know who are the other key countries segment-wise forecast and historic data

 

Some of the Key Companies:

  • Alphabet Inc.
  • Carrier Global Corp.
  • Centrica Plc
  • Computime Group Ltd.
  • Control4 Corp.
  • ecobee
  • EcoFactor Inc.
  • Emerson Electric Co.
  • GridPoint Inc.
  • Honeywell International Inc.
  • Johnson Controls International Plc.
  • Legrand SA
  • NETATMO SAS
  • Nortek
  • Radio Thermostat Co. of America
  • Robert Bosch GmbH
  • Robertshaw Controls Co.
  • Schneider Electric SE
  • tado GmbH
  • Venstar Inc.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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