Authored By: Sarah
11 Jul 2024

 Smart Thermostats Market Size to grow by USD 5511.8 million between 2024-2028

According to a research report “ Smart Thermostats Market” by Technology (Wi-fi, ZigBee, Others) Geography (North America, Europe, APAC, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 5511.8 million, at a CAGR of  24.07% during the forecast period. The global market for smart thermostats is experiencing significant growth due to the increasing adoption of HVAC systems in both residential and commercial sectors. With the construction industry witnessing a surge in new projects in Europe and the US since 2016, the demand for energy-efficient HVAC solutions, including smart thermostats, is expected to increase. These advanced devices enable remote temperature monitoring and control, optimizing energy consumption and enhancing overall system performance. As a result, the expanding construction sector is poised to fuel the demand for smart thermostats during the forecast period.

Browse market data tables, figures, and in-depth TOC on “Smart Thermostats Market” by Technology (Wi-fi, ZigBee, Others) Geography (North America, Europe, APAC, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample

 

By Technology, the Wi-fi segment is projected to dominate the market size in 2024

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By Geography, North America  segment is expected to hold the largest market size for the year 2024

The Smart Thermostats Market represents a significant growth opportunity for businesses seeking to optimize energy consumption and enhance operational efficiency. These advanced devices leverage machine learning algorithms and connectivity to remotely manage heating and cooling systems, reducing energy waste and costs. Market trends indicate continued expansion, driven by increasing consumer adoption and technological advancements. Businesses can capitalize on this trend by implementing smart thermostats to improve sustainability, reduce energy bills, and enhance overall facility management.

North America is forecasted to hold the largest market size by region in 2024

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.

The Smart Thermostats Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • 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.
.

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Research Analysis Overview

Smart thermostats have gained significant traction in both industrial and household sectors due to their energy savings and return on investment. Industrial adoption of smart thermostats enables efficient energy management solutions, reducing electricity consumption and optimizing HVAC systems. In contrast, household adoption allows homeowners to control temperature and power usage via smartphone usage and HTTP-based interfaces. Leading smart thermostat manufacturers like Ecobee offer APIs, such as the Ecobee API, enabling seamless integration with other smart gadgets and IoT devices. These APIs enable advanced features like motion sensors, AI technologies, and cloud control, enhancing energy efficiency and temperature regulation. ScienceSoft, a leading software development company, emphasizes the importance of customer-centric services in the smart thermostats market. With cloud-based control and remote appliance control, smart thermostats offer unparalleled convenience and cost savings. The integration of networking and sensors ensures accurate power usage monitoring and optimal temperature regulation, making smart thermostats a must-have for modern homes and businesses.

Market Research Overview

The Smart Thermostats Market is witnessing significant growth due to increasing energy consumption and the need for energy conservation. The market can be segmented into Commercial, Connected, Standalone, Wi-Fi, and ZigBee technology segments based on application and connectivity. Smart Thermostats use temperature and humidity sensors, IR technology, and Wi-Fi or ZigBee connectivity to optimize energy usage in HVAC systems. Key players in the market include Google Nest, Ecobee, and ScienceSoft, among others. These devices offer monitoring capabilities, user patterns analysis, and user behavior tracking to optimize energy consumption. The cost of devices and data security concerns are some of the challenges in the market. The Commercial segment and Industrial adoption are driving the growth of the Smart Thermostats Market. Residential segment adoption is also increasing due to energy savings, user-centric services, and the ability to control heating, cooling devices, and other appliances remotely. Upgradation from traditional thermostats and infrastructure development are also contributing factors. Energy management solutions, smart gadgets, and IoT are also driving the market growth. Energy efficiency standards, geofencing, and motion sensors are some of the advanced features offered by these devices. The market is expected to continue growing due to the increasing average disposable income, power cost, and the need for energy conservation. Skilled professionals are required for installation and cloud control. The market offers a high return on investment through energy savings and improved infrastructure efficiency.

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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