U.S. Smart Thermostat Market Exhibits 17.2% CAGR And Reach 3.86 Billion By 2029

2023-02-15 05:32:30

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Pune,India, Feb. 15, 2023 (GLOBE NEWSWIRE) -- The global u.s. smart thermostat market size was valued at USD 1.09 billion in 2021 and USD 1.27 billion in 2022. The market is expected to reach USD 3.86 billion by 2029 with a CAGR of 17.2% during the forecast period. Increasing adoption of IoT solutions and smart homes is expected to propel the market course in a growing direction. Growth in the building of smart cities and projects is expected to facilitate market development. Fortune Business InsightsTM shares this information in its report titled“U.S. Smart Thermostat Market Forecast 2023-2029.”

Key Industry Development

Emerson Electric Co. collaborated with Itron, Inc. with the aim to offer smart thermostats as part of Itron's Bring Your Own Device (BYOD) for direct install demand response programs. Itron, Inc. is a provider of energy and water resource management products and services.

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Report Scope & Segmentation

Report Coverage	Details
Forecast Period	2022 to 2029
Forecast Period 2022 to 2029 CAGR	17.2%
2029 Value Projection	USD 3.86 Billion
Base Year	2021
U.S. Smart Thermostat Market Size in 2021	USD 1.09 Billion
Historical Data for	2018 to 2020
No. of Pages	150
Segments covered	Product, Technology, Application
U.S. Smart Thermostat Market Growth Drivers	Increasing Adoption of Internet of Things (IoT) Solutions and Smart Homes to Accelerate Market Growth
High Manufacturing Costs and Installation Complexities of the Product to Hinder Market Growth

Key Takeaways

U.S. Smart Thermostat Market is expected to flourish & reach USD 3.86 Billion in 2029
Making buildings more energy efficient is not only a cost reduction measure, it is also an important climate change mitigation strategy.
Such an increasing proliferation of IoT devices in North America is likely to push demand for smart homes towards a stronger growth trajectory.
The learning segment is expected to grow rapidly over the forecast period because of its intuitive and smart features with excellent features customer experience.
U.S. Smart Thermostat Market Size in North America was USD 1.09 Billion 2021

Drivers & Restraints:

The U.S. smart thermostat market is poised for growth, driven by the increasing adoption of IoT solutions and smart homes. Smart thermostats are being increasingly used in homes to regulate temperature and humidity while ensuring the quality of the air.
These thermostats utilize wireless communication, internet connectivity, mobile devices, and cloud computing to control HVAC system operation, save energy, and reduce costs.
The growing number of smart buildings and smart projects is expected to further drive market growth in the coming years.
However, the market growth may be impeded by the high manufacturing costs and installation complexities of these products. Despite these challenges, the increasing adoption of smart thermostats is expected to create new opportunities for market growth. Overall, the future of the U.S.
smart thermostat market looks promising, driven by the need for energy efficiency and sustainable living.

Regional Insights:

The U.S. smart thermostat market is set for significant growth, driven by the increasing adoption of energy-saving devices across residential, commercial, and industrial applications. The U.S. government's initiatives to promote the use of energy-efficient products to counter future energy crises are further propelling market growth. As a result, the U.S. smart thermostat market reached a valuation of USD 1.09 billion in 2021.

The government's initiatives include the promotion of energy star products, energy star certified new homes, a national action plan for energy efficiency, commercial building design, and other related initiatives. These measures are expected to contribute to the growth of the smart thermostat market in the coming years.

In June 2021, a Texas-based energy provider remotely raised the pre-set temperature on customers' thermostats to reduce the strain on the grid and save energy during peak events. The move was in line with the energy-saving program, which highlights the growing need for energy-efficient products and solutions.

Despite the positive market trends, the high manufacturing costs and installation complexities of smart thermostats may impede market growth. Nevertheless, the increasing demand for energy-saving solutions is expected to create new growth opportunities for the U.S. smart thermostat market.

List of Key Players Mentioned in the Report:

Emerson Electric Co. (U.S.)
Lennox International Inc. (U.S)
Venstar Inc. (U.S.)
Bosch Thermotechnology Corp (Germany)
Carrier Corporation (U.S.)
Honeywell International Inc. (U.S.)
Johnson Controls (Ireland)
Alarm.com Holdings, Inc. (U.S.)
Schneider Electric (France)
Daikin Industries, Ltd (Japan)
Vivint Smart Home, Inc. (U.S)
Alphabet Inc. (Google LLC) (U.S)

Ecobee (Canada)

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Major Table of Contents:

Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
  - Short-term Impact
  - Long-term Impact
Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- United States Smart Thermostat Key Players Market Share Insights and Analysis, 2021
United States Smart Thermostat Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Product (USD)
  - Connected
  - Standalone
  - Learning
- By Technology (USD)
  - Wired
  - Wireless
- By Application (USD)
  - Residential
  - Commercial
  - Industrial
Company Profiles for Top 10 Players (Based on data availability in public domain and/or on paid databases)
- Emerson Electric Co.
  - Overview
  - Offerings/Business Segments
  - Employee Size
  - Key Financials
  - Recent Developments
- Lennox International Inc.
  - Overview
  - Offerings/Business Segments
  - Employee Size
  - Key Financials
  - Recent Developments
- Honeywell International Inc.
  - Overview
  - Offerings/Business Segments
  - Employee Size
  - Key Financials
  - Recent Developments
- Carrier Corporation
  - Overview
  - Offerings/Business Segments
  - Employee Size
  - Key Financials
  - Recent Developments
- Alphabet Inc. (Google LLC)
  - Overview
  - Offerings/Business Segments
  - Employee Size
  - Key Financials
  - Recent Developments
- Bosch Thermotechnology Corp
  - Overview
  - Offerings/Business Segments
  - Employee Size
  - Key Financials
  - Recent Developments
- Johnson Controls
  - Overview
  - Offerings/Business Segments
  - Employee Size
  - Key Financials
  - Recent Developments
- Daikin Industries Ltd.
  - Overview
  - Offerings/Business Segments
  - Employee Size
  - Key Financials
  - Recent Developments
- Schneider Electric
  - Overview
  - Offerings/Business Segments
  - Employee Size
  - Key Financials
  - Recent Developments
- Vivint Smart Home, Inc.
  - Overview
  - Offerings/Business Segments
  - Employee Size
  - Key Financials
  - Recent Developments
- Alarm.com Holdings, Inc.
  - Overview
  - Offerings/Business Segments
  - Employee Size
  - Key Financials
  - Recent Developments
- Ecobee
  - Overview
  - Offerings/Business Segments
  - Employee Size
  - Key Financials
  - Recent Developments
- Venstar Inc.
  - Overview
  - Offerings/Business Segments
  - Employee Size
  - Key Financials
  - Recent Developments

TOC Continued...!

Related Report:

thermostat market Share, Industry Report, 2023-2029

automotive thermostat market Revenue Growth Forecast to 2030

FAQ:

How big is the U.S. Smart Thermostat Market?

The market is projected to grow from USD 1.27 billion in 2022 to USD 3.86 billion by 2029, exhibiting a CAGR of 17.2% during the forecast period.

How big is U.S. Smart Thermostat Market in North America?

The market in North America stood at USD 1.09 Billion in 2021 and is expected to gain a huge portion of the market share in the coming years.

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