Smart Thermostat Market Size, Share Growth Report 2031

(MENAFN- Straits Research) Introduction

A smart thermostat, also known as a communicative or connected thermostat, is an electronic device that enables the formation of preset and automatic temperature settings based on the weather, heating and cooling needs, and daily schedules. A smart thermostat can recognize environmental patterns and reduce the energy used by heating and cooling systems. For instance, a smart thermostat in-home monitors the residents' behavior and adjusts the heating and cooling system accordingly. Consequently, fewer heating and cooling systems are utilized while the home is uninhabited for an extended period.

Smart thermostats can also be controlled by any internet-enabled device, such as a smartphone, tablet, smart speaker, or another electronic device. Some smart thermostats have diagnostic features that detect ducting or HVAC system concerns. Rapid IoT and AI technology adoption, growing usage of smart technology in medical monitoring, and adoption of smart infrastructure for residential and commercial infrastructure all influence market growth.

Market Dynamics Deployment of Smart Infrastructure in Residential and Commercial Sectors Drive the Smart Thermostat Market

With an emphasis on smart cities, where linked technologies and Internet of Things (IoT) solutions are used to improve critical infrastructure, public safety, city lighting, energy efficiency, traffic flow, and traffic congestion, society is continuing to become more urbanized. The objective is to improve urban living, working, and recreational environments while reducing cities' carbon footprints. To live up to its name, a smart city must employ technology to promote long-term growth. Technology must increase resource efficiency while promoting responsible decision-making by the public and government.

Market analysts predict that the US smart thermostat market share will rise from 16.1% in 2020 to 17.5% in 2028. This element covers buildings and companies owned by the city, institutions of higher learning, medical facilities, charities, and private citizens. Sensor technologies, behavioral economics, and gamification will probably be needed to address this element, change the physical infrastructure, and promote wise resource allocation. These cities might begin implementing technologies that use algorithms and sensors and gradually increase heating and cooling efficiency to become more energy-efficient. As a result, it might directly influence the market expansion.

Self-Learning Devices Create Lucrative Opportunities for Smart Thermostat Market

End customers require automatic functioning since it saves time and is more convenient. As a result, self-learning energy-saving technology is gaining appeal to cut energy consumption. Smart thermostats' self-learning mode and remote control capabilities make them ideal for residential and commercial settings. Due to the expanding use of these self-learning devices in home applications, market participants may have the chance to expand their residential market share. Using self-learning gadgets, the elderly can handle HVAC equipment without dealing with complex programming.

Regional Insights

North America is estimated to dominate the global smart thermostat market due to the rising demand for solutions to manage energy usage and the extensive distribution network of the region's major suppliers. The increasing average unit rate of power is one of the primary drivers driving market expansion, as it encourages consumers, organizations, and industries to use smart energy solutions.

Asia-Pacific is the fastest-growing region. As smartphones and other electronic products gain popularity in the residential, commercial, and industrial markets, the market for smart thermostats in this region is expected to expand. As a result of technological advancements, refrigerators, heating, cooling systems, and washing machines are becoming more sophisticated. Consequently, they can connect to the internet. These elements are anticipated to stimulate market growth.

Europe is the second-largest region, driven by supportive regional government policies. For example, the UK's Department of Energy & Climate Change launched the Energy Company Obligation (ECO) in January 2013 to reduce Britain's energy use and encourage financial improvements to homes' energy efficiency.

Key Highlights

• The global smart thermostat market was worth USD 4.2 billion in 2021. It is projected to reach USD 40 billion by 2030, growing at a CAGR of 28.2% during the forecast period (2022–2030).
  
• By technology, the global smart thermostat market is segmented into Wi-Fi, Bluetooth, Zigbee, and Others. The Wi-Fi segment is the highest contributor to the market and is estimated to grow at a significant CAGR over the forecast period.
• By application, the global smart thermostat market is segmented into Air Conditioning, Heating, and Ventilation. The Heating segment is the highest contributor to the market and is estimated to grow at a CAGR of 26.7% over the forecast period.
• By end-user, the global smart thermostat market is segmented into residential, Commercial, Industrial, and Others. The Residential segment is the highest contributor to the market and is estimated to grow at a CAGR of 26.9% over the forecast period.

Competitive Players

Emerson Electric Co

Ecobee Inc

Honeywell International Inc

Johnson Controls

Nest Labs Inc

Control4 Corporation

Schnieder Electric SE

Tado GmbH

Nortek Inc

Ingersoll Rand plc

Recent Developments

Recent Developments

• June 2022
  -
  Global industrial software and technology leader Emerson announced a multi-year strategic framework agreement with BayoTech , an innovator in hydrogen solutions, to accelerate hydrogen delivery worldwide. Emerson will deliver advanced automation technologies, software, and products to enable BayoTech to build hundreds of hydrogen units to produce cleaner, lower-cost hydrogen.
• June 2022
  - Emerson was selected by Albioma (PAR: ABIO), a French independent energy provider, to help transition its coal-fired Bois Rouge plant to 100% renewable energy. As part of Albioma's more comprehensive mission to transition all of its existing fossil fuel plants to renewable energy, Emerson's automation systems and software will enable the coal-fired power station to convert to biomass feedstock.

Segmentation

By Technology

Wi-Fi

Bluetooth

Zigbee

Others

By Application

Air Conditioning

Heating

Ventilation

By End-User

Residential

Commercial

Industrial

Others

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