According to FMI, the smart thermostat market could grow from US$ 4.18 billion in 2023 to US$ 35.70 billion by 2033. The market is anticipated to grow tremendously between 2023 and 2033, with an astounding CAGR of 23.9%.
The huge growth can be attributed to the rising customer desire for smart technology and energy-saving solutions, increasing demand for smart thermostats. Smart thermostats gain a lot of momentum by controlling the operation of heating and cooling equipment while substantially reducing energy consumption. They are used more frequently in smart homes as home automation devices, boosting market expansion.
Given the rapid growth of smart infrastructure in the residential and commercial sectors, the smart thermostat market is anticipated to expand during the forecast period. The adoption of IoT and AI-based technologies is anticipated to surge, transforming programmable thermostats into smart ones and driving the global market for smart thermostats.
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Other factors propelling the global smart thermostat market are increasing industrialization and population expansion. Moreover, appliance temperature control improvements and automated systems offer the world’s smart thermostat industry’s prosperous potential.
The increasing importance of energy management solutions and rising smartphone usage favorably impact the market. Existing closed application programming interfaces (API) offered by numerous manufacturers are the gatekeepers for granting access to these devices. Many suppliers have switched to open API, which makes linking more thermostats to utility systems and already existing home energy management platforms possible.
Smart thermostat use has grown not only in residential settings but also in commercial and industrial settings thanks to the energy savings and enhanced return on investment they offer. Several enterprises and sectors use this technology as a low-cost method of managing their HVAC systems. Some barriers to adopting smart thermostats include worries about data security and expensive equipment cost.
With the leading revenue share in the smart thermostat market in 2022, the North American region is expected to maintain its lead over the forecast period. This is brought on by the region’s abundance of major suppliers and the growing awareness of energy use. Industries, residential customers, and businesses are choosing smart energy solutions due to the growing average electricity unit rate. The market in the area is anticipated to expand due to rising technical development and internet usage.
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KEY TAKEAWAYS
- The smart thermostat market in the United States is growing rapidly, driven by increasing awareness about energy conservation, government initiatives promoting energy efficiency, and the rising adoption of smart home technology.
- As Japan continues to prioritize reducing its carbon footprint and promoting renewable energy, consumers are increasingly seeking smart thermostats to control and monitor their home energy usage.
- Smart thermostat sales in the United Kingdom are expected to grow significantly in the coming years due to the government’s push for energy-efficient homes and the increasing adoption of smart home technologies among consumers.
- The rise of smart homes and the integration of IoT technology in households has also increased the demand for smart thermostats in China.
- The smart thermostat market in Germany is characterized by a high degree of competition, with both established and new players introducing innovative features and services to differentiate themselves in the market.
COMPETITIVE LANDSCAPE
The key players in the global smart thermostat market are Carrier Corporation, ecobee inc., tado° GmbH, Schneider Electric, Nest Labs, Inc., Emerson Electric Co., Honeywell International Inc., and others. These manufacturers focus on developing advanced features such as voice control, learning capabilities, and remote access through mobile apps. They also connect their devices with smart home ecosystems such as Amazon Alexa and Google Assistant. In addition, manufacturers are adopting sustainable practices to reduce energy consumption and carbon footprint.
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RECENT DEVELOPMENTS
- The new Black Edition Smart Thermostat and Dark Mode with the Tado app were introduced in September 2022 by tado° GmbH. After collaborating with the Tado community, the Smart Thermostat Black Edition offers its users a distinctive way to finish their interior designs and highlight personal preferences.
- ecobee inc. introduced its newest line of smart thermostats, the Smart Thermostat Premium and Smart Thermostat Enhanced, in May 2022. Radar, ecobee inc’s more sophisticated sensor technology, is included in the new thermostats. The new technology offers enhanced motion detection, occupancy, and temperature measurements.
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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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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