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PUBLISHER: Grand View Research | PRODUCT CODE: 1530356
PUBLISHER: Grand View Research | PRODUCT CODE: 1530356
Smart Thermostat Market Size, Share & Trends Analysis Report By Technology (Wi-Fi, Zigbee), By Product (Connected, Standalone), By End-use, By Region, And Segment Forecasts, 2024 - 2030
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Smart Thermostat Market Growth & Trends:
The global smart thermostat market size is expected to reach USD 13.34 billion by 2030 and is anticipated to grow at a CAGR of 17.8% from 2024 to 2030, according to a new study by Grand View Research, Inc. The growing awareness of the need to reduce carbon footprints and save energy is driving the adoption of smart thermostats.
Smart thermostats are rapidly gaining popularity owing to their ability to efficiently regulate the operation of heating and cooling devices while significantly conserving energy. These innovative devices offer advanced features that enable users to remotely control and monitor their home's temperature settings through smartphones or other connected devices. These advanced heating and cooling systems offer numerous benefits that make them an attractive option for homeowners. Smart thermostats learn the homeowner's schedule and preferences, allowing them to automatically adjust temperature settings to maximize energy efficiency. Smart homes leverage IoT technologies to enhance convenience, energy efficiency, and automation, driving the demand for smart thermostats as part of integrated home systems.
The integration of DAS with 5G technology represents a significant advancement in wireless communication infrastructure, further expediting market growth. 5G technology promises ultra-fast internet speeds, low latency, and high reliability, making it ideal for applications such as autonomous vehicles, smart cities, IoT devices, and augmented reality. By combining DAS with 5G technology, operators can deliver enhanced network performance and improved user experience.
Smart Wi-Fi-enabled thermostats have gained popularity among consumers owing to their ability to provide convenience, energy savings, and increased control over home heating and cooling systems. These devices are equipped with advanced features such as remote access via smartphone apps, learning algorithms that adjust temperature settings based on user behavior, and compatibility with smart home ecosystems. In addition, consumers are increasingly seeking ways to reduce their carbon footprint owing to the growing concerns about climate change and environmental sustainability. Smart thermostats with demand response control offer an eco-friendly solution by promoting energy conservation and reducing greenhouse gas emissions, which is further accelerating the market growth.
Smart Thermostat Market Report Highlights:
- Based on technology, the Wi-Fi segment dominated the market in 2023 owing to its widespread availability and compatibility with existing home networks. Wi-Fi-enabled thermostats offer users the convenience of controlling their heating and cooling systems remotely through smartphone apps or web interfaces.
- Based on product, the connected segment dominated the market in 2023. The ongoing advancements in technology have made connected thermostats more user-friendly and advanced. These devices often come equipped with sensors, learning algorithms, and integration capabilities with other smart home devices, enhancing their overall functionality and appeal to consumers.
- Based on end use, the residential segment dominated the market in 2023. The increasing urbanization and population growth have led to a rising demand for residential properties, driving the need for various products and services associated with residential construction and maintenance. This trend is further fueled by changing lifestyles, preferences and an increasing focus on home comfort and convenience among consumers.
- Based on the region, North America dominated the market in 2023. Government initiatives and incentives aimed at promoting energy efficiency have played a crucial role in driving the adoption of smart thermostats in North America.
- For instance, in February 2024, Carrier Corporation launched a new smart thermostat. This thermostat is designed to enhance comfort and energy efficiency for residential and light commercial applications. It offers features such as remote access, geofencing capabilities, and intelligent scheduling to optimize energy usage while ensuring personalized comfort levels for users.
Product Code: 978-1-68038-513-7
Table of Contents
Chapter 1 Methodology and Scope
- 1.1 Market Segmentation & Scope
- 1.2 Market Definitions
- 1.3 Information Procurement
- 1.3.1 Information Analysis
- 1.3.2 Market Formulation & Data Visualization
- 1.3.3 Data Validation & Publishing
- 1.4 Research Scope and Assumptions
- 1.4.1 List OF Data Sources
Chapter 2 Executive Summary
- 2.1 Market Snapshot
- 2.2 Segment Snapshot (1/2)
- 2.3 Segment Snapshot (2/2)
- 2.4 Competitive Landscape Snapshot
Chapter 3 Smart Thermostat Market: Industry Outlook
- 3.1 Market Outlook
- 3.2 Industry Value Chain Analysis
- 3.3 Market Dynamics
- 3.3.1 Market Driver Analysis
- 3.3.2 Market Restraint Analysis
- 3.3.3 Market Opportunities Analysis
- 3.3.4 Market Challenges Analysis
- 3.4 Industry Analysis Tools
- 3.4.1 Porter's Analysis
- 3.4.2 Macroeconomic Analysis
- 3.5 Smart Thermostat Market Technology Trends
Chapter 4 Smart Thermostat Market: Technology Estimates & Trend Analysis
- 4.1 Technology Movement Analysis & Market Share, 2023 & 2030
- 4.2 Smart Thermostat Market Estimates & Forecast, by Technology (USD Million)
- 4.2.1 Wi-Fi
- 4.2.2 Zigbee
- 4.2.3 Others
Chapter 5 Smart Thermostat Market: Product Estimates & Trend Analysis
- 5.1 Product Movement Analysis & Market Share, 2023 & 2030
- 5.2 Smart Thermostat Market Estimates & Forecast, By Product (USD Million)
- 5.2.1 Connected
- 5.2.2 Standalone
- 5.2.3 Learning
Chapter 6 Smart Thermostat Market: End Use Estimates & Trend Analysis
- 6.1 End Use Movement Analysis & Market Share, 2023 & 2030
- 6.2 Smart Thermostat Market Estimates & Forecast, By End Use (USD Million)
- 6.2.1 Commercial
- 6.2.2 Residential
- 6.2.3 Industrial
Chapter 7 Regional Estimates & Trend Analysis
- 7.1 Smart Thermostat Market: Regional Outlook
- 7.2 North America
- 7.2.1 North America Smart Thermostat Market Estimates & Forecasts, 2018 - 2030 (Revenue, USD Million)
- 7.2.2 U.S.
- 7.2.3 Canada
- 7.2.4 Mexico
- 7.3 Europe
- 7.3.1 Europe Smart Thermostat Market Estimates & Forecasts, 2018 - 2030 (Revenue, USD Million)
- 7.3.2 Germany
- 7.3.3 UK
- 7.3.4 France
- 7.4 Asia Pacific
- 7.4.1 Asia Pacific Smart Thermostat Market Estimates & Forecasts, 2018 - 2030 (Revenue, USD Million)
- 7.4.2 China
- 7.4.3 Japan
- 7.4.5 India
- 7.5 Latin America
- 7.5.1 Latin America Smart Thermostat Market Estimates & Forecasts, 2018 - 2030 (Revenue, USD Million)
- 7.5.2 Brazil
- 7.6 Middle East and Africa
- 7.6.1 Middle East And Africa Smart Thermostat Market Estimates & Forecasts, 2018 - 2030 (Revenue, USD Million)
- 7.6.2 UAE
- 7.6.3 Saudi Arabia
- 7.6.4 South Africa
Chapter 8 Smart Thermostat Market - Competitive Landscape
- 8.1 Recent Developments & Impact Analysis, By Key Market Participants
- 8.2 Company Categorization
- 8.3 Participant's Overview
- 8.4 Financial Performance
- 8.5 Product Benchmarking
- 8.6 Company Market Positioning
- 8.7 Company Heat Map Analysis
- 8.8 Strategy Mapping
- 8.8.1 New Product Launches
- 8.8.2 Expansion
- 8.8.3 Mergers & Acquisitions
- 8.8.4 Collaborations
- 8.9 Company Profiles
- 8.9.1 Centrica Hive Limited
- 8.9.1.1 Participant's Overview
- 8.9.1.2 Financial Performance
- 8.9.1.3 Product Benchmarking
- 8.9.1.4 Recent Developments
- 8.9.2 Control4.
- 8.9.2.1 Participant's Overview
- 8.9.2.2 Financial Performance
- 8.9.2.3 Product Benchmarking
- 8.9.2.4 Recent Developments
- 8.9.3 ecobee
- 8.9.3.1 Participant's Overview
- 8.9.3.2 Financial Performance
- 8.9.3.3 Product Benchmarking
- 8.9.3.4 Recent Developments
- 8.9.4 Emerson Electric Corporation
- 8.9.4.1 Participant's Overview
- 8.9.4.2 Financial Performance
- 8.9.4.3 Product Benchmarking
- 8.9.4.4 Recent Developments
- 8.9.5 Google Nest
- 8.9.5.1 Participant's Overview
- 8.9.5.2 Financial Performance
- 8.9.5.3 Product Benchmarking
- 8.9.5.4 Recent Developments
- 8.9.6. Honeywell Home
- 8.9.6.1 Participant's Overview
- 8.9.6.2 Financial Performance
- 8.9.6.3 Product Benchmarking
- 8.9.6.4 Recent Developments
- 8.9.7 Johnson Controls
- 8.9.7.1 Participant's Overview
- 8.9.7.2 Financial Performance
- 8.9.7.3 Product Benchmarking
- 8.9.7.4 Recent Developments
- 8.9.8 Lux Products Corporation
- 8.9.8.1 Participant's Overview
- 8.9.8.2 Financial Performance
- 8.9.8.3 Product Benchmarking
- 8.9.8.4 Recent Developments
- 8.9.9 Netatmo SA
- 8.9.7.1 Participant's Overview
- 8.9.7.2 Financial Performance
- 8.9.7.3 Product Benchmarking
- 8.9.7.4 Recent Developments
- 8.9.10 Resideo Technologies, Inc
- 8.9.8.1 Participant's Overview
- 8.9.8.2 Financial Performance
- 8.9.8.3 Product Benchmarking
- 8.9.8.4 Recent Developments
- 8.9.11 Siemens
- 8.9.11.1 Participant's Overview
- 8.9.11.2 Financial Performance
- 8.9.11.3 Product Benchmarking
- 8.9.11.4 Recent Developments
- 8.9.12. Tado GmbH
- 8.9.12.1 Participant's Overview
- 8.9.12.2 Financial Performance
- 8.9.12.3 Product Benchmarking
- 8.9.12.4 Recent Developments
- 8.9.13 Vine Connected Corporation
- 8.9.13.1 Participant's Overview
- 8.9.13.2 Financial Performance
- 8.9.13.3 Product Benchmarking
- 8.9.13.4 Recent Developments
- 8.9.14 Lennox International
- 8.9.14.1 Participant's Overview
- 8.9.14.2 Financial Performance
- 8.9.14.3 Product Benchmarking
- 8.9.14.4 Recent Developments
- 8.9.15 Trane Technologies
- 8.9.15.1 Participant's Overview
- 8.9.15.2 Financial Performance
- 8.9.15.3 Product Benchmarking
- 8.9.15.4 Recent Developments
- 8.9.1 Centrica Hive Limited
Product Code: 978-1-68038-513-7
List of Tables
- Table 1 Smart Thermostat Market - Key Market Driver Impact
- Table 2 Smart Thermostat Market - Key Market Restraint Impact
- Table 3 Smart Thermostat Market - Key Market Opportunities Impact
- Table 4 Smart Thermostat Market - Key Market Challenges Impact
- Table 5 Smart Thermostat Market Revenue Estimates and Forecast, by Technology, 2018 - 2030 (USD Million)
- Table 6 Smart Thermostat Market Revenue Estimates and Forecast, By Product, 2018 - 2030 (USD Million)
- Table 7 Smart Thermostat Market Revenue Estimates and Forecast, By End Use, 2018 - 2030 (USD Million)
- Table 8 Recent Developments & Impact Analysis, By Key Market Participants
- Table 9 Company Heat Map Analysis
- Table 10 Key companies launching new products
- Table 11 Key companies pursuing expansions
- Table 12 Key companies pursuing mergers & acquisitions
- Table 13 Key companies collaborations
List of Figures
- Fig. 1 Smart thermostat-Industry snapshot and key buying criteria, 2018 - 2030
- Fig. 2 Global smart thermostat market, 2018 - 2030 (USD Million)
- Fig. 3 Global smart thermostat market by region, 2018 - 2030 (USD Million)
- Fig. 4 Global smart thermostat market by technology, 2018 - 2030 (USD Million)
- Fig. 5 Global smart thermostat market by product, 2018 - 2030 (USD Million)
- Fig. 6 Global smart thermostat market by end use, 2018 - 2030 (USD Million)
- Fig. 7 Vendor landscape
- Fig. 8 Smart thermostat- Key market driver impact
- Fig. 9 Smart thermostat- Key market challenge impact
- Fig. 10 Key acquisitions
- Fig. 11 Global Wi-Fi smart thermostat demand, 2018 - 2030
- Fig. 12 Wi-Fi smart thermostat demand by region, 2018 - 2030 (USD Million)
- Fig. 13 Global ZigBee smart thermostat demand, 2018 - 2030
- Fig. 14 ZigBee smart thermostat demand by region, 2018 - 2030 (USD Million)
- Fig. 15 Global other smart thermostat demand, 2018 - 2030
- Fig. 16 Other smart thermostat demand by region, 2018 - 2030 (USD Million)
- Fig. 17 Global connected smart thermostat demand, 2018 - 2030
- Fig. 18 Connected smart thermostat demand by region, 2018 - 2030 (USD Million)
- Fig. 19 Global Standalone smart thermostat demand, 2018 - 2030
- Fig. 20 Standalone smart thermostat demand by region, 2018 - 2030 (USD Million)
- Fig. 21 Global Learning smart thermostat demand, 2018 - 2030
- Fig. 22 Learning smart thermostat demand by region, 2018 - 2030 (USD Million)
- Fig. 23 Residential smart thermostat demand by region, 2018 - 2030 (USD Million)
- Fig. 24 Global Residential smart thermostat demand, 2018 - 2030
- Fig. 25 Commercial smart thermostat demand by region, 2018 - 2030 (USD Million)
- Fig. 26 Global Commercial smart thermostat demand, 2018 - 2030
- Fig. 27 Industrial smart thermostat demand by region, 2018 - 2030 (USD Million)
- Fig. 28 Global Industrial smart thermostat demand, 2018 - 2030
- Fig. 29 North America smart thermostat market by technology, 2018 - 2030 (USD Million)
- Fig. 30 North America smart thermostat market by product, 2018 - 2030 (USD Million)
- Fig. 31 North America smart thermostat market by end use, 2018 - 2030 (USD Million)
- Fig. 32 U.S. smart thermostat market by technology, 2018 - 2030 (USD Million)
- Fig. 33 U.S. smart thermostat market by product, 2018 - 2030 (USD Million)
- Fig. 34 U.S. smart thermostat market by end use, 2018 - 2030 (USD Million)
- Fig. 35 Canada smart thermostat market by technology, 2018 - 2030 (USD Million)
- Fig. 36 Canada smart thermostat market by product, 2018 - 2030 (USD Million)
- Fig. 37 Canada smart thermostat market by end use, 2018 - 2030 (USD Million)
- Fig. 38 Mexico smart thermostat market by technology, 2018 - 2030 (USD Million)
- Fig. 39 Mexico smart thermostat market by product, 2018 - 2030 (USD Million)
- Fig. 40 Mexico smart thermostat market by end use, 2018 - 2030 (USD Million)
- Fig. 41 Europe smart thermostat market by technology, 2018 - 2030 (USD Million)
- Fig. 42 Europe smart thermostat market by product, 2018 - 2030 (USD Million)
- Fig. 43 Europe smart thermostat market by end use, 2018 - 2030 (USD Million)
- Fig. 44 UK smart thermostat market by technology, 2018 - 2030 (USD Million)
- Fig. 45 UK smart thermostat market by product, 2018 - 2030 (USD Million)
- Fig. 46 UK smart thermostat market by end use, 2018 - 2030 (USD Million)
- Fig. 47 Germany smart thermostat market by technology, 2018 - 2030 (USD Million)
- Fig. 48 Germany smart thermostat market by product, 2018 - 2030 (USD Million)
- Fig. 49 Germany smart thermostat market by end use, 2018 - 2030 (USD Million)
- Fig. 50 France smart thermostat market by technology, 2018 - 2030 (USD Million)
- Fig. 51 France smart thermostat market by product, 2018 - 2030 (USD Million)
- Fig. 52 France smart thermostat market by end use, 2018 - 2030 (USD Million)
- Fig. 53 Asia Pacific smart thermostat market by technology, 2018 - 2030 (USD Million)
- Fig. 54 Asia Pacific smart thermostat market by product, 2018 - 2030 (USD Million)
- Fig. 55 Asia Pacific smart thermostat market by end use, 2018 - 2030 (USD Million)
- Fig. 56 China smart thermostat market by technology, 2018 - 2030 (USD Million)
- Fig. 57 China smart thermostat market by product, 2018 - 2030 (USD Million)
- Fig. 58 China smart thermostat market by end use, 2018 - 2030 (USD Million)
- Fig. 59 Japan smart thermostat market by technology, 2018 - 2030 (USD Million)
- Fig. 60 Japan smart thermostat market by product, 2018 - 2030 (USD Million)
- Fig. 61 Japan smart thermostat market by end use, 2018 - 2030 (USD Million)
- Fig. 62 India smart thermostat market by technology, 2018 - 2030 (USD Million)
- Fig. 63 India smart thermostat market by product, 2018 - 2030 (USD Million)
- Fig. 64 India smart thermostat market by end use, 2018 - 2030 (USD Million)
- Fig. 65 Brazil smart thermostat market by technology, 2018 - 2030 (USD Million)
- Fig. 66 Brazil smart thermostat market by product, 2018 - 2030 (USD Million)
- Fig. 67 Brazil smart thermostat market by end use, 2018 - 2030 (USD Million)
- Fig. 68 MEA smart thermostat market by technology, 2018 - 2030 (USD Million)
- Fig. 69 MEA smart thermostat market by product, 2018 - 2030 (USD Million)
- Fig. 70 MEA smart thermostat market by end use, 2018 - 2030 (USD Million)
- Fig. 71 UAE smart thermostat market by technology, 2018 - 2030 (USD Million)
- Fig. 72 UAE smart thermostat market by product, 2018 - 2030 (USD Million)
- Fig. 73 UAE smart thermostat market by end use, 2018 - 2030 (USD Million)
- Fig. 74 Saudi Arabia smart thermostat market by technology, 2018 - 2030 (USD Million)
- Fig. 75 Saudi Arabia smart thermostat market by product, 2018 - 2030 (USD Million)
- Fig. 76 Saudi Arabia smart thermostat market by end use, 2018 - 2030 (USD Million)
- Fig. 77 South Africa smart thermostat market by technology, 2018 - 2030 (USD Million)
- Fig. 78 South Africa smart thermostat market by product, 2018 - 2030 (USD Million)
- Fig. 79 South Africa smart thermostat market by end use, 2018 - 2030 (USD Million)
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