Smart Thermostats Market Size Worth USD 19.87 Billion in 2032 | Emergen Research

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Mar 21, 2023, 14:10 ET

VANCOUVER, BC, March 21, 2023 /PRNewswire/ -- The global smart thermostats market size was valued at USD 2.99 billion in 2022 and is expected to register a revenue CAGR of 20.8% during the forecast period. The growth of the market is primarily driven by the increasing demand for energy-efficient solutions and smart homes across the globe. The rise in global warming and increasing electricity bills have led to an increasing number of homeowners and businesses investing in smart thermostats to regulate their energy consumption and reduce their carbon footprint.

One of the key factors driving the demand for smart thermostats is the increasing adoption of IoT and smart home technologies. The ability to control the temperature of their homes remotely using mobile devices has made smart thermostats a popular choice among consumers. Additionally, the integration of voice assistants such as Amazon Alexa and Google Home has further increased the convenience of using smart thermostats.

Furthermore, the growing demand for energy-efficient solutions has led to the development of smart thermostats that are capable of learning and adapting to users' schedules and preferences. These thermostats can automatically adjust the temperature of the home based on factors such as occupancy and weather conditions, leading to significant energy savings for homeowners.

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The market growth is also driven by the increasing government initiatives to promote energy efficiency. Many countries have implemented regulations to promote the adoption of energy-efficient solutions, including smart thermostats. For instance, the Energy Star program in the United States provides certification to energy-efficient products, including smart thermostats.

Moreover, the increasing popularity of green buildings has also contributed to the growth of the smart thermostats market. Green buildings are designed to reduce energy consumption and promote sustainability. Smart thermostats are a key component of green buildings, as they can help regulate the temperature of the building and reduce energy consumption.

The COVID-19 pandemic has also impacted the smart thermostats market, as many businesses and homeowners have had to work from home. This has led to an increase in demand for smart thermostats, as consumers seek to regulate the temperature of their homes more efficiently and reduce energy consumption.

However, the market growth is hindered by factors such as high initial cost, lack of awareness among consumers, and the need for professional installation. Additionally, the lack of standardization across different platforms and the risk of cyber threats pose a challenge to the growth of the market.

In conclusion, the global smart thermostats market is expected to experience significant growth in the coming years, driven by the increasing demand for energy-efficient solutions and smart home technologies. The development of smart thermostats that are capable of learning and adapting to users' schedules and preferences, coupled with the increasing government initiatives to promote energy efficiency, is expected to further fuel the growth of the market. However, challenges such as high initial cost, lack of awareness among consumers, and the need for professional installation need to be addressed to ensure sustained growth of the market.

Strategic Initiatives:

Major companies included in the market report are Trane Technologies, Siemens, Legrand, Johnson Controls, Resideo Technologies Inc., Nortek, Bosch Thermotechnik GmbH, Zen Within Inc., Vine Connected Corporation, Mrcool.

On 17 November 2021, Honeywell announced the launch of its new smart thermostat, the T9 Pro. The T9 Pro features a range of advanced features, including voice control, geofencing, and remote temperature control, making it easier for users to control the temperature of their homes from anywhere.

On 20 October 2021, Ecobee Inc. announced that it had partnered with Google to integrate the Google Assistant into its smart thermostats. This integration enables users to control their Ecobee smart thermostats using voice commands, making it more convenient for users to control the temperature of their homes.

In 2020, Nest Labs, Inc. launched the third generation of its popular smart thermostat, the Nest Learning Thermostat. The new model features a sleeker design, improved compatibility with more heating and cooling systems, and enhanced energy-saving features.

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New Product Launches

Ecobee Inc.: In 2021, Ecobee launched a new line of smart thermostats called the Ecobee SmartThermostat with Voice Control. These thermostats feature advanced voice control capabilities and improved temperature sensing, making them more accurate and responsive to user preferences.

Tado GmbH: In 2021, Tado launched a new line of smart thermostats called the Tado° Smart Thermostat V3+. These thermostats feature improved energy-saving features and advanced temperature sensing capabilities, making them more efficient and accurate in regulating home temperatures.

Hive: In 2020, Hive launched a new line of smart thermostats called the Hive Active Heating 2. These thermostats feature a sleeker design, improved compatibility with more heating and cooling systems, and enhanced energy-saving features.

Statistics and Government Regulations on Smart Thermostats Market

According to a survey by Parks Associates, 13% of U.S. broadband households owned a smart thermostat in 2017, up from 11% in 2016.
The same survey also found that 32% of U.S. broadband households planned to purchase a smart thermostat in the next 12 months.
A study by the Lawrence Berkeley National Laboratory found that smart thermostats can save homeowners an average of 10-15% on heating and cooling costs.
The U.S. Environmental Protection Agency's (EPA) Energy Star program sets energy efficiency standards for smart thermostats, and products that meet these standards are eligible for the Energy Star label.
The California Energy Commission has established regulations that require smart thermostats sold in the state to meet minimum energy efficiency standards. The regulations also require manufacturers to provide information on product labels, such as energy efficiency ratings and estimated annual energy costs.
The European Union's (EU) Ecodesign Directive has set energy efficiency standards for smart thermostats sold in the EU. The directive also requires manufacturers to provide information on product labels, such as energy efficiency ratings and estimated annual energy costs.
The U.S. Department of Energy's (DOE) Appliance and Equipment Standards Program has established minimum energy efficiency standards for smart thermostats. The program also provides incentives and rebates to encourage consumers to purchase more energy-efficient models.
The U.S. Federal Trade Commission's (FTC) Energy Guide label provides consumers with information on the estimated annual energy costs of smart thermostats. The label also provides information on the product's features and energy efficiency ratings.

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Some Key Highlights From the Report

Wireless network accounted for largest revenue share in the global smart thermostat market in 2022 due to their wide-spread acceptance and popularity. Smart thermostats are connected to Wi-Fi networks and can be controlled through the internet using a smartphone or laptop, allowing users to monitor and control the temperature of their home remotely.
Connected smart thermostat segment accounted for largest revenue share in the global smart thermostat market in 2022 due to their ability to be connected to a wide range of devices such as sensors, cameras and smoke detectors. Smart thermostats equipped with these features can detect different parameters like humidity and temperature automatically and take necessary actions accordingly.
Industrial accounted for largest revenue share in the global smart thermostat market in 2022 due to their widespread use in the industrial sector, including production, storage and transportation of goods. Smart thermostats help businesses reduce energy costs by accurately measuring temperature and adjusting the environment accordingly. They also provide real-time data on energy consumption to businesses for better decision making.
Asia Pacific accounted for a relatively larger revenue share than other regional markets in the global smart thermostat market in 2022 due to the high adoption of smart thermostats by residents and businesses. This is mainly attributed to volatile energy prices in some countries in the region, along with increasing awareness about energy efficiency and cost savings associated with smart thermostats. China, Japan, India and South Korea are some of the largest markets for smart thermostats in this region.

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Segments Covered in Report

For the purpose of this report, Emergen Research has segmented the global smart thermostats market on the basis of connectivity technology, product, end-use, and region:

Connectivity Technology Outlook (Revenue, USD Billion; 2019-2032)

Wireless Network
Wired Network

Product Outlook (Revenue, USD Billion; 2019-2032)

Standalone Smart Thermostat
Connected Smart Thermostat
Learning Smart Thermostat

End-use Outlook (Revenue, USD Billion; 2019-2032)

Industrial
Hospital
Educational Institutes
Others

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