Smart Thermostat Market Analysis: Major Players, Lucrative Segments And Top Geographies

31 Oct, 2023

The global smart thermostat market is expected to grow from $2.44 billion in 2022 to $2.96 billion in 2023 at a compound annual growth rate (CAGR) of 21.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global smart thermostat is expected to reach $6.14 billion in 2027 at a CAGR of 20%.

Global Smart Thermostat Market Key Driver

The surging adoption of smart homes is projected to fuel the growth of the smart thermostat market in the foreseeable future. Smart home adoption denotes the increasing embrace and integration of smart home technologies and devices by homeowners, signifying their willingness to leverage the benefits and conveniences offered by a connected and automated living environment. Within the realm of smart homes, the smart thermostat ranks among the most commonly used devices, empowering homeowners to remotely oversee and regulate their heating, ventilation, and air conditioning (HVAC) systems.

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Global Smart Thermostat Market Segments

The global smart thermostat market is segmented:
1) By Product: Connected Smart thermostat, Learning Smart Thermostat, Standalone Smart Thermostat
2) By Technology: Wi-Fi, Bluetooth, Zigbee, Other Technologies
3) By Application: Air Conditioning, Heating, Ventilation
4) By End-User: Residential, Commercial, Industrial, Other End-Users
5) By Geography: The regions covered in the smart thermostat market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, North America accounts for the largest share in the global smart thermostat market.

Major Smart Thermostat Industry Players

  • Alphabet Inc.
  • Bosch Thermotechnology
  • Siemens AG
  • Honeywell International Inc.
  • Schneider Electric SE
  • Johnson Controls International plc
  • Emerson Electric Co.
  • Trane Technologies plc
  • Legrand Group
  • Ingersoll Rand plc
  • Resideo Technologies Inc.
  • Lennox International Inc.
  • Nortek Inc.
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    Smart Thermostat Market Overview

    A smart thermostat is a device used to control the temperature and climate settings of a building or individual rooms in an intelligent and automated manner. A smart thermostat can automatically adjust the temperature based on preset schedules and occupancy detection.

    Smart Thermostat Global Market Report 2023 provides data on the global smart thermostat market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The smart thermostat market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.