The global smart thermostat market size was USD 2.99 Billion in 2022 and is expected to register a revenue CAGR of 20.8% during the forecast period, according to the latest analysis by Emergen Research. Rapid adoption of Internet of Things (IoT)-enabled Heating, Ventilation, and Air Conditioning (HVAC) systems and rising demand for voice-assisted home automation systems are major factors driving revenue growth of the market. Smart home devices such as Amazon Alexa and Google Home enable users to use voice commands to make inquiries and play music. Smart thermostats that are integrated and connected provide the feasibility of learning household patterns and adjusting heating and cooling according to when a home is occupied or is about to be occupied. This reduces the use of heating and cooling systems thereby significantly reducing energy bills.
The current COVID-19 pandemic is expected to have an effect on the growth of the Smart Thermostats industry majorly attributable to the movement restrictions and impact on the supply and demand due to the lockdowns. The COVID-19 pandemic has affected several sectors of the global market, and the Smart Thermostats sector is expected to feel the impact of the pandemic. The economic slowdown and dynamic changes in the demands will further affect the growth of the industry. The report covers the impact analysis of the COVID-19 pandemic on the overall Smart Thermostats industry.
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Key companies profiled in the report include:
Trane Technologies, Siemens, Legrand, Johnson Controls, Resideo Technologies Inc., Nortek, Bosch Thermotechnik GmbH, Zen Within Inc., Vine Connected Corporation, Mrcool
Key Questions Answered by the Report:
Which region is expected to dominate the market in the coming years?
What are the recent technological and product advancements occurring in the market?
What are the key strategies adopted by the prominent players in the Smart Thermostats market?
What are the key product types and applications of the Smart Thermostats industry?
What is the outcome of SWOT analysis and Porter’s Five Forces analysis?
How is the competitive landscape of the Smart Thermostats market?
Who are the key players in the industry?
What is the growth rate of the industry over the coming years?
What will be the valuation of the Smart Thermostats Market by 2027?
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Market Segmentation
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
Regional Analysis:
Regional analysis includes an in-depth study of the key geographical regions to gain a better understanding of the market and provide an accurate analysis. The regional analysis covers North America, Latin America, Europe, Asia Pacific, and Middle East Africa. The regional analysis covers the analysis of key market segments, including revenue, CAGR, import/export, supply and demand ratio, production and consumption ratio, industrial chain analysis, and market dynamics in each region of the geographies.
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ToC of the report:
Chapter 1: Market overview and scope
Chapter 2: Market outlook
Chapter 3: Impact analysis of COVID-19 pandemic
Chapter 4: Competitive Landscape
Chapter 5: Drivers, Constraints, Opportunities, Limitations
Chapter 6: Key manufacturers of the industry
Chapter 7: Regional analysis
Chapter 8: Market segmentation based on type applications
Chapter 9: Current and Future Trends
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