Smart Thermostats Market is expand at a CAGR of 20% between 2023 and 2031. Drastic changes in climatic conditions due to global warming has made thermostat a necessity for homes across the world. Thermostat maintains appropriate temperature inside an enclosure to ensure comfort level with respect to the ambient atmospheric temperature. However, conventional thermostats lack features such as remote monitoring and control of HVAC systems, optimum utilization of energy sources, and cost effectiveness.

In order to overcome aforementioned issues, consumers have begun favoring smart thermostats over conventional equivalents. Smart thermostats enable consumers to monitor and control HVAC systems through smartphones, PCs, and tablets. Smart thermostats have the ability to understand and learn HVAC usage patterns and set preferences accordingly in order to save energy. Therefore, smart thermostats ensure optimum energy utilization and substantial reduction in utility bills and overhead expenses.

Integration of wireless technologies including IoT, Wi-Fi, and Bluetooth in smart thermostats have enabled end-users to control, monitor and operate HVAC systems conveniently using connecting devices. Profound penetration of wireless technologies has significantly boosted demand for smart thermostats. A leading smart thermostat company Nest Labs claims that a smart thermostat can allow upto 10-12% saving on heating and more than 15% on air conditioning. This results in an average savings of around US$ 130 to US$ 145 per year for an individual home. The appealing statistics and merits offered by smart thermostats have encouraged people across the globe to incorporate smart thermostats in their HVAC systems. In 2015, approximately 5 Mn smart thermostat were sold worldwide and the number is expected to grow multifold in the coming years. Thus, the overall market for the smart thermostat is expected to grow leaps and bounds throughout the forecast period.

The global smart thermostats market is highly fragmented characterized by several international players. Intense competition in this highly fragmented market is keeping leading players on their toes with respect to the technology development, product quality, and service to their customers. Focus on innovation remains the premiere strategy of all smart thermostat manufacturers. In addition, providing customized solutions according to the need of consumers is another important strategy adopted by smart thermostat manufacturers to maintain their dominance in the market.

Key players identified in the global smart thermostats market include but are not limited to:

Centrica Hive Limited, Control4, Ecobee, Emerson, Google Nest, Honeywell Home, Johnson Controls, Lux Products Corporation, Netatmo SA, Resideo Technologies, Inc., Siemens, Tado GmbH, Vine Connected Corporation and Others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Smart Thermostats market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Smart Thermostats market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Smart Thermostats market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Smart Thermostats market?
• Which is the largest regional market for Smart Thermostats market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Smart Thermostats market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Smart Thermostats market worldwide?