Vancouver, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Emergen research is one of the pioneers in providing strategic insights for emerging and disruptive technologies which are supposed to show exponential growth in the near future., has released a report that delves deep into the dynamic landscape of the Smart Thermostat Market. As organizations strive to improve energy efficiency and optimize their heating, ventilation, and air conditioning (HVAC) systems, the latest analysis from Emergen Research offers invaluable insights that are set to revolutionize strategies in the smart thermostat market across various industries.
Smart thermostats are advanced devices that utilize data analysis and advanced technologies to provide precise control over temperature settings and optimize energy consumption. These thermostats offer features such as remote access, learning capabilities, and integration with smart home systems, enabling users to manage and monitor their HVAC systems more efficiently.
According to the latest report by Emergen Research, the global Smart Thermostat Market is projected to reach a market value of USD 19.87 Billion by 2032, growing at a remarkable CAGR of 20.8% during the forecast period. The report provides a comprehensive analysis of the market segmentation, including market size, share, and growth rate for each segment.
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Scope of Research
| Report Details | Outcome |
| Market size in 2022 | USD 2.99 Billion |
| CAGR (2023–2032) | 20.8% |
| Revenue forecast to 2032 | USD 19.87 Billion |
| Base year for estimation | 2022 |
| Historical data | 2019–2021 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2023 to 2032. |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends. |
| Segments covered | Connectivity Technology, Specification, Component, Product, Installation Type, Vertical, and region. |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa. |
| Country scope | U.S., Canada, Mexico, Germany, U.K., France, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, Israel, Rest of MEA. |
| Key companies profiled | Carrier Global Corporation, Honeywell International Inc., Johnson Controls International PLC, Resideo Technologies, Inc., Ecobee Inc., Alphabet Inc., Emerson Electric Co, Lennox International Inc., Legrand Group, Siemens AG |
| Customization scope | 10 hours of free customization and expert consultation. |
Major Companies and Competitive Landscape
The global smart thermostat market is consolidated, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective smart thermostats. Some major players included in the global smart thermostat market report are:
- Carrier Global Corporation
- Honeywell International Inc.
- Johnson Controls International PLC
- Resideo Technologies, Inc.
- Ecobee Inc.
- Alphabet Inc.
- Emerson Electric Co
- Lennox International Inc.
- Legrand Group
- Siemens AG
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Strategic Development
On 4 July 2022, U.S. and European Commission issued a joint statement in which they announced their common objective of implementing at least 1.5 million smart thermostats across Europe by 2022. The statement centered on the activities of the Task Force on European Energy Security, which was founded by the U.S. and the EU in response to Russian aggression. According to reports, the Task Force has convened regularly to examine ideas for reducing Europe's demand for natural gas, as well as with key stakeholders to support the implementation of heat pumps, smart thermostats, and energy demand response technologies.
On 22 September 2022, AutoGrid, a market-leading Virtual Power Plant (VPP) provider, announced the launch of one of several VPP projects in collaboration with Mysa, a Canadian manufacturer whose line of innovative smart thermostats for electric heating and cooling systems provides robust home energy management capabilities for both consumers and utilities. The original VPP project with Puget Sound Energy (PSE) is part of a targeted demand side Programme to delay the construction of a new substation in the Pacific Northwest. AutoGrid's VPP platform will be used in conjunction with Mysa's smart thermostat technology for electric heating and cooling to provide a comprehensive and scalable dispatch solution for both of these technologies, as well as other Internet of Things (IoT) solutions from various thermostat and Water Heater Controls platforms.
What Drives the Smart Thermostat Market?
The increasing focus on energy efficiency and the growing adoption of smart home technologies are key drivers for the smart thermostat market. Smart thermostats offer advanced features such as remote temperature control, learning capabilities, and integration with other smart devices, allowing homeowners to optimize their energy usage and reduce utility bills. The ability to monitor and control heating and cooling systems from anywhere using smartphones or voice assistants has significantly contributed to the market growth.
Moreover, government initiatives and regulations aimed at reducing carbon emissions and promoting energy conservation have further propelled the demand for smart thermostats. Incentives and rebates offered by utility companies and environmental agencies encourage homeowners to upgrade their traditional thermostats to smart alternatives, driving market expansion.
Additionally, the increasing awareness of environmental sustainability and the desire for eco-friendly solutions have influenced consumer preferences. Smart thermostats enable users to track their energy consumption, set energy-saving schedules, and receive energy usage reports, empowering them to make informed decisions and contribute to a greener future.
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What Challenges Constrain the Smart Thermostat Market?
One of the major challenges faced by the smart thermostat market is the high initial cost of installation and purchase. Compared to traditional thermostats, smart thermostats are relatively more expensive, which can deter price-sensitive consumers from adopting the technology.
However, as the market matures and economies of scale are achieved, the prices are expected to decrease, making smart thermostats more accessible to a wider consumer base. Another challenge is the compatibility and interoperability issues with existing HVAC (heating, ventilation, and air conditioning) systems. Some older HVAC systems may not be compatible with smart thermostats, requiring additional investments in system upgrades or professional installation. This can create barriers for homeowners who are unwilling or unable to make these modifications.
Moreover, concerns regarding data privacy and security pose challenges to the widespread adoption of smart thermostats. As these devices collect and transmit sensitive information about users' daily routines and energy usage, ensuring robust data protection measures and addressing privacy concerns are crucial to gain consumer trust.
Unveiling Geographic Patterns in the Smart Thermostat Market
The smart thermostat market report provides an in-depth analysis of the leading geographies, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America currently dominates the smart thermostat market, accounting for the largest share globally. The region's strong presence can be attributed to the high adoption rate of smart home technologies, favorable government initiatives, and the presence of key market players. The United States, in particular, has witnessed significant growth in smart thermostat installations due to the increasing emphasis on energy efficiency and the availability of advanced home automation solutions.
In Europe, countries such as the United Kingdom, Germany, and France are major revenue generators in the smart thermostat market. The region's focus on sustainable living, stringent energy efficiency regulations, and the growing trend of smart homes have contributed to market growth.
Meanwhile, the Asia Pacific region is expected to witness substantial growth in the smart thermostat market during the forecast period. Rapid urbanization, increasing disposable incomes, and the adoption of smart home technologies in countries like China, Japan, South Korea, and India are driving market expansion. The rising awareness of energy conservation and the need for efficient HVAC systems are key factors propelling the demand for smart thermostats in the region.
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Segments Covered in Report
For the purpose of this report, Emergen Research has segmented the global smart thermostat market on the basis of connectivity technology, specification, component, product, installation type, vertical, and region:
- Connectivity Technology Outlook (Revenue, USD Billion; 2019–2032)
- Wireless Network
- Wi-Fi
- Zigbee
- Z-Wave
- Bluetooth
- Wired Network
- Wireless Network
- Specification Outlook (Revenue, USD Billion; 2019–2032)
- Power
- Battery-Powered
- Hard-Wired
- Geo-Fencing
- Multiple Zones
- Motion Detection
- Compatibility
- Two-Stage
- Multi-Stage
- Power
- Component Outlook (Revenue, USD Billion; 2019–2032)
- Display
- Control Unit
- Temperature Sensors
- Humidity Sensors
- Motion Sensors
- Others
- Product Offering Outlook (Revenue, USD Billion; 2019–2032)
- Standalone Smart Thermostat
- Connected Smart Thermostat
- Learning Smart Thermostat
- Installation Type Outlook (Revenue, USD Billion; 2019–2032)
- New Installation
- Retrofit Installation
- Vertical Outlook (Revenue, USD Billion; 2019–2032)
- Residential
- Commercial
- Retail
- Offices
- Educational Institutes
- Hospitality Centers
- Hospitals
- Industrial
- Regional Outlook (Revenue, USD Million, 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- Rest of MEA
- North America
Closing Statement
The Smart Thermostat Market is experiencing a significant surge in growth, driven by the increasing need for energy efficiency, comfort, and convenience in residential and commercial spaces. With the ability to intelligently regulate temperature settings and optimize energy consumption, smart thermostats are revolutionizing the way we control and manage our heating, ventilation, and air conditioning (HVAC) systems. As major players like Google, Honeywell, and Ecobee continue to innovate and introduce advanced features, the market is projected to reach a value of USD 19.87 Billion by 2032, growing at a remarkable CAGR of 20.8%.
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