Pune, India, Aug. 22, 2022 (GLOBE NEWSWIRE) -- The US Smart Thermostat Market size is expected to grow from USD 1,088.9 million in 2021 to USD 3,280.3 million by 2028, exhibiting a CAGR of 17.1% during the 2022-2028 forecast period. The rising adoption of the product from residential, commercial, and industrial sectors and strong demand for smart cities and smart building ventures is expected to foster market development. Fortune Business Insights™ presents this information in its report titled “US Smart Thermostat Market Forecast, 2021-2028.” The market was valued at USD 937.2 million in 2020.
Industry Development
- May 2021- ecobee engaged in a partnership with Alarm.com. Through this partnership, Alarm.com dealers and installers can integrate ecobee’s smart thermostat in Alarm.com smart home solutions and enable its users to operate ecobee ST devices using the Alarm.com application.
- December 2020- Lennox International Inc. engaged in a partnership with FPX.com to implement FPX’s CPQ app. This app’s integration may help Lennox improve its sales of heating, ventilation, and air conditioning (HVAC) products and transform its quoting process.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 17.7% |
| 2028 Value Projection | USD 3,280.3 Million |
| Base Year | 2020 |
| US Smart Thermostat Market Size in 2020 | USD 937.2 Million |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 113 |
| Segments covered | Product, Technology, Application, End User and Geography |
| US Smart Thermostat Market Growth Drivers | Rising Adoption of Internet of Things (IoT) Solutions and Smart Homes to Accelerate Market Growth |
| High Manufacturing Cost and Installation Complexity to Hamper Market Growth |
Increased Consumer Volume & Rising Online Platforms to Aid Market Flourish During Pandemic
The COVID-19 pandemic turned the global prospect into an enclosed space with a majority of the general population being forced to work from home to curb the spread of the virus. The market witnessed more than moderate growth during the pandemic era due to increased adoption of the buy now pay later services by a variety of sectors. Shifting consumers’ preference towards online shopping and rising investments from dominant players further pushed the growth of the market.
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Drivers and Restraints
Increasing Smart Homes and Internet of Things (IoT) Adoption to Fuel Market Progress
Smart thermostats are used extensively in homes to change humidity and temperature and provide users with fresh air. Users can monitor performance from remote or local locations and improve the air quality of residential homes. The rising demand for smart devices from smart infrastructure projects is expected to foster the product’s adoption. Further, energy savings provided by the product is expected to increase its adoption from consumers. In addition, rising investments in IoT-based devices are expected to drive the US Smart Thermostat Market growth.
However, installation complexities and high manufacturing costs may hinder the market progress.
Segmentation
Rising Adoption of Connected Smart Thermostat among End-user to Propel Market
Based on the product, the market is segmented into connected, standalone, and learning. Connected is expected to hold maximum market share during the forecast period. The technologies such as WiFi, Bluetooth, Zigbee, NFC, among others, are used to provide connected thermostat devices. Considering the growing demand for wireless connected devices, various companies are investing and introducing new products. For instance,
Growing Demand for Wired Thermostat to Drive Market Development
Based on technology, the market is bifurcated into wired and wireless. Wired thermostat to gain maximum segment share during the forecast period. A wired thermostat device is an early product implemented across industries, commercial, and some residential applications. For instance,
In April 2021, Crestron Electronics, Inc. launched Horizon Thermostat with a two-wire design and touch screen high-resolution display. It can be integrated with the Crestron Home platform that offers intelligent operations and connections.
Increasing Demand for Smart Buildings to Propel Adoption of Smart Thermostat in Residential Buildings
The residential to gain dominant share during the forecast period. The rapidly growing smart home concept is expected to boost communicating thermostat demand across the U.S. Similarly, the growing demand for smart and connected devices for homes are likely to drive the product demand in residential application. It plays an important role in helping homeowners with minimum energy bills by efficiently monitoring the temperature required.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
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Competitive Landscape
Major Players Announce Novel Products to Boost Brand Image
The prominent companies operating in the market announce novel products to attract consumers, improve sales, and boost brand image. For example, Honeywell International Inc. announced its novel Commercial Connected Thermostat, TC500A-N, for medium and small buildings in June 2021. The product offers energy-saving features, security, wired and wireless connectivity, and easy commissioning for rooftops and heat pumps. Furthermore, the adoption of advanced technology such as artificial intelligence may enable players to improve their product quality and attract consumers. Moreover, the adoption of technologically advanced production machinery may help companies boost productivity, improve product offerings, reduce labor costs and resource consumption, and help organizations achieve a significant market position.
List of Key Players Mentioned in the US Smart Thermostat Market Report:
- Emerson Electric Co.
- Lennox International Inc.
- Bosch Thermotechnology Corp
- Honeywell International Inc.
- Johnson Controls
- Alarm.com Holdings, Inc.
- Schneider Electric
- Vivint Smart Home, Inc.
- Alphabet Inc.
- ecobee
Major Table of Contents
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- United States Smart Thermostat Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- US Smart Thermostat Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Product
- Connected
- Standalone
- Learning
- By Technology
- Wired
- Wireless
- By Application
- Commercial
- Industrial
- By Product
- US Smart Thermostat Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
FAQ’s:
What is the projected market value of the US Smart Thermostat Market?
The projected market value of the US Smart Thermostat Market is USD 3,280.3 million by 2028.
At what CAGR is the market projected grow in the forecast period 2021-2028?
The market projected grow at 17.7% forecast period.
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