The global smart thermostat market reached a value of US$ 2.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 7.7 Billion by 2027, exhibiting at a CAGR of 23.4% during 2022-2027.

A smart thermostat is part of a control mechanism that maintains and senses the temperature of an area. It is an automated device that is capable of distantly switching on and off the heating of a room through the internet. Smart thermostats can be divided into various types, including standalone, connected, and learning. These devices are programmed and used via several applications, such as smartphones, computers, remote controls, etc. Smart thermostats also display the amount of heating being used and control their activity by learning or tracking the daily routine of the user. As a result, these devices find widespread applications across various establishments, including residential, commercial, industrial, etc.

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Global Smart Thermostat Market Trends:

The escalating requirement for advanced home systems and technologies in households is among the primary factors driving the smart thermostat market. Besides this, the elevating popularity of several home voice assistants, such as Amazon Echo, Google Home, Alexa, etc., is further augmenting the market growth. Apart from this, the increasing need for smart thermostats to save electricity is also catalyzing the global market. Moreover, the integration of these devices with smart-net technology, including Wi-Fi and Bluetooth, is acting as another significant growth-inducing factor. In addition to this, the rising usage of the Internet of Things (IoT) and artificial intelligence (AI) technologies is positively influencing the product demand. Furthermore, the growing demand for these devices in medical monitoring is expected to propel the smart thermostat market in the coming years.

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Competitive Landscape:

Some of these key players include:

• Nest Labs, Inc.

• Honeywell International Inc.

• Ecobee, Inc.

• Emerson Electric Co.

• Schneider Electric SE

• Tado GmbH

• Control4 Corporation

• Carrier Corporation

• Nortek

Key Market Segmentation:

Breakup by Product:

• Standalone Smart Thermostats

• Connected Smart Thermostats

• Learning Smart Thermostats

Breakup by Component:

• Display

• Temperature Sensor

• Humidity Sensor

• Motion Sensor

• Others

Breakup by Technology:

• Wired

• Wireless Smart Thermostats

Breakup by Application:

• Residential

• Commercial

• Industrial

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