Smart Thermostat Market Worth $ 8.45 Billion, Globally, by 2028 at 19.97 % CAGR: Verified Market Research™
The market for global smart thermostats is expected to be driven by a surge in the adoption of IoT and AI-based technologies thereby advancing programmable thermostats to smart ones.
JERSEY CITY, N.J., April 27, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Smart Thermostat Market" by Products (Connected Smart thermostat, Learning Smart Thermostat, & Standalone Smart Thermostat), by Connectivity Technology (Wireless Network & Wired Network), by Installation Type (New Installation, & Retrofit Installation), by Vertical (Residential, Commercial, & Industrial), and by Geography. According to Verified Market Research, the Global Smart Thermostat Market was valued at USD 1.97 Billion in 2020 and is projected to reach USD 8.45 Billion by 2028, growing at a CAGR of 19.97% from 2021 to 2028.
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Global Smart Thermostat Market Overview
Smart thermostats are used in smart homes for controlling temperature and humidity and allowing fresh air intake; they help in conserving the air quality in a smart home. Besides, one can monitor the system performance and respond to system-generated alarms from local or remote locations. The energy consumption levels of an0 HVAC system can be optimized to a large extent by utilizing smart thermostats.
The smart thermostats save energy, thereby reducing costs, and control the working of HVAC systems with the help of wireless communications, internet connectivity, handheld devices, and cloud computing. The continuous development in technology and rapid innovation in various devices has increased customers' interest in the use of smart thermostats in smart homes. According to a recent study of the Consumer Technology Association (CTA), 31% of house owners in the US are likely to purchase tech products by 2022 following the COVID-19 pandemic. Despite the economic impacts of the global pandemic, consumer spending on smart homes is expected to grow in 2021.
Furthermore, stay-at-home orders attributed to the COVID-19 pandemic have changed the notion of how people interact and live in their homes. People are reconfiguring their physical space to meet new functional requirements, including working and learning at home, creating at-home gyms, or finding new ways to relax and enjoy themselves. Connected homes, automated systems, and new technologies have become critical to people staying at home. Hence, the smart home revolution is expected to create demand for smart thermostts during this COVID-19 pandemic situation.
The major players in the market are Alphabet (Google Nest), Emerson Electric, Honeywell International, Lennox International, Ecobee, Carrier Corporation, Johnson Controls (Lux Products), Legrand (Netatmo), Resideo Technologies, Siemens.
Verified Market Research has segmented the Global Smart Thermostat Market On the basis of Products, Connectivity Technology, Installation Type, Vertical, and Geography.
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