Smart Thermostat Market Size, Share & Trends Analysis Report By Technology (Wi-Fi, ZigBee, Others), By Product, By End-user, By Region, And Segment Forecasts, 2023 - 2030

Smart Thermostat Market Size, Share & Trends Analysis Report By Technology (Wi-Fi, ZigBee, Others), By Product, By End-user, By Region, And Segment Forecasts, 2023 - 2030

Smart Thermostat Market Growth & Trends

The global smart thermostat market size is anticipated to reach USD 13,345.0 million in 2030 and is expected to expand at a CAGR of 17.1% from 2023 to 2030. The growth can be credited to the growing demand for smart thermostats across smart homes. Smart thermostats enable users to remotely control their air conditioning and heating systems using wireless connectivity and mobile apps. The adoption of these gadgets driven by their ability to display energy consumption levels in real-time and adjust the ambient conditions automatically favors the expansion of the market.

Smart thermostat devices are equipped with analytics and performance measurement tools through web-based portals, which make them an integral part of the home automation ecosystem. Besides, energy utility retailers also play a vital role in impelling the adoption of these devices in households. Several utilities include these products as a part of their home energy management schemes.

The growth of the market is being further proliferated by the growing penetration of smartphones, rising per-unit energy costs, the need for effective energy management solutions, and favorable regulatory scenarios. The increased penetration of Near Field Communication (NFC) and ZigBee home automation devices is expected to augment the demand for smart thermostats.

Several major companies, such as Philips (Philips Heu), Amazon (Amazon Echo), Ikea, etc. rely on ZigBee for their product automation. According to the Zigbee Alliance statement, over half a billion Zigbee chipsets were sold in 2021 and around 4 billion are expected to be sold by 2023. This makes the technology a popular Internet of Things (IoT) standard used across millions of devices.

Smart Thermostat Market Report Highlights

• In terms of end-user, the commercial segment is expected to record the highest CAGR of nearly 19.0% from 2023 to 2030. The growth can be credited to increased product demand for effective temperature distribution and high cost-efficiency
• North America is set to capture a sizeable market share of more than 58.0% by 2030, owing to the favorable regulatory environment and increasing infrastructure development activities
• Among products, the learning segment is expected to grow at the fastest CAGR of 18.9% during the forecast period. The growing demand for online learning modules and their cost-effective nature remain the prominent growth drivers