Global Smart Thermostats Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Smart Thermostats Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Smart thermostats are thermostats that can be used with home automation and are responsible for controlling a home's heating, ventilation, and air conditioning. They perform similar functions as a Programmable thermostat as they allow the user to control the temperature of their home throughout the day using a schedule, but also contain additional features, such as sensors and WiFi connectivity, that improve upon the issues with programmable thermostats.

Like a connected thermostat, they are connected to the Internet. They allow users to adjust heating settings from other internet-connected devices, such as a laptop or smartphones. This allows users to control the thermostat remotely. This ease of use is essential for ensuring energy savings: studies have shown that households with programmable thermostats actually have higher energy consumption than those with simple thermostats because residents program them incorrectly or disable them completely.

Smart thermostats also record internal/external temperatures, time the HVAC system has been running, and can even notify users if the user's air filter needs to be replaced. This information is typically displayed later on any internet-connected device.

Market Overview:

The latest research study on the global Smart Thermostats market finds that the global Smart Thermostats market reached a value of USD 2973.49 million in 2022. It’s expected that the market will achieve USD 8426.97 million by 2028, exhibiting a CAGR of 18.96% during the forecast period.

The impact of COVID-19 on the smart thermostat industry.

The impact of COVID-19 has had a long-term impact on multiple global industries. Changes in consumer purchases and market demand have led to a decline in the growth rate of the smart thermostat market. The supply chain of the smart thermostat market is also in chaos. The restriction policies introduced by many countries during COVID-19 have led to an increase in the number of smart homes among residents, which has a certain promotion effect on the smart thermostat market. After the impact of COVID-19 has weakened, most market production is recovering, which is solving the market demand problem. After COVID-19, the market trends look great, with several improvements. To be sure, the market will soon see appropriate demands from end users. The market is expanding and will reach higher demand in the next few years.

The impact of COVID-19 on the industrial chain.

In the current market economy, the upstream and downstream industrial chains have never been so closely linked. The COVID-19 pandemic has caused a large number of factories to stop production, isolate employees from work, and obstruct transportation. This will affect the raw material transportation of Smart Thermostats manufacturers. If the supply of raw materials is blocked, the normal production of Smart Thermostats will also be affected. At the same time, Smart Thermostats products will also be affected by transportation, making sales more troublesome. Therefore, dealing with the impact of COVID-19 on the supply chain is also one of the important issues that Smart Thermostats manufacturers need to deal with.

The trend of urbanization and population growth.

Smart thermostats have proven to be beneficial in a wide range of applications and have received attention in the past decade due to their advantages and increased customer awareness. Over the years, with the continuous development of the global economy and society, many countries have continued to promote urbanization, especially some developing countries. In addition, according to global population data and forecasts, the global population is still growing in the short term. These are also the driving forces for the development of the smart thermostat market. In addition, the demand for connected devices in smart homes is also a driving force in this market. The government's encouragement of energy-saving equipment has further promoted the growth of the smart thermostat market.

Applicability of smart thermostat.

The smart thermostat market relies more on external factors. In addition, the intelligent constant temperature system is more suitable for intelligent buildings. It is not the preferred technology for ordinary construction. It is not the most suitable technology for consumer interest. Smart thermostat technology can be easily integrated into modern buildings. However, it is complicated to install the system in existing buildings. The lack of infrastructure to implement smart thermostat devices is a major limitation of this market. In addition, smart thermostat devices are affordable. However, the cost of installing this equipment makes it expensive. These will also limit the development of the smart thermostat industry.

The future development trend of smart thermostats tends to be more intelligent.

The future development trend of smart thermostats tends to be more intelligent. Smart thermostats can recognize user behavior, analyze user patterns, automatically adjust the HVAC system, and provide remote monitoring capabilities through wireless connections. The current market-leading products have machine learning functions and voice control functions. The machine learning function enables the Wifi thermostat products to independently optimize the temperature management according to the user's living habits to achieve the best physical comfort. This process does not require human intervention and is completely implemented by hardware combined with intelligent algorithms. The voice control function is a highly intelligent development direction, allowing users to control the thermostat without touching the device under any circumstances.

Region Overview:

Geographically, United States held the largest market share - 63.96% in 2021.

Segmentation Overview:

As for product types, the Wireless segment held the largest market share in 2021.

Wired

Wired smart thermostats can replace wired thermostats to control different areas of central heating, ground source or air source heat pumps, or floor heating.

Wireless

The wireless smart thermostat is another type of smart thermostat. It has no bulky wires and is directly controlled via WIFI connection. Allow users to adjust the heating settings via other networked devices (such as laptops or smartphones). This allows the user to remotely control the thermostat.

Application Overview:

The market's largest segment by application is the segment Smart Homes, with a market share of 73.75% in 2021.

Smart Homes

In terms of smart homes, smart thermostats can control household appliances such as bedroom air conditioners to adjust the temperature at a set time. This can be more energy-efficient and economical.

Healthcare

The smart thermostat uses remote sensor data to determine typical user behaviors, such as sleep, physical activity, and sedentary behavior. This approach will enable healthcare providers to monitor personal health in patients homes and quickly analyze data to develop personalized treatment plans or track the patients progress.

Commercial

Smart thermostats can reduce power loss through temperature control in commercial buildings and improve comfort at the same time. Although smart thermostats do exist in commercial buildings, they are very different from similar products in residential buildings. Some commercial smart thermostats use Wi-Fi or Bluetooth to communicate with other systems in the building. The main difference is that many (but not all) of these systems are designed with better IT security protocols. The mechanical system of commercial buildings is far from simple. Multiple smart thermostats can be set in a single building to read the space more accurately.

Industrial Buildings

Smart thermostats adjust the appropriate temperature through temperature control in industrial buildings to give workers a comfortable working environment.

Office Buildings

In office buildings, smart thermostats can adjust the temperature of the office through temperature control. The advantages of smart thermostats also apply to the work environment, or even better. First, the temperature arrangement can make the office more comfortable. Smart thermostats can track the temperature in the space over time to indicate trends in heat, cold, or discomfort.

Key Companies in the global Smart Thermostats market covered in Chapter 3:

Nest
White Rogers
Lennox
Ecobee
Trane
Daikin
Carrier
Honeywell

In Chapter 4 and Chapter 14.2, on the basis of types, the Smart Thermostats market from 2018 to 2029 is primarily split into:

Wired
Wireless

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Smart Thermostats market from 2018 to 2029 covers:

Smart Homes
Healthcare
Commercial
Industrial Buildings
Office Buildings
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)