Drastic changes in climatic conditions due to global warming has made thermostat a necessity for homes across the world. Thermostat maintains the appropriate temperature inside an enclosure to ensure a comfort level concerning the ambient atmospheric temperature. However, conventional thermostats lack features such as remote monitoring and control of HVAC systems, optimum utilization of energy sources, and cost-effectiveness.
To overcome the aforementioned issues, consumers have begun favoring smart thermostats over conventional equivalents. Smart thermostats enable consumers to monitor and control HVAC systems through smartphones, PCs, and tablets. Smart thermostats can understand and learn HVAC usage patterns and set preferences accordingly to save energy. Therefore, smart thermostats ensure optimum energy utilization and a substantial reduction in utility bills and overhead expenses.
Integration of wireless technologies including IoT, Wi-Fi, and Bluetooth in smart thermostats has enabled end-users to control, monitor and operate HVAC systems conveniently using connecting devices. Profound penetration of wireless technologies has significantly boosted demand for smart thermostats. A leading smart thermostat company Nest Labs claims that a smart thermostat can allow up to 10-12% saving on heating and more than 15% on air conditioning. This results in an average savings of around US$ 130 to US$ 145 per year for an individual home. The appealing statistics and merits offered by smart thermostats have encouraged people across the globe to incorporate smart thermostats in their HVAC systems. In 2015, approximately 5 Mn smart thermostats were sold worldwide and the number is expected to grow multifold in the coming years. Thus, the overall market for smart thermostats is expected to grow by leaps and bounds throughout the forecast period.
The global smart thermostat market is highly fragmented and characterized by several international players. Intense competition in this highly fragmented market is keeping leading players on their toes with respect to technology development, product quality, and service to their customers. Focus on innovation remains the premiere strategy of all smart thermostat manufacturers. In addition, providing customized solutions according to the need of consumers is another important strategy adopted by smart thermostat manufacturers to maintain their dominance in the market.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends, and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
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To overcome the aforementioned issues, consumers have begun favoring smart thermostats over conventional equivalents. Smart thermostats enable consumers to monitor and control HVAC systems through smartphones, PCs, and tablets. Smart thermostats can understand and learn HVAC usage patterns and set preferences accordingly to save energy. Therefore, smart thermostats ensure optimum energy utilization and a substantial reduction in utility bills and overhead expenses.
Integration of wireless technologies including IoT, Wi-Fi, and Bluetooth in smart thermostats has enabled end-users to control, monitor and operate HVAC systems conveniently using connecting devices. Profound penetration of wireless technologies has significantly boosted demand for smart thermostats. A leading smart thermostat company Nest Labs claims that a smart thermostat can allow up to 10-12% saving on heating and more than 15% on air conditioning. This results in an average savings of around US$ 130 to US$ 145 per year for an individual home. The appealing statistics and merits offered by smart thermostats have encouraged people across the globe to incorporate smart thermostats in their HVAC systems. In 2015, approximately 5 Mn smart thermostats were sold worldwide and the number is expected to grow multifold in the coming years. Thus, the overall market for smart thermostats is expected to grow by leaps and bounds throughout the forecast period.
The global smart thermostat market is highly fragmented and characterized by several international players. Intense competition in this highly fragmented market is keeping leading players on their toes with respect to technology development, product quality, and service to their customers. Focus on innovation remains the premiere strategy of all smart thermostat manufacturers. In addition, providing customized solutions according to the need of consumers is another important strategy adopted by smart thermostat manufacturers to maintain their dominance in the market.
Key players identified in the global smart thermostats market include but are not limited to:
Centrica Hive Limited, Control4, Ecobee, Emerson, Google Nest, Honeywell Home, Johnson Controls, Lux Products Corporation, Netatmo SA, Resideo Technologies, Inc., Siemens, Tado GmbH, Vine Connected Corporation, and Others.Historical & Forecast Period
This study report represents an analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2023 to 2031.The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends, and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. A key data point that enables the estimation of the Smart Thermostats market is as follows:- Research and development budgets of manufacturers and government spending
- Revenues of key companies in the market segment
- Number of end users and consumption volume, price, and value.
- Geographical revenues generated by countries considered in the report
- Micro and macro environment factors that are currently influencing the Smart Thermostats market and their expected impact during the forecast period.
Market Segmentation
End-use
- Industrial
- Commercial
- Residential
Key questions answered in this report
- What are the key micro and macro environmental factors that are impacting the growth of Smart Thermostats market?
- What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2031.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the Smart Thermostats market?
- Which is the largest regional market for Smart Thermostats market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Which are the key trends driving Smart Thermostats market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the Smart Thermostats market worldwide?
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Table of Contents
1. Preface1.1. Report Description
1.1.1. Purpose of the Report
1.1.2. Target Audience
1.1.3. Key Offerings
1.2. Market Segmentation
1.3. Research Methodology
1.3.1. Phase I - Secondary Research
1.3.2. Phase II - Primary Research
1.3.3. Phase III - Expert Panel Review
1.3.4. Assumptions
1.3.5. Approach Adopted
2. Executive Summary
2.1. Market Snapshot: Global Smart Thermostats Market
2.2. Global Smart Thermostats Market, By End-use, 2022 (US$ Million)
2.3. Global Smart Thermostats Market, By Geography, 2022 (US$ Million)
2.4. Attractive Investment Proposition by Geography, 2022
3. Smart Thermostats Market: Competitive Analysis
3.1. Market Positioning of Key Smart Thermostats Market Vendors
3.2. Strategies Adopted by Smart Thermostats Market Vendors
3.3. Key Industry Strategies
3.4. Tier Analysis 2022 Versus 2031
4. Smart Thermostats Market: Macro Analysis & Market Dynamics
4.1. Introduction
4.2. Global Smart Thermostats Market Value, 2021 - 2031, (US$ Million)
4.3. Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Key Challenges
4.3.4. Key Opportunities
4.4. Impact Analysis of Drivers and Restraints
4.5. See-Saw Analysis
5. Smart Thermostats Market: By End-use, 2021-2031, USD (Million)
5.1. Market Overview
5.2. Growth & Revenue Analysis: 2022 Versus 2031
5.3. Market Segmentation
5.3.1. Industrial
5.3.2. Commercial
5.3.3. Residential
6. North America Smart Thermostats Market, 2021-2031, USD (Million)
6.1. Market Overview
6.2. Smart Thermostats Market: By End-use, 2021-2031, USD (Million)
6.3.Smart Thermostats Market: By Region, 2021-2031, USD (Million)
6.3.1.North America
6.3.1.1. U.S.
6.3.1.1.1. Smart Thermostats Market: By End-use, 2021-2031, USD (Million)
6.3.1.2. Canada
6.3.1.2.1. Smart Thermostats Market: By End-use, 2021-2031, USD (Million)
6.3.1.3. Rest of North America
6.3.1.3.1. Smart Thermostats Market: By End-use, 2021-2031, USD (Million)
7. UK and European Union Smart Thermostats Market, 2021-2031, USD (Million)
7.1. Market Overview
7.2. Smart Thermostats Market: By End-use, 2021-2031, USD (Million)
7.3.Smart Thermostats Market: By Region, 2021-2031, USD (Million)
7.3.1.UK and European Union
7.3.1.1. UK
7.3.1.1.1. Smart Thermostats Market: By End-use, 2021-2031, USD (Million)
7.3.1.2. Germany
7.3.1.2.1. Smart Thermostats Market: By End-use, 2021-2031, USD (Million)
7.3.1.3. Spain
7.3.1.3.1. Smart Thermostats Market: By End-use, 2021-2031, USD (Million)
7.3.1.4. Italy
7.3.1.4.1. Smart Thermostats Market: By End-use, 2021-2031, USD (Million)
7.3.1.5. France
7.3.1.5.1. Smart Thermostats Market: By End-use, 2021-2031, USD (Million)
7.3.1.6. Rest of Europe
7.3.1.6.1. Smart Thermostats Market: By End-use, 2021-2031, USD (Million)
8. Asia Pacific Smart Thermostats Market, 2021-2031, USD (Million)
8.1. Market Overview
8.2. Smart Thermostats Market: By End-use, 2021-2031, USD (Million)
8.3.Smart Thermostats Market: By Region, 2021-2031, USD (Million)
8.3.1.Asia Pacific
8.3.1.1. China
8.3.1.1.1. Smart Thermostats Market: By End-use, 2021-2031, USD (Million)
8.3.1.2. Japan
8.3.1.2.1. Smart Thermostats Market: By End-use, 2021-2031, USD (Million)
8.3.1.3. India
8.3.1.3.1. Smart Thermostats Market: By End-use, 2021-2031, USD (Million)
8.3.1.4. Australia
8.3.1.4.1. Smart Thermostats Market: By End-use, 2021-2031, USD (Million)
8.3.1.5. South Korea
8.3.1.5.1. Smart Thermostats Market: By End-use, 2021-2031, USD (Million)
8.3.1.6. Rest of Asia Pacific
8.3.1.6.1. Smart Thermostats Market: By End-use, 2021-2031, USD (Million)
9. Latin America Smart Thermostats Market, 2021-2031, USD (Million)
9.1. Market Overview
9.2. Smart Thermostats Market: By End-use, 2021-2031, USD (Million)
9.3.Smart Thermostats Market: By Region, 2021-2031, USD (Million)
9.3.1.Latin America
9.3.1.1. Brazil
9.3.1.1.1. Smart Thermostats Market: By End-use, 2021-2031, USD (Million)
9.3.1.2. Mexico
9.3.1.2.1. Smart Thermostats Market: By End-use, 2021-2031, USD (Million)
9.3.1.3. Rest of Latin America
9.3.1.3.1. Smart Thermostats Market: By End-use, 2021-2031, USD (Million)
10. Middle East and Africa Smart Thermostats Market, 2021-2031, USD (Million)
10.1. Market Overview
10.2. Smart Thermostats Market: By End-use, 2021-2031, USD (Million)
10.3.Smart Thermostats Market: By Region, 2021-2031, USD (Million)
10.3.1.Middle East and Africa
10.3.1.1. GCC
10.3.1.1.1. Smart Thermostats Market: By End-use, 2021-2031, USD (Million)
10.3.1.2. Africa
10.3.1.2.1. Smart Thermostats Market: By End-use, 2021-2031, USD (Million)
10.3.1.3. Rest of Middle East and Africa
10.3.1.3.1. Smart Thermostats Market: By End-use, 2021-2031, USD (Million)
11. Company Profile
11.1. Centrica Hive Limited
11.1.1. Company Overview
11.1.2. Financial Performance
11.1.3. Product Portfolio
11.1.4. Strategic Initiatives
11.2. Control4
11.2.1. Company Overview
11.2.2. Financial Performance
11.2.3. Product Portfolio
11.2.4. Strategic Initiatives
11.3. Ecobee
11.3.1. Company Overview
11.3.2. Financial Performance
11.3.3. Product Portfolio
11.3.4. Strategic Initiatives
11.4. Emerson
11.4.1. Company Overview
11.4.2. Financial Performance
11.4.3. Product Portfolio
11.4.4. Strategic Initiatives
11.5. Google Nest
11.5.1. Company Overview
11.5.2. Financial Performance
11.5.3. Product Portfolio
11.5.4. Strategic Initiatives
11.6. Honeywell Home
11.6.1. Company Overview
11.6.2. Financial Performance
11.6.3. Product Portfolio
11.6.4. Strategic Initiatives
11.7. Johnson Controls
11.7.1. Company Overview
11.7.2. Financial Performance
11.7.3. Product Portfolio
11.7.4. Strategic Initiatives
11.8. Lux Products Corporation
11.8.1. Company Overview
11.8.2. Financial Performance
11.8.3. Product Portfolio
11.8.4. Strategic Initiatives
11.9. Netatmo SA
11.9.1. Company Overview
11.9.2. Financial Performance
11.9.3. Product Portfolio
11.9.4. Strategic Initiatives
11.10. Resideo Technologies, Inc.
11.10.1. Company Overview
11.10.2. Financial Performance
11.10.3. Product Portfolio
11.10.4. Strategic Initiatives
11.11. Siemens
11.11.1. Company Overview
11.11.2. Financial Performance
11.11.3. Product Portfolio
11.11.4. Strategic Initiatives
11.12. Tado GmbH
11.12.1. Company Overview
11.12.2. Financial Performance
11.12.3. Product Portfolio
11.12.4. Strategic Initiatives
11.13. Vine Connected Corporation
11.13.1. Company Overview
11.13.2. Financial Performance
11.13.3. Product Portfolio
11.13.4. Strategic Initiatives
11.14. Others
11.14.1. Company Overview
11.14.2. Financial Performance
11.14.3. Product Portfolio
11.14.4. Strategic Initiatives
List of Figures
Figure 1 Global Smart Thermostats Market: Market Coverage
Figure 2 Research Methodology and Data Sources
Figure 3 Market Size Estimation - Top Down & Bottom-Up Approach
Figure 4 Global Smart Thermostats Market: Quality Assurance
Figure 5 Global Smart Thermostats Market, By End-use, 2022
Figure 6 Global Smart Thermostats Market, By Geography, 2022
Figure 7 Market Geographical Opportunity Matrix - Global Smart Thermostats Market, 2022
Figure 8 Market Positioning of Key Smart Thermostats Market Players, 2022
Figure 9 Global Smart Thermostats Market - Tier Analysis - Percentage of Revenues by Tier Level, 2022 Versus 2031
Figure 10 Global Smart Thermostats Market, By End-use, 2022 Vs 2031, %
Figure 11 U.S. Smart Thermostats Market (US$ Million), 2021 - 2031
Figure 12 Canada Smart Thermostats Market (US$ Million), 2021 - 2031
Figure 13 Rest of North America Smart Thermostats Market (US$ Million), 2021 - 2031
Figure 14 UK Smart Thermostats Market (US$ Million), 2021 - 2031
Figure 15 Germany Smart Thermostats Market (US$ Million), 2021 - 2031
Figure 16 Spain Smart Thermostats Market (US$ Million), 2021 - 2031
Figure 17 Italy Smart Thermostats Market (US$ Million), 2021 - 2031
Figure 18 France Smart Thermostats Market (US$ Million), 2021 - 2031
Figure 19 Rest of Europe Smart Thermostats Market (US$ Million), 2021 - 2031
Figure 20 China Smart Thermostats Market (US$ Million), 2021 - 2031
Figure 21 Japan Smart Thermostats Market (US$ Million), 2021 - 2031
Figure 22 India Smart Thermostats Market (US$ Million), 2021 - 2031
Figure 23 Australia Smart Thermostats Market (US$ Million), 2021 - 2031
Figure 24 South Korea Smart Thermostats Market (US$ Million), 2021 - 2031
Figure 25 Rest of Asia Smart Thermostats Market (US$ Million), 2021 - 2031
Figure 26 Brazil Smart Thermostats Market (US$ Million), 2021 - 2031
Figure 27 Mexico Smart Thermostats Market (US$ Million), 2021 - 2031
Figure 28 Rest of Latin America Smart Thermostats Market (US$ Million), 2021 - 2031
Figure 29 GCC Smart Thermostats Market (US$ Million), 2021 - 2031
Figure 30 Africa Smart Thermostats Market (US$ Million), 2021 - 2031
Figure 31 Rest of Middle East and Africa Smart Thermostats Market (US$ Million), 2021 - 2031
List of Tables
Table 1 Global Smart Thermostats Market By End-use, 2021-2031, USD (Million)
Table 2 North America Smart Thermostats Market By End-use, 2021-2031, USD (Million)
Table 3 U.S. Smart Thermostats Market By End-use, 2021-2031, USD (Million)
Table 4 Canada Smart Thermostats Market By End-use, 2021-2031, USD (Million)
Table 5 Rest of North America Smart Thermostats Market By End-use, 2021-2031, USD (Million)
Table 6 UK and European Union Smart Thermostats Market By End-use, 2021-2031, USD (Million)
Table 7 UK Smart Thermostats Market By End-use, 2021-2031, USD (Million)
Table 8 Germany Smart Thermostats Market By End-use, 2021-2031, USD (Million)
Table 9 Spain Smart Thermostats Market By End-use, 2021-2031, USD (Million)
Table 10 Italy Smart Thermostats Market By End-use, 2021-2031, USD (Million)
Table 11 France Smart Thermostats Market By End-use, 2021-2031, USD (Million)
Table 12 Rest of Europe Smart Thermostats Market By End-use, 2021-2031, USD (Million)
Table 13 Asia Smart Thermostats Market By End-use, 2021-2031, USD (Million)
Table 14 China Smart Thermostats Market By End-use, 2021-2031, USD (Million)
Table 15 Japan Smart Thermostats Market By End-use, 2021-2031, USD (Million)
Table 16 India Smart Thermostats Market By End-use, 2021-2031, USD (Million)
Table 17 Australia Smart Thermostats Market By End-use, 2021-2031, USD (Million)
Table 18 South Korea Smart Thermostats Market By End-use, 2021-2031, USD (Million)
Table 19 Latin America Smart Thermostats Market By End-use, 2021-2031, USD (Million)
Table 20 Brazil Smart Thermostats Market By End-use, 2021-2031, USD (Million)
Table 21 Mexico Smart Thermostats Market By End-use, 2021-2031, USD (Million)
Table 22 Rest of Latin America Smart Thermostats Market By End-use, 2021-2031, USD (Million)
Table 23 Middle East and Africa Smart Thermostats Market By End-use, 2021-2031, USD (Million)
Table 24 GCC Smart Thermostats Market By End-use, 2021-2031, USD (Million)
Table 25 Africa Smart Thermostats Market By End-use, 2021-2031, USD (Million)
Table 26 Rest of Middle East and Africa Smart Thermostats Market By End-use, 2021-2031, USD (Million)
Companies Mentioned
- Centrica Hive Limited
- Control4
- Ecobee
- Emerson
- Google Nest
- Honeywell Home
- Johnson Controls
- Lux Products Corporation
- Netatmo SA
- Resideo Technologies Inc.
- Siemens
- Tado GmbH
- Vine Connected Corporation
