Wi-Fi Thermostat Global Market Report 2024

The wi-fi thermostat market size has grown exponentially in recent years. It will grow from $3.7 billion in 2023 to $5.01 billion in 2024 at a compound annual growth rate (CAGR) of 35.5%. The growth observed in the historic period can be attributed to several factors, including the demand for intelligent residences, an increasing interest in smart home automation systems, the expansion of the internet of things (IoT) ecosystem, heightened consumer awareness regarding energy conservation, and a rising number of dual-income households seeking time-saving solutions.

The wi-fi thermostat market size is expected to see exponential growth in the next few years. It will grow to $17.11 billion in 2028 at a compound annual growth rate (CAGR) of 35.9%. The anticipated growth in the forecast period can be attributed to several factors, including the emphasis on energy conservation and financial benefits, a growing awareness among consumers regarding smart home technologies, the increasing trend of remote work prompting homeowners to invest in home automation, and a rising number of new home constructions incorporating pre-installed smart home features. Major trends expected in this period encompass smart home integration, the integration of Wi-Fi thermostats, incorporation of machine learning and AI technologies, ongoing technological advancements, and the implementation of geofencing technology.

The increasing adoption of remote work is anticipated to drive the growth of the Wi-Fi thermostat market in the coming years. Remote work, characterized by a flexible employment arrangement where individuals perform their job duties from a location outside their employer's main office, is gaining popularity due to the growing preference for flexible work arrangements and the desire to create a conducive work environment that aligns with employee lifestyles. Wi-Fi thermostats play a crucial role in this trend by enabling users to schedule temperature adjustments based on their daily routines, ensuring optimal comfort without the need for manual adjustments. For example, reports published by Forbes Media LLC in June 2023 indicated that approximately 12.7% of full-time employees worked from home in 2023, with 28.2% adopting a hybrid model in the US. Furthermore, it is projected that by 2025, approximately 32.6 million people will be working remotely, underscoring the driving force behind the growth of the Wi-Fi thermostat market.

Leading companies in the Wi-Fi thermostat market are innovating with solutions such as SmarDER thermostats to cater to the needs of commercial buildings seeking intelligent thermostat solutions. SmarDER thermostat, an intelligent thermostat developed by SensorSuite Inc., centralizes the control of buildings' HVAC systems, enhancing performance and demand response capacity. For instance, in December 2022, SensorSuite Inc. introduced SmarDER, an intelligent thermostat tailored for commercial use. This thermostat integrates seamlessly with SensorSuite's energy management software, enabling building managers to monitor utility consumption in real-time and achieve energy efficiency goals. Operating on its proprietary 900Mhz mesh network, SmarDER ensures reliability and accuracy in data transmission, further enhancing its appeal in commercial settings.

In June 2023, Mysa, a Malaysia-based smart thermostat manufacturer, completed the acquisition of Zen Ecosystems for an undisclosed amount. This strategic acquisition allowed Mysa to leverage Zen Ecosystems' intellectual property to enter the commercial energy management sector, expanding their portfolio from homes to businesses and solidifying their position in the smart thermostat market. Zen Ecosystems, based in the US, specializes in offering smart thermostats with advanced smart home automation and remote control features.

Major companies operating in the wi-fi thermostat market are Google LLC, Robert Bosch GmbH, Siemens AG, Schneider Electric SE, Honeywell International Inc., Johnson Controls International PLC, Carrier Global Corporation, Trane Technologies, Emerson Electric Co., Resideo Technologies, Alarm.com, Ecobee Inc., GridPoint Inc, Thermokon Sensortechnik GmbH, Tado GmbH, Warmup plc, Mysa Innovation Private Limited, Rointe, Lux Products Corporatio, Orbit Irrigation Products, Inc, Salus Controls PLC, Heatmiser UK Ltd, Sinopé Technologies, Cielo WiGle Inc, Radio Thermostat Company of America, Zen Ecosystems Inc., Secure Meters (UK) Limited, Climote.

Europe was the largest region in the wi-fi thermostat market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the wi-fi thermostat market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the wi-fi thermostat market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A Wi-Fi thermostat represents a programmable thermostat integrated with Wi-Fi connectivity, enabling users to remotely manage and oversee their heating, ventilation, and air conditioning (HVAC) systems through smartphones, tablets, or computers. These thermostats empower users to adjust temperature settings, establish personalized heating and cooling schedules, and receive real-time notifications from anywhere via internet connectivity.

The primary categories of Wi-Fi thermostats include learning and non-learning variants. Learning Wi-Fi thermostats utilize sophisticated algorithms to analyze users' heating and cooling behaviors over time, optimizing energy usage and comfort levels accordingly. These thermostats leverage both wired and wireless technologies, catering to applications in residential, commercial, and industrial settings.

The Wi-Fi thermostat market research report is one of a series of new reports that provides Wi-Fi thermostat market statistics, including Wi-Fi thermostat industry global market size, regional shares, competitors with Wi-Fi thermostat market share, detailed Wi-Fi thermostat market segments, market trends, and opportunities, and any further data you may need to thrive in the Wi-Fi thermostat industry. This Wi-Fi thermostat market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The wi-fi thermostat market consist revenues earned by entities by providing installation services, energy management services, firmware updates and maintenance, and smart home integration. The market value includes the value of related goods sold by the service provider or included within the service offering. The wi-fi thermostat market also includes sales of integrated smart home systems, and traditional thermostats with Wi-Fi Adapters to provide an automation experience. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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