Global Smart Thermostat Market Size 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), By Geographic Scope And Forecast

Oct 2022| VMR5804A| Verified Market Research

Report Highlights

Smart Thermostat Market Insights

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.

The Smart Thermostat Market report provides a holistic evaluation of the market for the forecast period. The report comprises various segments as well as an analysis of the trends and factors that are playing a substantial role in the market. These factors; the market dynamics involve the drivers, restraints, opportunities, and challenges through which the impact of these factors in the market are outlined. The drivers and restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market. The Smart Thermostat Market study provides an outlook on the development of the market in terms of revenue throughout the prognosis period.

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. This report provides an all-inclusive environment for the analysis of the Smart Thermostat Market. The market estimates provided in the report are the result of in-depth secondary research, primary interviews, and in-house expert reviews. These market estimates have been considered by studying the impact of various social, political, and economic factors along with the current market dynamics affecting the Smart Thermostat Market growth.

Along with the market overview, which comprises the market dynamics the chapter includes Porter’s Five Forces analysis which explains the five forces: namely buyers’ bargaining power, suppliers’ bargaining power, the threat of new entrants, the threat of substitutes, and degree of competition in the Smart Thermostat Market. It explains the various participants, such as system integrators, intermediaries, and end-users within the ecosystem of the market. The report also focuses on the competitive landscape of the Smart Thermostat Market.

Report Synopsis

Report Metrics Details
Base year considered 2020
Forecast period considered 2021-2028
Base year market size 1.97 $ Billion
Market size forecast 8.45 $ Billion 
Growth rate 19.97% 
Units considered $ Billion
Segments covered Products, Connectivity Technology, Installation Type, Vertical, and Geography.
Industry covered Packaging, Construction, Mining & Gases
Companies studied
  • Alphabet (Google Nest),
  • Resideo Technologies,
  • Emerson Electric,
  • Honeywell International,
  • Lennox International,
  • Ecobee,
  • Carrier Corporation,
  • Johnson Controls (Lux Products),
  • Legrand (Netatmo),
  • Siemens. 

Global Smart Thermostat Market: Segmentation Analysis

The Global Smart Thermostat Market is segmented based on Products, Connectivity Technology, Installation Type, Vertical, and Geography.

Key Players In Smart Thermostat Market

The Global Smart Thermostat Market study report will provide a valuable insight with an emphasis on the global market. 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. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

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