New York , Oct. 19, 2023 (GLOBE NEWSWIRE) -- The smart thermostat market size is projected to grow at a CAGR of over 20% from 2023 to 2035. The market is expected to garner a revenue of USD 16 billion by the end of 2035, up from a revenue of USD 3 billion in the year 2022. The growth of the sector is estimated to expand on account of the growth in the emission of carbon. According to the study, air conditioning produces 3.94% of the globe's annual greenhouse gas emissions, or the equivalent of 1,950 million tons of carbon dioxide released. 531 million tons of that total are caused by energy used to regulate temperature, and 599 million tons come from removing humidity. Hence, the utilization of smart thermostats is projected to rise.
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Moreover, a large number of key players are focusing on encouraging the use of smart thermostat. For instance, Google claims that the Nest Learning Thermostat saves homeowners close to 9% to about 11% on heating and approximately 14% on cooling, resulting in a cheaper energy cost and fewer emissions of greenhouse gases. Since a smart thermostat operates after studying the pattern of temperature in a room this saves energy from being wasted. Additionally, this could also be scheduled as per a person’s preference which makes this system preferable.
Smart Thermostat Market: Key Takeaways
- Market in Asia Pacific market to propel the highest growth
- The Wireless segment to garner the highest growth
- Market in the North America market to grow at the highest rate
Growing Adoption of IoT to Boost the Growth of the Global Market
Home temperature control has been transformed by smart thermostats featuring IoT capabilities, that offer an array of cutting-edge functions and advantages. Additionally, the use of WiFi is also growing which has further influenced the adoption of IoT. In 2021, it was expected that about 21 billion devices will be connected to WLAN globally. Wi-Fi has been a key enabler of IoT innovation, providing ubiquitous connectivity to link a wide range of "things" to the internet and to each other. With the integration and interoperability that Wi-Fi provides, IoT solutions are expected to be able to securely connect to one another and to billions of user-centric devices, maximizing the potential of IoT settings and applications. Therefore, the demand for IoT is projected to increase further giving scope for the growth of the market.
Smart Thermostat Industry: Regional Overview
The global smart thermostat market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Government Investment in Smart Cities Initiatives to Drive the Growth of Market in Asia Pacific
The market in Asia Pacific is estimated to capture share of about ~35% over the coming years. The growth of the market in this region could be encouraged by growing government investment in smart cities. For 100 smart cities, the Central Government had allocated about USD 4 billion as of July 8, 2022; approximately 89% of that amount, or close to USD 3 billion, had already been spent.
Rising Urban Population to Influence the Market Expansion in North America
The North America smart thermostat market is projected to rise at a significant share of about 28% over the forecast period. This growth in the region’s market could be on account of the rising urban population. The urban population in North America was about 308,798,138 in 2022, up from approximately 0.76% in 2021. With the surge in urban population, the need to advance their homes is also growing since along with this rise the disposable income is also growing in this region.
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Smart Thermostat, Segmentation by Connectivity
- Wireless
- Wired
The wireless segment is projected to garner the largest share of about 58% over the forecast period. The growth of the segment could be encouraged by growing GPS connection. At the moment, 31 satellites of the Global Positioning System are in orbit around the Earth at a height of roughly 11,000 miles, giving users precise information on position, velocity, and time everywhere in the world and in any weather. Hence, this has made wireless thermostat operate efficiently.
Smart Thermostat, Segmentation by Application
- Climate Control
- Water Heating
- Others
The climate control segment in the smart thermostat market is projected to hold the largest revenue share during the forecast period. The major factor for the growth of the segment is growing temperature owing to global warming. Since 1880, the Earth's temperature has increased by an average of 0.14° F (0.08° C) per decade, or nearly 2° F overall. The average surface temperature during the 20th century was 57.0 °F (13.9 °C), and in 2022 it was 1.55 °F (0.86 °Celsius) warmer than that average and 1.90 °F (1.06 °C) warmer than it was during the pre-industrial era (1880–190).
Smart Thermostat, Segmentation by Type
- Conventional
- Network-Abled Product
Smart Thermostat, Segmentation by End Use
- Connected
- Learning
- Standalone
A few of the well-known market leaders in the global smart thermostat market that are profiled by Research Nester are Google Nest (Google LLC), Ecobee, Inc., Honeywell International Inc., Emerson Electric Co., Tado GmbH, Ingersoll Rand, Nortek (NTK Holdings, Inc.), Schneider Electric SE, Carrier Global Corporation, Control4 Corporation (Snap One, LLC), and others.
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Recent Development in the Market
- The Nest Thermostat is currently getting new features from Google Nest, a division of Google LLC. Owners of Matter-compatible smart home platforms will be able to control the fundamental functions of their thermostats and modify temperatures thanks to the new Matter support.
- In order to assist homeowners, remain cool, conserve energy, and reduce energy bills, Ecobee, Inc. has announced a cooperation with a few utility companies around the country to deliver the advanced domestic thermostat Ecobee3 lite for free or at a reduced price.
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