Chicago, Jan. 11, 2023 (GLOBE NEWSWIRE) -- Smart Thermostat Market by Product (Connected, Learning, Standalone), Connectivity Technology (Wireless, Wired), Installation Type (New Installation, Retrofit Installation), Vertical (Residential, Commercial, Industrial), and Region- 2026", The market has a promising growth potential due to emergence of IoT-enabled HVAC systemsas the combination of the HVAC industry and IoT provide superior customer-centric services and enabled remote appliance control. Increasing adoption of smart homes; government regulations pertaining to increase energy efficiency of buildings; and surging adoption of smart home voice assistants are among the major factors driving the growth of the smart thermostat market.
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Smart Thermostat Market Scope of the Report
| Report Metric | Details |
| Estimated Value | USD 2.5 Billion |
| Project Value | USD 6.4 Billion |
| CAGR | 20.8% |
| Years considered to provide market size | 2017–2026 |
| Segments Covered | Products, Connectivity Technology, Installation Type, Vertical, and Geography |
| Geographies Covered | North America, Europe, APAC, and RoW |
| Companies Covered | Alphabet (Google Nest) (US), Emerson Electric (US), Honeywell International (US), Lennox International (US), Ecobee (Canada), Carrier Corporation (US), Johnson Controls (Lux Products) (Ireland), Legrand (Netatmo) (France), Resideo Technologies (US), Siemens (Germany), Trane Technologies (Ireland), Control4 Corporation (US), Nortek Control (US), Tado (Germany), Alarm.com (US), Bosch Thermotechnology (Germany), Centrica Hive (UK), Cielo Wigle (US), Climote (Ireland), Empowered Homes (MYSA) (Canada), Eve Systems (Germany), MRCOOL (US), Radio Thermostat Company of America (US), Salus Controls (UK), Vine Connected (US), VIvint (US), Zen Ecosystems (US) |
“Browse in-depth TOC on "Smart Thermostat Industry"
250 – Tables
67 – Figures
250 – Pages
Alphabet (Google Nest)
Google Nest is one of the key players in the smart thermostat market. It has adopted the strategy of product launches to gain a competitive edge in the market. For instance, in October 2020, it introduced Nest Thermostat. The company was acquired by Google Inc. in 2014, which helped the former to benefit from the wide geographical reach of its parent company and increase its customer base across the world. The company has a very strong image in the thermostat market. The strong R&D capabilities of Google ensure the company’s leading position in the future.
Honeywell International
A diversified product portfolio helps the company to cater to a wide customer base. Also, a strong financial performance in the Building Technologies segment is expected to strengthen the position of the company in the smart thermostat market. The huge R&D expenditure of USD 2.6 billion in 2019 and similar investments in the past ensure the company’s technological edge in the thermostat market. Honeywell International has licensed its Honeywell Home brand through a long-term license agreement to Resideo to allow the latter to market its smart thermostats for home automation. Resideo is an independent public company spun-off from Honeywell in November 2018. Honeywell International focuses on sales by taking advantage of its wide geographic reach and brand name. The company brings world-class products and services to the market at an affordable price. The expansion strategy of the company also helps it to increase its customer base across the world, including in emerging economies such as India and China, which would also allow it to generate higher profit.
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This research report segments the smart thermostat market based on products, connectivity technology, installation type, vertical and geography.
Smart Thermostat Market By Products:
- Connected Smart thermostat
- Learning Smart Thermostat
- Standalone Smart Thermostat
Market By Connectivity Technology
- Wireless Network
- Wi-Fi
- Zigbee
- Z-wave
- Bluetooth
- Wired Network
Market By Installation Type
- New Installation
- Retrofit Installation
Market By Vertical
- Residential
- Commercial
- Retail
- Offices
- Educational Instatitutes
- Hospitality Centers
- Hospitals
- Industrial
Market Developments
In December 2020, Carrier launched an updated zoning sensor to be used with its flagship Infinity System. The sensor provides homeowners with a wall control featuring a new, contemporary design, with the ability to control an individual zone in an Infinity zoning system..
In October 2020, Google Nest launched a new version of Nest Thermostat. By using AI, it keeps homes comfortable while helping people save energy and identify issues with their eligible HVAC systems.
In September 2020, Eni gas e luce and tado formed a partnership in which the latter’s smart thermostat solution will be a part of Eni gas e luce’s smart home offerings for the Italian market, strengthening the brand’s energy efficiency offerings.
In February 2020, Resideo expanded to a new, state-of-the-art technical center in Lotte. With this step, Resideo underscores its commitment to the region. The new technical center will be the work area of various development departments in Lotte that specialize in measuring and testing safety devices for globally operating boiler manufacturers.
In January 2020, Carrier partnered with ecobee to offer co-branded versions of the ecobee3 lite Pro and ecobee SmartThermostat Pro with voice control. These thermostats offer homeowners a new way to experience personalized comfort and enhanced energy savings at home. Related Report:
- The European Smart Home Market by Product (Lighting Controls, Security & Access Controls, HVAC Controls, Smart Speakers, Smart Kitchens, Home Appliances, Home Healthcare), Software & Service (Proactive, Behavioral) and Geography - Global Forecast to 2027
- The Smart Home Market by Product (Lighting Control, Security & Access Control, HVAC Control, Smart Speaker, Smart Kitchen, Smart Furniture), Software & Services, Sales Channel, and Region - Global Forecast to 2026
