Selbyville, Delaware,, Oct. 09, 2024 (GLOBE NEWSWIRE) --
The smart thermostat market is predicted to reach USD 4.48 billion by 2032, as reported in a research study by Global Market Insights Inc. This growth is fueled by rising consumer interest in home automation and energy efficiency. Smart thermostats enable users to remotely control their home’s heating, air conditioning (HVAC) systems, and ventilation via mobile apps or voice assistants. They come equipped with features like programmable schedules, energy usage tracking, and compatibility with other smart home systems. The global smart thermostat industry is expanding, driven by the increasing adoption of smart home technologies. As households and businesses increasingly invest in smart solutions, thermostats are emerging as essential components. These devices not only enhance home automation but also play a pivotal role in energy management.
Based on the product type, the smart thermostat market from integrated smart thermostats segment generated a revenue of approximately USD 1.81 billion in 2023 and is projected to grow at a CAGR of 4.9% during 2024 to 2032. Integrated smart thermostats, often part of larger home automation or HVAC systems, boast features like compatibility with other smart devices and energy management systems. Brands such as Honeywell and Johnson Controls lead in offering these integrated solutions.
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Based on the distribution channel, the smart thermostat market from online segment held approximately 63.8% share of the market in 2023 and is estimated to grow at a CAGR of 4.9% from 2024 to 2032. This channel encompasses sales via e-commerce platforms, company websites, and other online retailers. It provides consumers with convenience, a broader product range, competitive pricing, and easy feature and review comparisons. The segment's growth is propelled by the rising preference for online shopping and the global expansion of e-commerce.
In 2023, North America region captured about 34.6% share of the smart thermostat market in 2023 and is anticipated to grow at a CAGR of 4.8% through 2032. The U.S. and Canada, with their established markets for smart home technologies, significantly contribute to North America's dominance. Consumers in the region show a strong preference for advanced home automation, driving demand for seamlessly integrated smart thermostats. As a hub for technological innovation, North America benefits from advancements in smart thermostat technology, including AI features and enhanced connectivity.
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Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market scope & definitions
1.2 Base estimates & calculations
1.3 Forecast calculations
1.4 Data sources
Chapter 2 Executive Summary
2.1 Industry 3600 synopsis, 2021-2032
Chapter 3 Smart Thermostat Market Insights
3.1 Industry ecosystem analysis
3.1.1 Factor affecting the value chain
3.1.2 Profit margin analysis
3.1.3 Disruptions
3.1.4 Future outlook
3.1.5 Manufacturers
3.1.6 Distributors
3.2 Supplier landscape
3.3 Profit margin analysis
3.4 Technological overview
3.5 Key news & initiatives
3.6 Regulatory landscape
3.7 Impact forces
3.7.1 Growth drivers
3.7.1.1 Rising adoption of smart home technologies
3.7.1.2 Energy efficiency and cost savings
3.7.1.3 Technological advancements
3.7.2 Industry pitfalls & challenges
3.7.2.1 High initial costs
3.7.2.2 Privacy and security concerns
3.8 Growth potential analysis
3.9 Porter’s analysis
3.10 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
