Smart Thermostat Market Size To Reach $13.34 Billion By 2030

Smart Thermostat Market Growth & Trends

The global smart thermostat market size is expected to reach USD 13.34 billion by 2030 and is anticipated to grow at a CAGR of 17.8% from 2024 to 2030, according to a new study by Grand View Research, Inc. The growing awareness of the need to reduce carbon footprints and save energy is driving the adoption of smart thermostats.

Smart thermostats are rapidly gaining popularity owing to their ability to efficiently regulate the operation of heating and cooling devices while significantly conserving energy. These innovative devices offer advanced features that enable users to remotely control and monitor their home’s temperature settings through smartphones or other connected devices. These advanced heating and cooling systems offer numerous benefits that make them an attractive option for homeowners. Smart thermostats learn the homeowner’s schedule and preferences, allowing them to automatically adjust temperature settings to maximize energy efficiency. Smart homes leverage IoT technologies to enhance convenience, energy efficiency, and automation, driving the demand for smart thermostats as part of integrated home systems.

The integration of DAS with 5G technology represents a significant advancement in wireless communication infrastructure, further expediting market growth. 5G technology promises ultra-fast internet speeds, low latency, and high reliability, making it ideal for applications such as autonomous vehicles, smart cities, IoT devices, and augmented reality. By combining DAS with 5G technology, operators can deliver enhanced network performance and improved user experience.

Smart Wi-Fi-enabled thermostats have gained popularity among consumers owing to their ability to provide convenience, energy savings, and increased control over home heating and cooling systems. These devices are equipped with advanced features such as remote access via smartphone apps, learning algorithms that adjust temperature settings based on user behavior, and compatibility with smart home ecosystems. In addition, consumers are increasingly seeking ways to reduce their carbon footprint owing to the growing concerns about climate change and environmental sustainability. Smart thermostats with demand response control offer an eco-friendly solution by promoting energy conservation and reducing greenhouse gas emissions, which is further accelerating the market growth.

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Smart Thermostat Market Report Highlights

• Based on technology, the Wi-Fi segment dominated the market in 2023 owing to its widespread availability and compatibility with existing home networks. Wi-Fi-enabled thermostats offer users the convenience of controlling their heating and cooling systems remotely through smartphone apps or web interfaces.

• Based on product, the connected segment dominated the market in 2023. The ongoing advancements in technology have made connected thermostats more user-friendly and advanced. These devices often come equipped with sensors, learning algorithms, and integration capabilities with other smart home devices, enhancing their overall functionality and appeal to consumers.

• Based on end use, the residential segment dominated the market in 2023. The increasing urbanization and population growth have led to a rising demand for residential properties, driving the need for various products and services associated with residential construction and maintenance. This trend is further fueled by changing lifestyles, preferences and an increasing focus on home comfort and convenience among consumers.

• Based on the region, North America dominated the market in 2023. Government initiatives and incentives aimed at promoting energy efficiency have played a crucial role in driving the adoption of smart thermostats in North America.

• For instance, in February 2024, Carrier Corporation launched a new smart thermostat. This thermostat is designed to enhance comfort and energy efficiency for residential and light commercial applications. It offers features such as remote access, geofencing capabilities, and intelligent scheduling to optimize energy usage while ensuring personalized comfort levels for users.

Smart Thermostat Market Segmentation

Grand View Research has segmented the global smart thermostat market based on technology, product, end-use, and region:

Smart Thermostat Technology Outlook (Revenue, USD Million, 2018 - 2030)

• Wi-Fi

• Zigbee

• Others

Smart Thermostat Product Outlook (Revenue, USD Million, 2018 - 2030)

• Connected

• Standalone

• Learning

Smart Thermostat End Use Outlook (Revenue, USD Billion, 2018 - 2030)

• Residential

• Commercial

• Industrial

Smart Thermostat Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

• U.S.

• Canada

• Mexico

• Europe

• UK

• Germany

• France

• Asia Pacific

• China

• India

• Japan

• Latin America

• Brazil

• Middle East & Africa

• UAE

• Saudi Arabia

• South Africa

List of Key Players in the Smart Thermostat Market

• Centrica Hive Limited

• Control4

• Carrier Corporation

• ecobee

• Emerson

• Google Nest

• Honeywell Home

• Johnson Controls

• Lennox International

• Lux Products Corporation

• Netatmo SA

• Resideo Technologies, Inc.

• Siemens

• Tado GmbH

• Trane Technologies

• Vine Connected Corporation