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Smart Thermostat Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

The global smart thermostat market reached a value of US$ 2.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 7.7 Billion by 2027, exhibiting at a CAGR of 23.4% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.

A smart thermostat is a part of a control system which senses and maintains the temperature of an area. It is an automatic device which is capable of remotely switching on and off the heating of a room through the internet. Smart thermostats can be programmed and used via various mobile devices such as remote controls, smartphones and computers. They can also display the amount of heating being used and control their activity by tracking or learning the daily routine of the user. 

 

 
 

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Over the years, there has been a significant rise in the installation of smart home systems and technologies in households. This is one of the primary factors driving the growth of the global smart thermostat market. Moreover, there has been a surge in the sales of various smart home voice assistants such as Amazon Echo and Google Home which is further driving the growth of the market. In addition, as smart thermostats help in saving electricity, their sales have been influenced by the augmented demand for energy efficient solutions. This represents another factor which is positively influencing the market growth. 

Key Market Segmentation: 

IMARC Group provides an analysis of the key trends in each sub-segment of the global smart thermostat market, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on product, component, technology and application.

Breakup by Product:

  • Standalone Smart Thermostats  
  • Connected Smart Thermostats 
  • Learning Smart Thermostats


Based on the product, the market has been segmented into standalone smart thermostats, connected smart thermostats and learning smart thermostats.

Breakup by Component:

  • Display
  • Temperature Sensors
  • Humidity Sensors
  • Motion Sensors
  • Others


On the basis of component, the global smart thermostat market has been segregated into display, temperature sensors, humidity sensors, motion sensors and others.

Breakup by Technology:

  • Wired
  • Wireless
    • WiFi
    • Zig Bee
    • Others


Based on technology, the market has been segmented into wired and wireless smart thermostats. Further, the wireless smart thermostat market has been segregated into WiFi, Zig Bee and others.

Breakup by Application:

  • Residential
  • Commercial
  • Industrial


Based on application, the market has been segmented into residential, commercial and industrial.

Breakup by Region:

  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • Latin America


Region-wise, the global smart thermostat market has been segregated into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. Among these, Asia-Pacific represents the biggest market for smart thermostats.

Competitive Landscape:

The competitive landscape of the market has also been examined with some of the key players being Nest Labs, Inc., Honeywell International Inc., Ecobee, Inc., Emerson Electric Co., Schneider Electric SE, Tado GmbH, Control4 Corporation, Carrier Corporation and Nortek, Inc.

This report provides a deep insight into the global smart thermostat market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the smart thermostat market in any manner.

Report Coverage:

Report Features Details
Base Year of the Analysis 2021
Historical Period 2016-2021
Forecast Period 2022-2027
Units US$ Billion
Segment Coverage Product, Component, Technology, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered Nest Labs, Inc., Honeywell International Inc., Ecobee, Inc., Emerson Electric Co., Schneider Electric SE, Tado GmbH, Control4 Corporation, Carrier Corporation and Nortek, Inc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


Key Questions Answered in This Report:

  • How has the global smart thermostat market performed so far and how will it perform in the coming years?
  • What are the key regions in the global smart thermostat market?
  • What has been the impact of COVID-19 on the global smart thermostat market?
  • What are the major application segments in the global smart thermostat market?
  • What are the different technologies of smart thermostat?
  • What are the major components in the global smart thermostat market?
  • Which are the popular products in the global smart thermostat market?
  • What are the price trends of smart thermostat?
  • What are the various stages in the value chain of the global smart thermostat market?
  • What are the key driving factors and challenges in the global smart thermostat market?
  • What is the structure of the global smart thermostat market and who are the key players?
  • What is the degree of competition in the global smart thermostat market?
  • How is smart thermostat manufactured?

1   Preface
2   Scope and Methodology

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3   Executive Summary
4   Introduction

    4.1    Overview
    4.2    Key Industry Trends
5   Global Smart Thermostat Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Breakup by Product
    5.5    Market Breakup by Component
    5.6    Market Breakup by Technology
    5.7    Market Breakup by Application
    5.8    Market Breakup by Region
    5.9    Market Forecast
    5.10    SWOT Analysis
        5.10.1    Overview
        5.10.2    Strengths
        5.10.3    Weaknesses
        5.10.4    Opportunities
        5.10.5    Threats
    5.11    Value Chain Analysis
        5.11.1    Overview
        5.11.2    Research and Development
        5.11.3    Raw Material Procurement
        5.11.4    Manufacturing
        5.11.5    Marketing
        5.11.6    Distribution
        5.11.7    End-Use
    5.12    Porters Five Forces Analysis
        5.12.1    Overview
        5.12.2    Bargaining Power of Buyers
        5.12.3    Bargaining Power of Suppliers
        5.12.4    Degree of Competition
        5.12.5    Threat of New Entrants
        5.12.6    Threat of Substitutes
6   Market Breakup by Product
    6.1    Standalone Smart Thermostats  
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    Connected Smart Thermostats 
        6.2.1 Market Trends
        6.2.2 Market Forecast
    6.3    Learning Smart Thermostats
        6.3.1 Market Trends
        6.3.2 Market Forecast
7   Market Breakup by Component
    7.1    Display
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    Temperature Sensors
        7.2.1 Market Trends
        7.2.2 Market Forecast
    7.3    Humidity Sensors
        7.3.1 Market Trends
        7.3.2 Market Forecast
    7.4    Motion Sensors
        7.4.1 Market Trends
        7.4.2 Market Forecast
    7.5    Others
        7.5.1 Market Trends
        7.5.2 Market Forecast
8   Market Breakup by Technology
    8.1    Wired
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    Wireless
        8.2.1    Market Trends
        8.2.2    Market Breakup by Type
           8.2.2.1    WiFi
              8.2.2.1.1    Market Trends
              8.2.2.1.2   Market Forecast
           8.2.2.2    Zig Bee
              8.2.2.2.1    Market Trends
              8.2.2.2.2   Market Forecast
           8.2.2.3    Others
              8.2.2.3.1    Market Trends
              8.2.2.3.2   Market Forecast
        8.2.3   Market Forecast
9   Market Breakup by Application
    9.1    Residential
        9.1.1 Market Trends
        9.1.2 Market Forecast
    9.2    Commercial
        9.2.1 Market Trends
        9.2.2 Market Forecast
    9.3    Industrial
        9.3.1 Market Trends
        9.3.2 Market Forecast
10  Market Breakup by Region
    10.1    North America
        10.1.1 Market Trends
        10.1.2 Market Forecast
    10.2    Europe
        10.2.1 Market Trends
        10.2.2 Market Forecast
    10.3    Asia Pacific
        10.3.1 Market Trends
        10.3.2 Market Forecast
    10.4    Middle East and Africa
        10.4.1 Market Trends
        10.4.2 Market Forecast
    10.5    Latin America
        10.5.1 Market Trends
        10.5.2 Market Forecast
11  Smart Thermostat Manufacturing Process
    11.1    Product Overview
    11.2    Raw Material Requirements
    11.3    Manufacturing Process
    11.4    Key Success and Risk Factors
12  Competitive Landscape
    12.1    Market Structure
    12.2    Key Players
    12.3    Profiles of Key Players
        12.3.1    Nest Labs, Inc. 
        12.3.2    Honeywell International Inc. 
        12.3.3    Ecobee, Inc.
        12.3.4    Emerson Electric Co.
        12.3.5    Schneider Electric SE
        12.3.6    Tado GmbH
        12.3.7    Control4 Corporation 
        12.3.8    Carrier Corporation
        12.3.9    Nortek, Inc.

List of Figures

Figure 1: Global: Smart Thermostat Market: Major Drivers and Challenges
Figure 2: Global: Smart Thermostat Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Global: Smart Thermostat Market: Breakup by Product (in %), 2021
Figure 4: Global: Smart Thermostat Market: Breakup by Component (in %), 2021
Figure 5: Global: Smart Thermostat Market: Breakup by Technology (in %), 2021
Figure 6: Global: Smart Thermostat Market: Breakup by Application (in %), 2021
Figure 7: Global: Smart Thermostat Market: Breakup by Region (in %), 2021
Figure 8: Global: Smart Thermostat Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 9: Global: Smart Thermostat Industry: SWOT Analysis
Figure 10: Global: Smart Thermostat Industry: Value Chain Analysis
Figure 11: Global: Smart Thermostat Industry: Porter’s Five Forces Analysis
Figure 12: Global: Smart Thermostat Market (Standalone Smart Thermostats): Sales Value (in Million US$), 2016 & 2021
Figure 13: Global: Smart Thermostat Market Forecast (Standalone Smart Thermostats): Sales Value (in Million US$), 2022-2027
Figure 14: Global: Smart Thermostat Market (Connected Smart Thermostats): Sales Value (in Million US$), 2016 & 2021
Figure 15: Global: Smart Thermostat Market Forecast (Connected Smart Thermostats): Sales Value (in Million US$), 2022-2027
Figure 16: Global: Smart Thermostat Market (Learning Smart Thermostats): Sales Value (in Million US$), 2016 & 2021
Figure 17: Global: Smart Thermostat Market Forecast (Learning Smart Thermostats): Sales Value (in Million US$), 2022-2027
Figure 18: Global: Smart Thermostat Market (Display): Sales Value (in Million US$), 2016 & 2021
Figure 19: Global: Smart Thermostat Market Forecast (Display): Sales Value (in Million US$), 2022-2027
Figure 20: Global: Smart Thermostat Market (Temperature Sensors): Sales Value (in Million US$), 2016 & 2021
Figure 21: Global: Smart Thermostat Market Forecast (Temperature Sensors): Sales Value (in Million US$), 2022-2027
Figure 22: Global: Smart Thermostat Market (Humidity Sensors): Sales Value (in Million US$), 2016 & 2021
Figure 23: Global: Smart Thermostat Market Forecast (Humidity Sensors): Sales Value (in Million US$), 2022-2027
Figure 24: Global: Smart Thermostat Market (Motion Sensors): Sales Value (in Million US$), 2016 & 2021
Figure 25: Global: Smart Thermostat Market Forecast (Motion Sensors): Sales Value (in Million US$), 2022-2027
Figure 26: Global: Smart Thermostat Market (Other Components): Sales Value (in Million US$), 2016 & 2021
Figure 27: Global: Smart Thermostat Market Forecast (Other Components): Sales Value (in Million US$), 2022-2027
Figure 28: Global: Smart Thermostat Market (Wired): Sales Value (in Million US$), 2016 & 2021
Figure 29: Global: Smart Thermostat Market Forecast (Wired): Sales Value (in Million US$), 2022-2027
Figure 30: Global: Smart Thermostat Market (Wireless): Sales Value (in Million US$), 2016 & 2021
Figure 31: Global: Smart Thermostat Market (Wireless): Breakup by Type (in %), 2021
Figure 32: Global: Smart Thermostat Market (WiFi): Sales Value (in Million US$), 2016 & 2021
Figure 33: Global: Smart Thermostat Market Forecast (WiFi): Sales Value (in Million US$), 2022-2027
Figure 34: Global: Smart Thermostat Market (Zig Bee): Sales Value (in Million US$), 2016 & 2021
Figure 35: Global: Smart Thermostat Market Forecast (Zig Bee): Sales Value (in Million US$), 2022-2027
Figure 36: Global: Smart Thermostat Market (Others): Sales Value (in Million US$), 2016 & 2021
Figure 37: Global: Smart Thermostat Market Forecast (Others): Sales Value (in Million US$), 2022-2027
Figure 38: Global: Smart Thermostat Market Forecast (Wireless): Sales Value (in Million US$), 2022-2027
Figure 39: Global: Smart Thermostat Market (Residential Applications): Sales Value (in Million US$), 2016 & 2021
Figure 40: Global: Smart Thermostat Market Forecast (Residential Applications): Sales Value (in Million US$), 2022-2027
Figure 41: Global: Smart Thermostat Market (Commercial Applications): Sales Value (in Million US$), 2016 & 2021
Figure 42: Global: Smart Thermostat Market Forecast (Commercial Applications): Sales Value (in Million US$), 2022-2027
Figure 43: Global: Smart Thermostat Market (Industrial Applications): Sales Value (in Million US$), 2016 & 2021
Figure 44: Global: Smart Thermostat Market Forecast (Industrial Applications): Sales Value (in Million US$), 2022-2027
Figure 45: North America: Smart Thermostat Market: Sales Value (in Million US$), 2016 & 2021
Figure 46: North America: Smart Thermostat Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 47: Europe: Smart Thermostat Market: Sales Value (in Million US$), 2016 & 2021
Figure 48: Europe: Smart Thermostat Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 49: Asia Pacific: Smart Thermostat Market: Sales Value (in Million US$), 2016 & 2021
Figure 50: Asia Pacific: Smart Thermostat Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 51: Middle East and Africa: Smart Thermostat Market: Sales Value (in Million US$), 2016 & 2021
Figure 52: Middle East and Africa: Smart Thermostat Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 53: Latin America: Smart Thermostat Market: Sales Value (in Million US$), 2016 & 2021
Figure 54: Latin America: Smart Thermostat Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 55: Smart Thermostat Manufacturing: Process Flow

List of Tables

Table 1: Global: Smart Thermostat Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Smart Thermostat Market Forecast: Breakup by Product (in Million US$), 2022-2027
Table 3: Global: Smart Thermostat Market Forecast: Breakup by Component (in Million US$), 2022-2027
Table 4: Global: Smart Thermostat Market Forecast: Breakup by Technology (in Million US$), 2022-2027
Table 5: Global: Smart Thermostat Market Forecast: Breakup by Application (in Million US$), 2022-2027
Table 6: Global: Smart Thermostat Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 7: Smart Thermostat Manufacturing: Raw Material Requirements
Table 8: Global: Smart Thermostat Market: Competitive Structure
Table 9: Global: Smart Thermostat Market: Key Players


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