Smart Thermostat Market Increasing Demand, Growth Analysis and Future Outlook by 2031

Smart thermostat market is anticipated to grow at an exponential CAGR of 28.2% during the forecast period (2024-2031). The market’s growth is attributed to the increasing demand for smart thermostats driven by growing consumer preference for smart gadgets and energy-efficient solutions.. In smart thermostat solutions interoperability and integration are highly soght after. For instance, the redLINK 3.0's expanded control capabilities and simple installation process promote compatibility with smart thermostats and other smart home products, promoting a more integrated ecosystem. Furthermore, since it enables for seamless connectivity with relevant HVAC systems and other smart house components, the simpler integration with existing HVAC systems and other smart home components promotes higher adoption among both consumers and enterprises.

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The global smart thermostat market is further segmented based on geography including North America (the US, and copyright), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, North America is anticipated to hold a prominent share of the market across the globe, owing to the high adoption of smart thermostats in the region. Furthermore, the rising green buildings and government programs thatpromote energy-efficient practices in the commercial sector are encouraging the use of these devices across the region. In the US, the government has promoted the purchase of smart thermostats, with 17% of residences possessing them installed. Researchers have estimated potential cooling energy reductions in commercial buildings ranging from 4 to 32%, with one research projecting energy savings of more than 50% with the utilization of neural network-based predictive thermal comfort control.

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  • Market Coverage

  • Market number available for – 2024-2031

  • Base year- 2024

  • Forecast period- 2024-2031

  • Segment Covered- By Source, By Product Type, By Applications

  • Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill

  • , and others


Global Smart Thermostat Market Report Segment

By Product

  • Connected Smart thermostat

  • Learning Smart Thermostat

  • Standalone Smart Thermostat


By Connectivity Technology

  • Wireless Network


o          Wi-Fi

o          Zigbee

o          Z-wave

o          Bluetooth

  • Wired Network


By Installation Type

  • New Installation

  • Retrofit Installation


By Vertical

  • Residential

  • Commercial

  • Retail

  • Offices

  • Educational Institutes

  • Hospitality Centers

  • Hospitals

  • Industrial


Global Smart Thermostat Market Report Segment by Region

North America

  • United States

  • copyright


Europe

  • UK

  • Germany

  • Italy

  • Spain

  • France

  • Rest of Europe


Asia-Pacific

  • China

  • India

  • Japan

  • South Korea

  • Rest of Asia-Pacific


Rest of the World

  • Latin America

  • Middle East & Africa


The Report Covers

  • Market value data analysis of 2023 and forecast to 2031.

  • Annualized market revenues ($ million) for each market segment.

  • Country-wise analysis of major geographical regions.

  • Key companies operating in the global smart thermostat market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

  • Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

  • Analysis of market-entry and market expansion strategies.Competitive strategies by identifying ‘who-stands-where’ in the market.


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