The global smart thermostat market is anticipated to grow at an exponential CAGR of 28.2% during the forecast period (2024-2031). Smart thermostats are widely used in various applications, including residential, commercial, healthcare, educational, government, industrial, and specialized environments. They provide centralized control over HVAC systems, optimizing temperature settings for occupant comfort and energy efficiency. To meet the growing demand for smart thermostat solutions key players are making new product launches. For instance, in June 2020, Johnson Controls launched the latest addition to its suite of LUX Products the LUX CS1 Smart Thermostat. The LUX CS1 provides simple features for comfort, control, and savings at a lower cost than comparable thermostat models, making smart technology available to homes and companies operators.
Furthermore, the addition of customization and control tools appeals to users seeking personalized and adaptable solutions. In May 2022, Building36 launched Smart Thermostat HD, the near-universal 24 volt smart thermostat that can communicate wirelessly with HVAC systems, and seamlessly control air quality products and accessories such as humidifiers, dehumidifiers, ERVs, HRVs and more. It is the ideal preferred for HVAC service providers, owing to its simple installation options and extensive feature set.
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Market Coverage
- The market number available for – 2023-2030
- Base year- 2023
- Forecast period- 2024-2031
Segment Covered-
- By Product
- By Application
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape- includes Honeywell International Inc., Lennox International Inc., Mitsubishi Electric Corp., NETATMO, and Resideo Technologies, Inc. and others.
Smart Thermostat Market Report Segment
By Product
- Connected Smart thermostat
- Learning Smart Thermostat
- Standalone Smart Thermostat
By Connectivity Technology
Wireless Network
- Wi-Fi
- Zigbee
- Z-wave
- Bluetooth
Wired Network
- By Installation Type
- New Installation
- Retrofit Installation
By Vertical
- Residential
- Commercial
- Retail
- Offices
- Educational Institutes
- Hospitality Centers
- Hospitals
- Industrial
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Smart Thermostat Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
- Latin America
- Middle East and Africa
Company Profiles
- APX Group
- Centrica plc
- ecobee
- Honeywell International Inc.
- Lennox International Inc.
- Mitsubishi Electric Corp.
- NETATMO
- Resideo Technologies, Inc.
- Schneider Electric
- Siemens AG
- tado GmbH
- Tantalus Systems Corp.
- ZEN Within Inc.
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