How big is the Smart Thermostat Market?

The Smart Thermostat Market size is expected to reach USD 5.34 billion in 2024 and grow at a CAGR of 20.10% to reach USD 13.36 billion by 2029. Read More

What is the current Smart Thermostat Market size?

In 2024, the Smart Thermostat Market size is expected to reach USD 5.34 billion. Read More

Who are the key players in Smart Thermostat Market?

Nest Labs Inc., ecobee, Emerson Electric Co., Johnson Controls and Honeywell International are the major companies operating in the Smart Thermostat Market. Read More

Which is the fastest growing region in Smart Thermostat Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Smart Thermostat Market?

In 2024, the North America accounts for the largest market share in Smart Thermostat Market. Read More

What years does this Smart Thermostat Market cover, and what was the market size in 2023?

In 2023, the Smart Thermostat Market size was estimated at USD 4.45 billion. The report covers the Smart Thermostat Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Smart Thermostat Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

What are the trends shaping the Smart Thermostat Market?

Key trends shaping the Smart Thermostat Market are: a) Increasing integration with AI and machine learning b) Rise of voice-controlled thermostats c) Growing emphasis on sustainability and energy conservation Read More

Smart Thermostat Market - Share, Size & Growth

Smart Thermostat Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Smart Thermostat Market Trends & Technology and it is Segmented by Type of Thermostat (Wired and Wireless), End-User (Residential and Commercial Sectors), and Geography. The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.

Smart Thermostat Industry Overview

The smart thermostat market is fragmented and competitive. Due to the government's support and promotion for the uptake of smart devices in residential buildings, many smart home vendors have entered the market. Some of the key players in the market include Alphabet Inc. (Nest Labs - Google), Honeywell International Inc., Ecobee, Schneider Electric SE, and Lennox International Inc., among others. Some recent developments in the market include:

In September 2022, Autogrid entered into a partnership with Mysa with an aim to launch utility-scale virtual power plants using smart thermostat technology for grid modernization. AutoGrid would be leveraging its VPP platform in collaboration with Mysa's smart thermostat technology for electric heating and cooling to provide a scalable and comprehensive dispatch solution for both technologies and other IoT solutions from various thermostat and Water Heater Controls platforms.

In May 2022, Ecobee launched its new Ecobee Smart Thermostat Premium, which would be replacing its existing flagship model, SmartThermostat with Voice Control, with new features.