The smart thermostat market in the United States is growing rapidly, driven by increasing awareness about energy conservation, government initiatives promoting energy efficiency, and the rising adoption of smart home technology.
According to FMI, the smart thermostat market could grow from US$ 4.18 billion in 2023 to US$ 35.70 billion by 2033. The market is anticipated to grow tremendously between 2023 and 2033, with an astounding CAGR of 23.9%.
The huge growth can be attributed to the rising customer desire for smart technology and energy-saving solutions, increasing demand for smart thermostats. Smart thermostats gain a lot of momentum by controlling the operation of heating and cooling equipment while substantially reducing energy consumption. They are used more frequently in smart homes as home automation devices, boosting market expansion.
Given the rapid growth of smart infrastructure in the residential and commercial sectors, the smart thermostat market is anticipated to expand during the forecast period. The adoption of IoT and AI-based technologies is anticipated to surge, transforming programmable thermostats into smart ones and driving the global market for smart thermostats.
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Other factors propelling the global smart thermostat market are increasing industrialization and population expansion. Moreover, appliance temperature control improvements and automated systems offer the world’s smart thermostat industry’s prosperous potential.
The increasing importance of energy management solutions and rising smartphone usage favorably impact the market. Existing closed application programming interfaces (API) offered by numerous manufacturers are the gatekeepers for granting access to these devices. Many suppliers have switched to open API, which makes linking more thermostats to utility systems and already existing home energy management platforms possible.
Smart thermostat use has grown not only in residential settings but also in commercial and industrial settings thanks to the energy savings and enhanced return on investment they offer. Several enterprises and sectors use this technology as a low-cost method of managing their HVAC systems. Some barriers to adopting smart thermostats include worries about data security and expensive equipment cost.
With the leading revenue share in the smart thermostat market in 2022, the North American region is expected to maintain its lead over the forecast period. This is brought on by the region’s abundance of major suppliers and the growing awareness of energy use. Industries, residential customers, and businesses are choosing smart energy solutions due to the growing average electricity unit rate. The market in the area is anticipated to expand due to rising technical development and internet usage.
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COMPETITIVE LANDSCAPE
The key players in the global smart thermostat market are Carrier Corporation, ecobee inc., tado° GmbH, Schneider Electric, Nest Labs, Inc., Emerson Electric Co., Honeywell International Inc., and others. These manufacturers focus on developing advanced features such as voice control, learning capabilities, and remote access through mobile apps. They also connect their devices with smart home ecosystems such as Amazon Alexa and Google Assistant. In addition, manufacturers are adopting sustainable practices to reduce energy consumption and carbon footprint.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Apr 18, 2023