Smart Thermostats Market Size to Grow by USD 4.11 Bn, Growth in the number of HVAC equipment users to drive growth -- Technavio

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Nov 16, 2022, 00:00 ET

NEW YORK, Nov. 16, 2022 /PRNewswire/ -- The Smart Thermostats Market Size is expected to grow by USD 4.11 billion between 2021 and 2026. In addition, the growth momentum of the market will accelerate at a CAGR of 19.81% during the forecast period. The report analyses the market size, growth, and provides accurate predictions on the growth of the market.

Key Highlights

Technavio has announced its latest market research report titled Global Smart Thermostats Market 2022-2026

The report recognizes the following as the key players in the Smart thermostats market: Alphabet Inc., Carrier Global Corp., Centrica Plc, Computime Group Ltd., and Control4 Corp. among others.
The smart thermostats market is fragmented in nature.
Market to observe 19.55% YOY growth in 2022.

View our FREE PDF Sample Report for additional highlights

Market Dynamics

The smart thermostats market is expected to witness substantial growth during the forecast period, primarily due to the growth in the number of HVAC equipment users. HVAC systems are being increasingly adopted globally for their energy efficiency. With the help of heating and air conditioning equipment, the temperature can be maintained within a household. Smart thermostats as a part of the HVAC system help in monitoring and controlling the temperature from remote locations, and it turns on the other HVAC system parts to achieve the desired temperature. Therefore, the growth in the construction of residential and commercial buildings is expected to drive the demand for HVAC equipment, thereby spurring the demand for smart thermostats during the forecast period.

The report also covers information on the upcoming trends and challenges that will
influence the market growth. Explore additional information by Downloading our FREE
PDF Sample Report

Vendor Landscape

The global smart thermostats market is diversified with the presence of international and regional vendors. Although several new vendors are trying to venture into the market, they find it difficult to sustain themselves in the sector due to the tough competition from international vendors, particularly in terms of quality, features, functionalities, and services. The competitiveness in the market is likely to intensify during the forecast period owing to product innovations, technological advancements, and mergers and acquisitions. Alphabet Inc. (Google Nest), ecobee Inc., Emerson Electric Co., and Honeywell International Inc. are some of the prominent players in the market. Product innovations play a key role in sustaining the global footprint of the major vendors. Therefore, manufacturers invest in research and development to offer various products that cater to the rising demand for smart thermostats. Innovations and the use of advanced technologies to enhance product portfolios will ensure more competitiveness in the market during the forecast period.

Key Segments

The smart thermostats market is segmented by technology into Wi-Fi, ZigBee, and others. The Wi-Fi segment is expected to be the largest segment of the market during the forecast period. Wi-Fi technology is one of the most common technologies used in smart thermostats. The segment accounted for the largest market share in 2021. The average cost of a Wi-Fi-based smart thermostat ranges up to USD 250. With the help of Wi-Fi connectivity, users can automatically connect to smart devices in their houses and monitor them. The ease of use and convenience offered by Wi-Fi-enabled smart thermostats is expected to drive the growth of the segment during the forecast period.

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Market Player Information

Detailed analysis and profiling of additional market players, vendor segmentation, and vendor offerings.
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Smart Thermostats Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 19.81%
Market growth 2022-2026	USD 4.11 billion
Market structure	Fragmented
YoY growth (%)	19.55
Regional analysis	North America, Europe, APAC, Middle East and Africa, and South America
Performing market contribution	North America at 53%
Key consumer countries	US, Canada, Mexico, China, Germany, and UK
Competitive landscape	Leading companies, competitive strategies, consumer engagement scope
Companies profiled	Alphabet Inc., Carrier Global Corp., Centrica Plc, Computime Group Ltd., Control4 Corp., ecobee Inc., EcoFactor Inc., Emerson Electric Co., GridPoint Inc., Honeywell International Inc., Johnson Controls International Plc, Legrand SA, NETATMO SAS, Nortek Inc., Radio Thermostat Co. of America, Robert Bosch GmbH, Robertshaw Controls Co., Schneider Electric SE, tado GmbH, and Venstar Inc.
Market Dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, and market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table Of Contents:

1 Executive Summary

1.1 Market overview

Exhibit 01: Executive Summary – Chart on Market Overview
Exhibit 02: Executive Summary – Data Table on Market Overview
Exhibit 03: Executive Summary – Chart on Global Market Characteristics
Exhibit 04: Executive Summary – Chart on Market by Geography
Exhibit 05: Executive Summary – Chart on Market Segmentation by Technology
Exhibit 06: Executive Summary – Chart on Incremental Growth
Exhibit 07: Executive Summary – Data Table on Incremental Growth
Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystem

Exhibit 09: Parent market
Exhibit 10: Market Characteristics

3 Market Sizing

3.1 Market definition

Exhibit 11: Offerings of vendors included in the market definition

3.2 Market segment analysis

Exhibit 12: Market segments

3.3 Market size 2021

3.4 Market outlook: Forecast for 2021-2026

Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

4.1 Five forces summary

Exhibit 17: Five forces analysis - Comparison between 2021 and 2026

4.2 Bargaining power of buyers

Exhibit 18: Bargaining power of buyers – Impact of key factors in 2021 and 2026

4.3 Bargaining power of suppliers

Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026

4.4 Threat of new entrants

Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026

4.5 Threat of substitutes

Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026

4.6 Threat of rivalry

Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026

4.7 Market condition

Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

5 Market Segmentation by Technology

5.1 Market segments

Exhibit 24: Chart on Technology - Market share 2021-2026 (%)
Exhibit 25: Data Table on Technology - Market share 2021-2026 (%)

5.2 Comparison by Technology

Exhibit 26: Chart on Comparison by Technology
Exhibit 27: Data Table on Comparison by Technology

5.3 Wi-fi - Market size and forecast 2021-2026

Exhibit 28: Chart on Wi-fi - Market size and forecast 2021-2026 ($ million)
Exhibit 29: Data Table on Wi-fi - Market size and forecast 2021-2026 ($ million)
Exhibit 30: Chart on Wi-fi - Year-over-year growth 2021-2026 (%)
Exhibit 31: Data Table on Wi-fi - Year-over-year growth 2021-2026 (%)

5.4 ZigBee - Market size and forecast 2021-2026

Exhibit 32: Chart on ZigBee - Market size and forecast 2021-2026 ($ million)
Exhibit 33: Data Table on ZigBee - Market size and forecast 2021-2026 ($ million)
Exhibit 34: Chart on ZigBee - Year-over-year growth 2021-2026 (%)
Exhibit 35: Data Table on ZigBee - Year-over-year growth 2021-2026 (%)

5.5 Others - Market size and forecast 2021-2026

Exhibit 36: Chart on Others - Market size and forecast 2021-2026 ($ million)
Exhibit 37: Data Table on Others - Market size and forecast 2021-2026 ($ million)
Exhibit 38: Chart on Others - Year-over-year growth 2021-2026 (%)
Exhibit 39: Data Table on Others - Year-over-year growth 2021-2026 (%)

5.6 Market opportunity by Technology

Exhibit 40: Market opportunity by Technology ($ million)

6 Customer Landscape

6.1 Customer landscape overview

Exhibit 41: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7 Geographic Landscape

7.1 Geographic segmentation

Exhibit 42: Chart on Market share by geography 2021-2026 (%)
Exhibit 43: Data Table on Market share by geography 2021-2026 (%)

7.2 Geographic comparison

Exhibit 44: Chart on Geographic comparison
Exhibit 45: Data Table on Geographic comparison

7.3 North America - Market size and forecast 2021-2026

Exhibit 46: Chart on North America - Market size and forecast 2021-2026 ($ million)
Exhibit 47: Data Table on North America - Market size and forecast 2021-2026 ($ million)
Exhibit 48: Chart on North America - Year-over-year growth 2021-2026 (%)
Exhibit 49: Data Table on North America - Year-over-year growth 2021-2026 (%)

7.4 Europe - Market size and forecast 2021-2026

Exhibit 50: Chart on Europe - Market size and forecast 2021-2026 ($ million)
Exhibit 51: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
Exhibit 52: Chart on Europe - Year-over-year growth 2021-2026 (%)
Exhibit 53: Data Table on Europe - Year-over-year growth 2021-2026 (%)

7.5 APAC - Market size and forecast 2021-2026

Exhibit 54: Chart on APAC - Market size and forecast 2021-2026 ($ million)
Exhibit 55: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
Exhibit 56: Chart on APAC - Year-over-year growth 2021-2026 (%)
Exhibit 57: Data Table on APAC - Year-over-year growth 2021-2026 (%)

7.6 Middle East and Africa - Market size and forecast 2021-2026

Exhibit 58: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
Exhibit 59: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
Exhibit 60: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
Exhibit 61: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)

7.7 South America - Market size and forecast 2021-2026

Exhibit 62: Chart on South America - Market size and forecast 2021-2026 ($ million)
Exhibit 63: Data Table on South America - Market size and forecast 2021-2026 ($ million)
Exhibit 64: Chart on South America - Year-over-year growth 2021-2026 (%)
Exhibit 65: Data Table on South America - Year-over-year growth 2021-2026 (%)

7.8 US - Market size and forecast 2021-2026

Exhibit 66: Chart on US - Market size and forecast 2021-2026 ($ million)
Exhibit 67: Data Table on US - Market size and forecast 2021-2026 ($ million)
Exhibit 68: Chart on US - Year-over-year growth 2021-2026 (%)
Exhibit 69: Data Table on US - Year-over-year growth 2021-2026 (%)

7.9 Canada - Market size and forecast 2021-2026

Exhibit 70: Chart on Canada - Market size and forecast 2021-2026 ($ million)
Exhibit 71: Data Table on Canada - Market size and forecast 2021-2026 ($ million)
Exhibit 72: Chart on Canada - Year-over-year growth 2021-2026 (%)
Exhibit 73: Data Table on Canada - Year-over-year growth 2021-2026 (%)

7.10 Germany - Market size and forecast 2021-2026

Exhibit 74: Chart on Germany - Market size and forecast 2021-2026 ($ million)
Exhibit 75: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
Exhibit 76: Chart on Germany - Year-over-year growth 2021-2026 (%)
Exhibit 77: Data Table on Germany - Year-over-year growth 2021-2026 (%)

7.11 China - Market size and forecast 2021-2026

Exhibit 78: Chart on China - Market size and forecast 2021-2026 ($ million)
Exhibit 79: Data Table on China - Market size and forecast 2021-2026 ($ million)
Exhibit 80: Chart on China - Year-over-year growth 2021-2026 (%)
Exhibit 81: Data Table on China - Year-over-year growth 2021-2026 (%)

7.12 Mexico - Market size and forecast 2021-2026

Exhibit 82: Chart on Mexico - Market size and forecast 2021-2026 ($ million)
Exhibit 83: Data Table on Mexico - Market size and forecast 2021-2026 ($ million)
Exhibit 84: Chart on Mexico - Year-over-year growth 2021-2026 (%)
Exhibit 85: Data Table on Mexico - Year-over-year growth 2021-2026 (%)

7.13 UK - Market size and forecast 2021-2026

Exhibit 86: Chart on UK - Market size and forecast 2021-2026 ($ million)
Exhibit 87: Data Table on UK - Market size and forecast 2021-2026 ($ million)
Exhibit 88: Chart on UK - Year-over-year growth 2021-2026 (%)
Exhibit 89: Data Table on UK - Year-over-year growth 2021-2026 (%)

7.14 Market opportunity by geography

Exhibit 90: Market opportunity by geography ($ million)

8 Drivers, Challenges, and Trends

8.1 Market drivers

8.2 Market challenges

8.3 Impact of drivers and challenges

Exhibit 91: Impact of drivers and challenges in 2021 and 2026

8.4 Market trends

9 Vendor Landscape

9.1 Overview

9.2 Vendor landscape

Exhibit 92: Overview on Criticality of inputs and Factors of differentiation

9.3 Landscape disruption

Exhibit 93: Overview on factors of disruption

9.4 Industry risks

Exhibit 94: Impact of key risks on business

10 Vendor Analysis

10.1 Vendors covered

Exhibit 95: Vendors covered

10.2 Market positioning of vendors

Exhibit 96: Matrix on vendor position and classification

10.3 Alphabet Inc.

Exhibit 97: Alphabet Inc. - Overview
Exhibit 98: Alphabet Inc. - Business segments
Exhibit 99: Alphabet Inc. - Key news
Exhibit 100: Alphabet Inc. - Key offerings
Exhibit 101: Alphabet Inc. - Segment focus

10.4 Centrica Plc

Exhibit 102: Centrica Plc - Overview
Exhibit 103: Centrica Plc - Business segments
Exhibit 104: Centrica Plc - Key news
Exhibit 105: Centrica Plc - Key offerings
Exhibit 106: Centrica Plc - Segment focus

10.5 Computime Group Ltd.

Exhibit 107: Computime Group Ltd. - Overview
Exhibit 108: Computime Group Ltd. - Business segments
Exhibit 109: Computime Group Ltd. - Key offerings
Exhibit 110: Computime Group Ltd. - Segment focus

10.6 ecobee Inc.

Exhibit 111: ecobee Inc. - Overview
Exhibit 112: ecobee Inc. - Product / Service
Exhibit 113: ecobee Inc. - Key offerings

10.7 EcoFactor Inc.

Exhibit 114: EcoFactor Inc. - Overview
Exhibit 115: EcoFactor Inc. - Product / Service
Exhibit 116: EcoFactor Inc. - Key offerings

10.8 Emerson Electric Co.

Exhibit 117: Emerson Electric Co. - Overview
Exhibit 118: Emerson Electric Co. - Business segments
Exhibit 119: Emerson Electric Co. - Key news
Exhibit 120: Emerson Electric Co. - Key offerings
Exhibit 121: Emerson Electric Co. - Segment focus

10.9 GridPoint Inc.

Exhibit 122: GridPoint Inc. - Overview
Exhibit 123: GridPoint Inc. - Product / Service
Exhibit 124: GridPoint Inc. - Key offerings

10.10 Honeywell International Inc.

Exhibit 125: Honeywell International Inc. - Overview
Exhibit 126: Honeywell International Inc. - Business segments
Exhibit 127: Honeywell International Inc. - Key news
Exhibit 128: Honeywell International Inc. - Key offerings
Exhibit 129: Honeywell International Inc. - Segment focus

10.11 Johnson Controls International Plc

Exhibit 130: Johnson Controls International Plc - Overview
Exhibit 131: Johnson Controls International Plc - Business segments
Exhibit 132: Johnson Controls International Plc - Key news
Exhibit 133: Johnson Controls International Plc - Key offerings
Exhibit 134: Johnson Controls International Plc - Segment focus

10.12 Robert Bosch GmbH

Exhibit 135: Robert Bosch GmbH - Overview
Exhibit 136: Robert Bosch GmbH - Business segments
Exhibit 137: Robert Bosch GmbH - Key news
Exhibit 138: Robert Bosch GmbH - Key offerings
Exhibit 139: Robert Bosch GmbH - Segment focus

11 Appendix

11.1 Scope of the report

11.2 Inclusions and exclusions checklist

Exhibit 140: Inclusions checklist
Exhibit 141: Exclusions checklist

11.3 Currency conversion rates for US$

Exhibit 142: Currency conversion rates for US$

11.4 Research methodology

Exhibit 143: Research methodology
Exhibit 144: Validation techniques employed for market sizing
Exhibit 145: Information sources

11.5 List of abbreviations

Exhibit 146: List of abbreviations

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