Smart Thermostat Market is Projected to Reach $11.36 billion by 2027

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Smart Thermostat Market
The global smart thermostat market share is
expected to witness a considerable growth, owing
to increase in adoption of smart homes,
especially in emerging economies such as
Asia-Pacific and LAMEA, owing to huge demand for
autonomous technologies in these regions.
Ruchal Humbare Lead Analyst, Semiconductors
Electronics at Allied Market Research
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Smart Thermostat Market
According to a new report published by Allied
Market Research, titled, smart thermostat
market technology, application, and end user
opportunity analysis and industry forecast,
20202027, the global smart thermostat market
size was valued at 1.86 billion in 2019, and is
projected to reach at 11.36 billion by 2027,
growing at a CAGR of 28.00 from 2020 to
2027. Rapid adoption of smart infrastructure in
residential and commercial infrastructure,
penetration of IoT and AI based technologies, and
increase in use of smart technology in medical
monitoring influences the smart thermostat market
growth. 
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Smart Thermostat Market
Region wise, Asia-Pacific holds significant share
in the global smart thermostat market revenue
size. Asia-Pacific accommodates major population
of the globe. Adoption of smart phones and smart
electronic appliances in residential, commercial,
and industrial sectors is expected to propel the
smart thermostat industry in this region. The
Wi-Fi segment was the highest contributor to the
market in 2019. The Wi-Fi and Bluetooth segments
collectively accounted for around 60 market
share in 2019. Surge in internet penetration
fuels growth of the Wi-Fi segment, thereby
enhancing the global smart thermostat market
growth.  Emergence of COVID-19 has significantly
impacted the global smart thermostat industry.
Delay caused for construction projects due to
partial or complete lockdown in various regions
of the world has significantly reduced demand for
smart thermostats during the pandemic. 
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Smart Thermostat Market

• Key Findings of the Study
• In 2019, the Wi-Fi segment accounted for the
  maximum revenue and is projected to grow at a
  notable CAGR of 29.9 during the forecast period.
• The air conditioning and heating segment together
  accounted for around 82.0 of the global smart
  thermostat market share in 2019.
• The residential segment of the global smart
  thermostat market is projected to grow at a CAGR
  of 26.7 during the forecast period.
• Asia-Pacific region contributed major share in
  global smart thermostat market, accounting for
  more than 40.0 share in 2019.

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Smart Thermostat Market

• Major Companies
• Emerson Electric Co.
• Ecobee, Inc.
• Honeywell International Inc.
• Johnson Controls
• Nest Labs, Inc.
• Control4 Corporation
• Schnieder Electric SE
• Tado GmbH
• Nortek, Inc.
• Ingersoll Rand plc

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Smart Thermostat Market
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