The Smart Thermostat Global Market Report 2023, provides comprehensive information on the smart thermostat market across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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The global smart thermostat market is expected to grow from $2.44 billion in 2022 to $2.96 billion in 2023 at a compound annual growth rate (CAGR) of 21.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global smart thermostat is expected to reach $6.14 billion in 2027 at a CAGR of 20%.
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Product innovation is a key trend gaining popularity in the smart thermostat market. Major companies operating in the smart thermostat market are developing innovative products to sustain their position in the market. For instance, in July 2022, Universal Electronics Inc., a US-based consumer electronics company, launched the TBH300 Smart Thermostat. This innovative product is designed to help property managers, and hoteliers save energy and money by providing remote management capabilities and sustainable energy features. This TBH300 can be controlled remotely via the RUCKUS IoT suite, allowing hoteliers to monitor and adjust the temperature of individual rooms even when they are not on-site. The thermostat also features a built-in occupancy sensor that automatically adjusts the temperature when a space is empty, saving even more energy. Additionally, it includes Zigbee connectivity, integration with the RUCKUS IoT suite for hospitality, remote management capabilities, sustainable energy features, and simple integration into property management systems.
The smart thermostat market is segmented:
1) By Product: Connected Smart thermostat, Learning Smart Thermostat, Standalone Smart Thermostat
2) By Technology: Wi-Fi, Bluetooth, Zigbee, Other Technologies
3) By Application: Air Conditioning, Heating, Ventilation
4) By End-User: Residential, Commercial, Industrial, Other End-Users
North America was the largest region in the smart thermostat market in 2022.
The table of contents in TBRC’s smart thermostat market report includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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businesses can gain a thorough understanding of the market’s size, growth rate,
major drivers and leading players.
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