U.S. Smart Thermostat Market to Reach USD 3,280.3 million by 2028 at a CAGR of 17.1%: Fortune Business Insights
Prominent Players Covered in the U.S. Smart Thermostat Market are Emerson Electric Co. (Missouri, U.S.), Lennox International Inc. (Texas, U.S.), Bosch Thermotechnology Corp (Stuttgart, Germany), Honeywell International Inc. (California, U.S.), Johnson Controls (Cork, Ireland), Alarm.com Holdings, Inc. (Virginia, U.S.), Schneider Electric (Rueil-Malmaison, France), Vivint Smart Home, Inc. (Utah, U.S.), Alphabet Inc. (Google LLC) (California, U.S.), ecobee (Toronto, Canada)
Pune, India, March 01, 2022 (GLOBE NEWSWIRE) — The U.S. smart thermostat market size was valued at USD 937.2 million in 2020. The market is expected to grow from USD 1,088.9 million in 2021 to USD 3,280.3 million by 2028, exhibiting a CAGR of 17.1% during the forecast period. The rising adoption of the product from residential, commercial, and industrial sectors and strong demand for smart cities and smart building ventures is expected to foster market development. Fortune Business Insights™ presents this information in its report titled “U.S. Smart Thermostat Market, 2021-2028.”
Smart thermostats are app-enabled devices that enable users to change home temperatures using internet-connected devices. It can be connected through wired and wireless methods and is used extensively in the residential, commercial, and industrial sectors. The device uses artificial intelligence technologies to improve its efficiency and deliver excellent services to consumers. Furthermore, robust demand for the device from the smart city and smart building ventures is expected to boost its sales. These factors may propel market development in the upcoming years.
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Players included in the U.S. Smart Thermostat Market Report are:
- Emerson Electric Co. (Missouri, U.S.)
- Lennox International Inc. (Texas, U.S.)
- Bosch Thermotechnology Corp (Stuttgart, Germany)
- Honeywell International Inc. (California, U.S.)
- Johnson Controls (Cork, Ireland)
- Alarm.com Holdings, Inc. (Virginia, U.S.)
- Schneider Electric (Rueil-Malmaison, France)
- Vivint Smart Home, Inc. (Utah, U.S.)
- Alphabet Inc. (Google LLC) (California, U.S.)
- ecobee (Toronto, Canada)
COVID-19 Impact
Supply Chain Disruptions to Hinder Industry Growth
This market is expected to be negatively affected by the COVID-19 pandemic because of supply chain disruptions. A sudden spike in COVID cases led to the imposition of stringent lockdown regulations. Restrictions on manufacturing and travel resulted in supply chain disruptions and a lack of raw materials required for the devices’ production. Furthermore, the global semiconductor shortage is expected to affect smart thermostat device production negatively. However, rising demand for wireless devices and app-enabled devices is expected to foster the U.S. smart thermostat market share.
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Segmentation
By product, it is segmented into learning, connected, and standalone. As per technology, it is bifurcated into wireless and wired. Based on application, it is trifurcated into industrial, commercial, and residential.
Report Scope and Segmentation-
| Report Coverage | Details |
| Forecast Period | 2021to 2028 |
| Forecast Period 2020 to 2028 CAGR | 17.1% |
| 2028 Value Projection | USD 3280.3 Million |
| Base Year | 2020 |
| Market Size in 2020 | USD 937.2 Million |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 113 |
| Segments covered | By Product, Technology and Application |
| Growth Drivers | Rising Adoption of Internet of Things (IoT) Solutions and Smart Homes to Accelerate Market Growth |
| Pitfalls & Challenges | High Manufacturing Cost and Installation Complexity to Hamper Market Growth |
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Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
Drivers and Restraints
Increasing Smart Homes and Internet of Things (IoT) Adoption to Fuel Market Progress
Smart thermostats are used extensively in homes to change humidity and temperature and provide users with fresh air. Users can monitor performance from remote or local locations and improve the air quality of residential homes. The rising demand for smart devices from smart infrastructure projects is expected to foster the product’s adoption. Further, energy savings provided by the product is expected to increase its adoption from consumers. In addition, rising investments in IoT-based devices are expected to drive the U.S. smart thermostat market growth.
However, installation complexities and high manufacturing costs may hinder the market progress.
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Competitive Landscape
Major Players Announce Novel Products to Boost Brand Image
The prominent companies operating in the market announce novel products to attract consumers, improve sales, and boost brand image. For example, Honeywell International Inc. announced its novel Commercial Connected Thermostat, TC500A-N, for medium and small buildings in June 2021. The product offers energy-saving features, security, wired and wireless connectivity, and easy commissioning for rooftops and heat pumps. Furthermore, the adoption of advanced technology such as artificial intelligence may enable players to improve their product quality and attract consumers. Moreover, the adoption of technologically advanced production machinery may help companies boost productivity, improve product offerings, reduce labor costs and resource consumption, and help organizations achieve a significant market position.
Industry Development
- May 2021- ecobee engaged in a partnership with Alarm.com. Through this partnership, Alarm.com dealers and installers can integrate ecobee’s smart thermostat in Alarm.com smart home solutions and enable its users to operate ecobee ST devices using the Alarm.com application.
- December 2020- Lennox International Inc. engaged in a partnership with FPX.com to implement FPX’s CPQ app. This app’s integration may help Lennox improve its sales of heating, ventilation, and air conditioning (HVAC) products and transform its quoting process.
Table of Content
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- United States Smart Thermostat Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled (Covered for key 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- U.S. Smart Thermostat Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Product (Value)
- Connected
- Standalone
- Learning
- By Technology (Value)
- Wired
- Wireless
- By Application (Value)
- Residential
- Commercial
- Industrial
- By Product (Value)
- U.S. Smart Thermostat Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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