Smart Thermostat Market Growth, Analysis, Latest Trends and Forecast till 2026

The global smart thermostat market size is expected to reach USD 6.4 billion by 2026 from USD 2.5 billion in 2021, growing at a CAGR of 12.0%. The key factors driving the growth of the market include increasing adoption of smart homes attributed to COVID-19 situation,emergence of IoT-enabled HVAC systems, government regulations pertaining to increase energy efficiency of buildings, and surging adoption of smart home voice assistants. However, high manufacturing and installation costs of smart thermostats, and concerns regarding data security are the factors restraining the growth of the smart thermostat market.

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During the projected period, the learning smart thermostat market is anticipated to develop at the greatest CAGR.Unlike the connected thermostat, the learning smart thermostat does not need to be programmed on a regular basis.It is a high-end product that smart home owners desire for domestic uses.Due to its simplicity of use and inclusion of cutting-edge technologies, the segment is anticipated to expand at the fastest rate throughout the projected period.

Additionally, the expansion of the segment for learning smart thermostats is being fueled by the rising number of smart homes in North America and Europe. The wireless network is expected to account for a larger share of the overall smart thermostat market. Wireless network is the most widely used connectivity technology in smart thermostats as it helps to reduce the installation and maintenance costs, provides higher flexibility and scalability, and better connectivity. The installation of wireless connectivity makes smart thermostats more compatible with smart devices such as smartphones, tablets, and laptops for operation. The increasing adoption of smart homes in the US is fueling the demand for smart thermostats based on wireless connectivity technology.

The market for smart thermostats as a whole is anticipated to be more heavily dominated by the new installation type.The market for smart thermostats for new installations is expanding as a result of quick infrastructural improvements, higher standards of living, and a greater emphasis on creating HVAC systems that are energy efficient.The widespread deployment of smart thermostats in new buildings is the result of the implementation of numerous government laws to deploy energy-efficient HVAC systems and controls.

These elements have contributed to the new installation segment’s faster growth. The residential vertical is expected to account for the largest share of the overall smart thermostat market by 2026.ThThe growing awareness regarding energy conservation & efficiency and environmental protection has fueled the adoption of energy-efficient HVAC controls such as smart thermostats. They help in the optimum utilization of energy and maintaining the most comfortable and healthy environment indoors. Favorable government regulations and tax credit facilities on the installation of HVAC systems and the increasing focus of end users on reducing electricity bills have significantly contributed to the growth of the smart thermostat market for the residential vertical. The COVID-19 pandemic has impacted the growth of the residential vertical by affecting individual economies. The growth is also impacted by the supply and demand disruptions in the US, Germany, China, and Australia. The critical impacts on the smart thermostat market for the residential vertical are the increased economic slowdown due to travel restrictions and reduced consumer demand due to lockdowns. The shortage of supply is expected to increase prices of HVAC control systems and related components and equipment in countries such as the US, Australia, and Germany, which are highly dependent on Chinese players for operations.

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The major opportunities for the growth of the smart thermostat market include increasing demand for self-learning devices, and growing demand for cloud computing in HVAC industry. Automatic functioning is required by end users as it helps in reducing manual work and is more convenient. Therefore, self-learning energy-saving devices are being increasingly preferred to reduce energy consumption. The self-learning mode of smart thermostats and their ability to be remotely operated through smartphones and tablets make them more suitable for residential and commercial applications. The increasing adoption of these self-learning devices among residential applications is expected to create an opportunity for the market players to increase their share in the residential vertical. The use of self-learning devices will also aid the older people in operating HVAC equipment without the need to handle complex programming themselves.

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