Smart Thermostat Market Report 2025 (Global Edition)

Global Smart Thermostat Market Report 2024 Market Size Split by Products (Connected Smart thermostat, Standalone Smart Thermostat), by Connectivity technology (Wireless Network, Wi-Fi, Zigbee, Z-wave,...

Smart Thermostat Market Report Description

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Smart Thermostat Market Insights Video

Competitive Landscape of the Smart Thermostat Market

The competitive landscape of the market is pretty dynamic for smart thermostats. Each such company has strived to become integrated with smart home ecosystems that would allow control and monitoring perfectly harmonious with these smart systems. Such companies, in the face of competition, have offered customers new features such as energy usage reports, voice control, and machine learning algorithms, adding further value to the product. Apart from this, new entrants are entering into the market and focusing on innovations and affordability, thus making the market quite competitive.

In March 2022, Emerson Electric Co. has established a cooperation with Itron, Inc. to provide dependable smart thermostats for demand response programs. (Source: https://investors.itron.com/news-releases/news-release-details/itron-and-emerson-collaborate-offer-smart-thermostats-demand) In June 2022, Emerson, a global industrial software and technology company, has announced a multi-year strategic framework agreement with BayoTech, a hydrogen solutions innovation, to speed hydrogen supply around the world. Emerson will provide advanced automation technology, software, and equipment to BayoTech, allowing it to build hundreds of hydrogen units and produce cleaner, lower-cost hydrogen. (Source: https://www.emerson.com/en-in/news/automation/21-09-emerson-bayotech-accelerate-production-carbon-hydrogen) In March, 2022, Johnson Controls has launched an enhanced control ventilation setup for their TEC3000 Series Smart Thermostat. This feature allows building operators to create air fluctuations that improve air quality. (Source: https://www.johnsoncontrols.com/media-center/news/press-releases/2022/03/08/tec3000-series-smart-thermostat)

Top Companies Market Share in Smart Thermostat Industry: (In no particular order of Rank)

• Centrica Hive Limited
• Control4
• Carrier Corporation
• ecobee
• Emerson
• Google Nest
• Honeywell Home
• Johnson Controls
• Lennox International
• Lux Products Corporation
• Netatmo SA
• Resideo Technologies
• Inc.
• Siemens
• Tado GmbH
• Trane Technologies
• Vine Connected Corporation
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Smart Thermostat Market

Which Region Dominates the Smart Thermostat Market in 2024?

According to Cognitive Market Research, North America currently dominates the Smart Thermostats market, and the region is expected to have significant growth during the projected period. Consumers are becoming more aware of the benefits of smart thermostats, there are more new house construction projects, and utilities and energy businesses are adopting smart home technologies.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific is expected to make significant gains during the projected period, with the greatest compound annual growth rate (CAGR). This is due to increased knowledge of the benefits of smart thermostats and adoption of smart home technology in the region. Because the Asia Pacific region includes some of the world's most populous countries, such as China and India, the smart thermostat industry has a lot of room to grow.

The current report Scope analyzes Smart Thermostat Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Smart Thermostat

According to Cognitive Market Research, the global Smart Thermostat market size was estimated at USD 4528.5 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 1811.40 million in 2024 and will grow at a compound annual growth rate (CAGR) of 16.4% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Smart Thermostat market with a market size of USD 1429.19 million in 2024 and is projected to grow at a CAGR of 16.2% during the forecast period. The U.S. market's high consumer awareness
• The Canada Smart Thermostat market had a market share of USD 217.37 million in 2024 and is projected to grow at a CAGR of 17.2% during the forecast period. Canada’s government incentives for energy-efficient solutions
• The Mexico Smart Thermostat market is projected to witness growth at a CAGR of 16.9% during the forecast period, with a market size of USD 164.84 million in 2024.

Europe Smart Thermostat

According to Cognitive Market Research, the global Smart Thermostat market size was estimated at USD 4528.5 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 1358.55 million in 2024 and will grow at a compound annual growth rate (CAGR) of 16.7% from 2024 to 2031.

• The United Kingdom Smart Thermostat market had a market share of USD 228.24 million in 2024 and is projected to grow at a CAGR of 17.5% during the forecast period. In the UK, Smart Thermostat sales witness an upswing due to the increasing awareness of energy efficiency
• The France Smart Thermostat market is projected to witness growth at a CAGR of 15.9% during the forecast period, with a market size of USD 124.99 million in 2024.
• According to Cognitive Market Research, the German Smart Thermostat market size was valued at USD 268.99 million in 2024 and is projected to grow at a CAGR of 16.9% during the forecast period. In Germany, Smart thermostats surged due to the growing demand for smart home technology.
• The Italy Smart Thermostat market is projected to witness growth at a CAGR of 16.1% during the forecast period, with a market size of USD 116.84 million in 2024.
• The Russia Smart Thermostat market is projected to witness growth at a CAGR of 15.7% during the forecast period, with a market size of USD 210.58 million in 2024.
• The Spain Smart Thermostat market is projected to witness growth at a CAGR of 15.8% during the forecast period with a market size of USD 111.40 million in 2024
• The Luxembourg Smart Thermostat market is projected to witness growth at a CAGR of 16.8% during the forecast period, with a market size of USD 42.12 million in 2024.
• The Portugal Smart Thermostat market is projected to witness growth at a CAGR of 16.5% during the forecast period, with a market size of USD 28.53 million in 2024.
• The Greece Smart Thermostat market is projected to witness growth at a CAGR of 17.0% during the forecast period, with a market size of USD 16.30 million in 2024.
• The Rest of Europe's Smart Thermostat market is projected to witness growth at a CAGR of 15.4% during the forecast period, with a market size of USD 210.58 million in 2024.

Asia Pacific Smart Thermostat

According to Cognitive Market Research, the global Smart Thermostat market size was estimated at USD 4528.5 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 1041.56 million in 2024 and will grow at a compound annual growth rate (CAGR) of 20.2% from 2024 to 2031.

• According to Cognitive Market Research, the China Smart Thermostat market size was valued at USD 468.70 million in 2024 and is projected to grow at a CAGR of 19.7% during the forecast period. Smart Thermostat surged in China due to rapid urbanization.
• The Japan Smart Thermostat market is projected to witness growth at a CAGR of 18.7% during the forecast period, with a market size of USD 143.73 million in 2024.
• The India Smart Thermostat market had a market share of USD 124.99 million in 2024 and is projected to grow at a CAGR of 22.0% during the forecast period. India's increasing disposable income.
• The South Korean Smart Thermostat market is projected to witness growth at a CAGR of 19.3% during the forecast period, with a market size of USD 104.16 million in 2024.
• The Australian Smart Thermostat market is projected to witness growth at a CAGR of 19.9% during the forecast period, with a market size of USD 54.16 million in 2024.
• The South East Asia Smart Thermostat market is projected to witness growth at a CAGR of 21.2% during the forecast period, with a market size of USD 71.87 million in 2024.
• The Rest of Asia Pacific Smart Thermostat market is projected to witness growth at a CAGR of 20.0% during the forecast period, with a market size of USD 73.95 million in 2024.

South America Smart Thermostat

According to Cognitive Market Research, the global Smart Thermostat market size was estimated at USD 4528.5 Million, out of which Latin America held the market share of around 5% of the global revenue with a market size of USD 226.43 million in 2024 and will grow at a compound annual growth rate (CAGR) of 17.6% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Smart Thermostat market size was valued at USD 96.91 million in 2024 and is projected to grow at a CAGR of 18.2% during the forecast period. Smart Thermostats flourished in Brazil due to rapid urbanization.
• Argentina's Smart Thermostat market had a market share of USD 38.04 million in 2024 and is projected to grow at a CAGR of 18.5% during the forecast period. Argentina's rising personal disposable income .
• Colombia Smart Thermostat market is projected to witness growth at a CAGR of 17.4% during the forecast period, with a market size of USD 20.15 million in 2024.
• Peru Smart Thermostat market is projected to witness growth at a CAGR of 17.8% during the forecast period, with a market size of USD 18.57 million in 2024.
• Chile Smart Thermostat market is projected to witness growth at a CAGR of 17.9% during the forecast period, with a market size of USD 16.30 million in 2024.
• The Rest of Latin America's Smart Thermostat market is projected to witness growth at a CAGR of 16.7% during the forecast period, with a market size of USD 36.45 million in 2024.

Middle East and Africa Smart Thermostat

According to Cognitive Market Research, the global Smart Thermostat market size was estimated at USD 4528.5 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 90.57 million in 2024 and will grow at a compound annual growth rate (CAGR) of 17.9% from 2024 to 2031..

• The GCC Countries Smart Thermostat market is projected to witness growth at a CAGR. of 18.7% during the forecast period, with a market size of USD 38.76 million in 2024. Smart Thermostat sales flourish due to the presence of major market players.
• The Egypt Smart Thermostat market is projected to witness growth at a CAGR of 18.2% during the forecast period, with a market size of USD 9.51 million in 2024.
• The South Africa Smart Thermostat market is projected to witness growth at a CAGR of 18.9% during the forecast period, with a market size of USD 14.31 million in 2024. Smart Thermostat sales flourished in South Africa due to increasing awareness of energy efficiency .
• The Turkey Smart Thermostat market is projected to witness growth at a CAGR of 17.4% during the forecast period, with a market size of USD 7.79 million in 2024.
• The Nigeria Smart Thermostat market is projected to witness growth at a CAGR of 17.0% during the forecast period, with a market size of USD 9.51 million in 2024.
• The Rest of the MEA Smart Thermostat market is projected to witness growth at a CAGR of 17.6% during the forecast period, with a market size of USD 10.69 million in 2024.

Smart Thermostat Market Analysis

Smart Thermostat Market Products Segment Analysis

According to Cognitive Market Research, the connected segment held the greatest market share in 2023. The company's rise can be attributed to its ability to provide advanced features and integrations with other smart home devices, as well as energy management functions that cater to consumer demands and preferences for ease, comfort, and cost savings. Furthermore, the increasing acceptance of IoT technology, as well as the growing trend toward energy efficiency, are important factors driving market expansion in the connected segment

The standalone segment is predicted to grow at the fastest CAGR from 2023 to 2032, owing to increased usage in tiny or isolated buildings around the world. These units function in tandem with automatic thermostats, which communicate directly to control, close, or open flow.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Smart Thermostat Industry. Request a Free Sample PDF!

Smart Thermostat Market Connectivity Technology Segment Analysis

According to Cognitive Market Research, the Wi-Fi segment had the highest revenue share in 2023. A variety of variables contribute to the growth. Wi-Fi technology is extensively used and accessible in most homes and commercial buildings, providing the convenience of remote access and control via smartphones or other devices. It also allows for seamless interaction with other smart home devices and speech assistants such as Amazon Alexa and Google Home, which improves the user experience. Continuous advances in Wi-Fi technology have resulted in greater connectivity, dependability, and energy economy, making it an appealing alternative for consumers wishing to invest in smart thermostats.

The Zigbee market is predicted to develop at a considerable CAGR between 2024 and 2032, driven by increased adoption of smart home devices and a growing need for low-power, low-cost wireless connection solutions. The demand is pushing the market for dependable and efficient communication protocols in IoT applications, including home automation, industrial automation, and healthcare. Advancements in Zigbee technology, including as greater security features and compatibility with a wider range of devices and platforms, are also driving expansion

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Smart Thermostat Installation type Segment Analysis

Smart Thermostat Market Installation type Segment Analysis

According to Cognitive Market Research, retrofit installation is the significant market dominating the smart thermostat market. Retrofit installations are targeted to customers who want to upgrade their current systems without entirely replacing them. The retrofit installation segment has high demand because customers have become increasingly interested in upgrading their older systems with energy efficiency and smart technology.

Another segment of new installation is also recording rapid growth especially in new construction projects. Here, smart thermostats are installed directly into the new homes, and thus, it is a section which highlights that gradually energy-efficient solutions are being sought. With this segment recording rapid growth, in their new properties, smart home technologies have grown as an interest among the homeowners.

• New Installation
• Retrofit Installation

Smart Thermostat Vertical Segment Analysis

Smart Thermostat Market Vertical Segment Analysis

According to Cognitive Market Research, the residential segment had the highest revenue share in 2023, owing to the growing use of smart thermostats in residential buildings to improve energy efficiency and comfort. The residential segment is likely to maintain its market dominance, owing to factors such as rising awareness of energy conservation, increased demand for smart home devices, and the requirement for remote access solutions that monitor and regulate energy usage

The commercial category is expected to grow at the quickest CAGR from 2024 to 2030, owing to the increased adoption of smart thermostats in commercial settings. Smart thermostats provide important data to operations and building managers, allowing them to properly regulate cooling and heating equipment such as rooftop units, chillers, fan coil units, zone dampers, and heat pumps. They can use this information to improve energy consumption and reduce waste. This rapid acceptance in commercial settings demonstrates the transformative impact of smart thermostat technology on energy efficiency and operational cost reductions, which will drive significant market growth in the future years

• Residential
• Commercial
• Retail
• Offices
• Educational Institutes
• Hospitality Centers
• Hospitals
• Industrial

Author's Detail

Sneha Mali

Research Analyst at Cognitive Market Research

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I am a research analyst working in various domains including the Consumer Goods domain, and my primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. I have knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively. I stay up-to-date with the latest research trends, methodologies, and technologies to ensure that my research is accurate, relevant, and impactful.

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