The Smart Thermostats Market is expected to be valued around USD 2,254.1 million in 2021 and approximately USD 6,866.4 million by 2028, with a compound yearly growth rate (CAGR) of nearly 20.4 percent over the forecast period. The study examines the digital remittance market’s drivers, restraints/challenges, and the impact on demand during the forecast period. Furthermore, the paper investigates new opportunities in the digital remittance business.

Smart thermostats are gadgets that manage the temperature and air conditioning in a space automatically. These smart devices are equipped with sensors and smart-net technology such as Wi-Fi, which allows users to have remote access to internet-connected devices and create a plan for controlling the temperature throughout the day. These smart devices allow users to manage the temperature throughout the day by following a schedule. The growing adoption of IoT-enabled HVAC systems, government initiatives to improve building energy efficiency, and the growing popularity of smart home voice assistants are among the key forces driving the development of the Smart Thermostat Market Size over the forecast period. Furthermore, increased usage of smart technology in medical monitoring is projected to drive demand for smart thermostats in the future years.

The growing demand for smart thermostats, as well as the benefits connected with them such as energy conservation, energy tracking, and the requirement for an increase in potential savings, will drive market expansion in the coming years. In the future years, the worldwide smart thermostat market will grow due to increased industrialization and a significant increase in digitalized population. Furthermore, technical developments in appliance temperature regulation and the adoption of automated systems present significant potential prospects for the global smart thermostat market in the next years.

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The Smart Thermostats Market is divided into product, connectivity technology, installation type, and vertical segments. The global market is segmented by product into Connected Smart Thermostat, Learning Smart Thermostat, and Standalone Smart Thermostat. The global market is divided into two segments based on connectivity technology: wireless network (Wi-Fi, ZigBee, Z-wave, and Bluetooth) and wired network. The global market is divided into two segments based on installation type: new installation and retrofit installation. The global market is classified into three verticals: residential, commercial (retail, offices, educational institutes, hospitality centres, and hospitals), and industrial.

Smart Thermostats Market in the World

Due to technical improvements, appliances in residential structures such as washing machines, heating and cooling equipment, and refrigerators becoming smart, Asia-Pacific led the market. Furthermore, the widespread use of smartphones and smart electronic gadgets in the residential, commercial, and industrial sectors is likely to drive the smart thermostat business in this region. However, the North American market is expected to develop at a substantial rate during the forecast period due to increased internet penetration in the region, the availability of Wi-Fi in various areas around the region, and the emerging 5G technology. Furthermore, the rising demand for smart assistant devices such as Amazon Echo and Google Home for a variety of reasons will fuel the region’s market expansion in the future years.

Alphabet (Google Nest) (USA), Emerson Electric (USA), Honeywell International (USA), Lennox International (USA), Ecobee (Canada), Carrier Corporation (USA), Johnson Controls (Lux Products) (Ireland), Legrand (Netatmo) (France), Resideo Technologies (USA), Siemens (Germany), Trane Technologies (Ireland), Control4 Corporation (USA), Nortek Control (USA), Tado (Germany), (USA (US).

Recent developments include:

Carrier will release an updated smart sensor for the Infinity Zoning System in 2020. The sensor is a fresh, modern-looking wall control that allows homeowners to operate a single zone in their home’s Infinity zoning system. Furthermore, the new smart sensors highlight the Infinity System’s uniqueness by providing an easy-to-read temperature display and straightforward controls.

Resideo Technologies Inc. announced the development of a new, cutting-edge technical facility in Lotte in 2020. Lotte’s multiple development divisions, which specialise in safety device measurements and testing for global boiler manufacturers, will be housed in the new technological centre.

View the entire collection “Global Smart Thermostats Market” As a result of Products (Connected Smart thermostat, Learning Smart Thermostat, Standalone Smart Thermostat), By Technology of Connectivity (Wireless Network (Wi-Fi, Zigbee, Z-wave, Bluetooth), Wired Network), Vertical (Residential, Commercial (Retail, Offices, Educational Institutes, Hospitality Centers, Hospitals), and Industrial)” The report is available at

The Smart Thermostats Market is classified as follows:

Byproducts include:

Smart thermostat that is linked

Connectivity Technology Learning Smart Thermostat Standalone Smart Thermostat

Wired Network Wireless Network Installation Type

Vertical New Installation Retrofit Installation

By Region, Residential, Commercial, and Industrial

The continent of North America

Canada and the United States



The UK




The rest of Europe

Asia and the Pacific




Korea, South

Southeast Asia and the Pacific Rim

South America



The remainder of Latin America

Africa and the Middle East


South Africa with the rest of the Middle East and Africa