Wi-Fi Thermostats Market Size, Share, And Growth Report 2032

Wi-Fi Thermostats Market: Size

The global Wi-Fi Thermostats market size was worth around USD 2.23 billion in 2023 and is predicted to grow to around USD 11.49 billion by 2032 with a compound annual growth rate (CAGR) of roughly 20% between 2024 and 2032.

The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD billion). The report covers a forecast and an analysis of the Wi-Fi Thermostats market on a global and regional level.

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Wi-Fi Thermostats Market: Overview

The global market of Wi-Fi thermostats is anticipated to grow exponentially in the forecast period owing to the facilities provided by Wi-Fi thermostats. The energy can be effectively managed and money can be conserved by the use of Wi-Fi thermostats. Moreover, the advanced technologies can help utilities to control smart applications, driving the Wi-Fi thermostats market. Furthermore, the rise in government regulations on effective use of energy drives the market.

The growing popularity of connected devices leads to escalation in need of controlling the devices is anticipated to grow the target market in the forecast period. However, the complexities in installing the Wi-Fi thermostats systems in the consumer house can restrict the growth of the target market. The increasing concern of the people, industries, and the government towards conservation of energy can act as an important opportunity for the Wi-Fi thermostats market.

Wi-Fi Thermostats Market: Segmentation

The Wi-Fi thermostats market is segmented on the basis of product, application, and region.

Based on the product, the Wi-Fi thermostats market is bifurcated into connected smart thermostats, learning smart thermostats, and standalone smart thermostats. The learning smart thermostats segment anticipates to grow significantly owing to the automatic and better control over the appliances.

On the basis of application, the Wi-Fi thermostats market is divided into industrial, residential, and commercial. The increase in penetration of smartphones is presumed to fuel the growth of residential Wi-Fi thermostats market especially in Asia Pacific region.

Wi-Fi Thermostats Market: Report Scope

Wi-Fi Thermostats Market: Regional Analysis

The Asia Pacific region is anticipated to witness a momentous growth rate owing to the elevated use of smart assistance technology by the population in the region. Furthermore, the launch of ‘new type urbanization plan’ by the Chinese government that focuses on use of Wi-Fi thermostats is presumed to drive the market. The growing emphasis of people on smart home services is assumed to propel the Wi-Fi thermostats market. Moreover, the Wi-Fi thermostats market is driven by adoption of Indian green Building Council program even in the residential area.

North America is expected to grow exponentially owing to the increasing demand in the U.S. and Canada. Moreover, reduction in price of Wi-Fi thermostats by companies like Ecobee and Nest is presumed to elevate the Wi-Fi thermostats market. Moreover, deployment of Wi-Fi thermostats by governments, utility companies, and non-profit organizations to endure energy poverty will drive market growth for Wi-Fi thermostats market. 

Wi-Fi Thermostats Market: Competitive Players

The major players for Wi-Fi thermostats market are:

• Honeywell international
• Nortek Inc.
• Tado
• Nest Labs
• Emerson Electric Co.
• Carrier Corp.
• Schneider Electric SE
• Ecobee
• Control4 Corp.
• Ingersoll Rand

Wi-Fi Thermostats Market: Product Type Segment Analysis

• Connected smart thermostats
• Standalone smart thermostats
• Learning smart thermostats

Wi-Fi Thermostats Market: Application Segment Analysis

• Residential
• Commercial
• Industrial

Wi-Fi Thermostats Market: Regional Segment Analysis

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa