Market Size in 2021 | Market Forecast in 2028 | CAGR (in %) | Base Year |
---|---|---|---|
USD 2,254.1 Million | USD 6866.4 Million | 20.4% | 2021 |
FrequentlyAsked Questions
The growing adoption of smart infrastructure in residential & commercial sectors, the increased penetration of IoT and AI-based technologies, and the increase in the use of smart technology in medical monitoring are major factors driving the growth of the smart thermostat market in the forecast period.
According to the Market Research report, the Smart Thermostats Market was worth about 2,254.1 (USD million) in 2021 and is predicted to grow to around 6,866.4 (USD million) by 2028, with a compound annual growth rate (CAGR) of around 20.4 percent.
Asia-Pacific dominated the market due to the adoption of smartphones and smart electronic appliances in the residential, commercial, and industrial sectors. In addition, technological advancements, appliances in residential buildings, such as washing machines, heating, and cooling equipment, and refrigerators are increasingly becoming smart.
Some of the main competitors dominating the Smart Thermostats Market include Alphabet (Google Nest) (US), Emerson Electric (US), Honeywell International (US), Lennox International (US), Ecobee (Canada), Carrier Corporation (US), Johnson Controls (Lux Products) (Ireland), Legrand (Netatmo) (France), Resideo Technologies (US), Siemens (Germany), Trane Technologies (Ireland), Control4 Corporation (US), Nortek Control (US), Tado (Germany), Alarm.com (US), Bosch Thermotechnology (Germany), Centrica Hive (UK), Cielo Wigle (US), Climote (Ireland), Empowered Homes (MYSA) (Canada), Eve Systems (Germany), MRCOOL (US), Radio Thermostat Company of America (US), Salus Controls (UK), Vine Connected (US), VIvint (US), Zen Ecosystems (US).
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