Smart Thermostat Market Analysis

Smart Thermostat Segmentation

Connectivity (Wireless, Wired)

The wireless segment is estimated to hold over 58% share of the global smart thermostat market by 2037. The main reason for the segment development is the connection of smart thermostats and devices which improves the performance of energy and cost saving. Moreover, wireless smart thermostat enables the controlling and monitoring of systems through IoT devices which makes them easy to use.

Application (Climate Control, Water Heating, Others)

The rising adoption of climate control devices in the residential sector is attributed to the dominance of the climate control segment over others with a market value of 42%. The main reason for the segment growth is the rising preference for a leisure lifestyle and the growing spending capacity of the global population for such smart devices to control the temperature and climate of a space. Furthermore, the extreme weather conditions, the residents upgrade their residential infrastructure in terms of enhanced heating and cooling systems such as air conditioners, furnaces, storage water heaters, and others. In the United States, the total shipments of gas-warm air furnaces reached approximately 379,295 units in December 2020. Whereas, the worldwide demand for room air conditioners grossed nearly 96.5 million units in 2021.

Our in-depth analysis of the global market includes the following segments:

Type	Conventional Network-abled Product
Connectivity	Wireless Wired
End Use	Connected Learning Standalone
Application	Climate Control Water Heating Others

Frequently Asked Questions (FAQ)

In the year 2025, the industry size of smart thermostat is evaluated at USD 5.04 billion.

The smart thermostat market size was valued at USD 4.33 billion in 2024 and is likely to exceed USD 49.12 billion by the end of 2037, registering over 20.3% CAGR during the forecast period i.e., between 2025-2037. Increasing demand for advanced home appliances for automatic cooling and heating of devices and rooms along with the rising living standard will impel the market growth.

Asia Pacific industry is poised to hold 35% of the revenue share by 2037, owing to burgeoning population demanding efficient and eco-friendly climate control solutions in the region.

The major players in the market include Google Nest (Google LLC), Ecobee, Inc., Honeywell International Inc., Emerson Electric Co., Tado GmbH, Ingersoll Rand, Nortek (NTK Holdings, Inc.), Schneider Electric SE, Carrier Global Corporation, Control4 Corporation (Snap One, LLC).

Smart Thermostat Market Analysis