USD
GBP 
CNY 
EUR 
INR 
JPY 
MYR 
ZAR 
KRW 
THB 
Global Smart Thermostats Technology Innovation and Growth Opportunities
New Product Development and Strategic Partnering to Push Seamless Interoperability with Smart Home Devices
14-Mar-2023
Global
Market Research
PE2F-01-00-00-00
EN01375-GL-MT_27498
$3,500.00
Special Price $2,625.00 save 25 %
Rising energy costs and growing environmental concerns are leading to an increase in the demand for energy-efficient solutions for buildings. Smart thermostats provide a convenient and effective way to reduce energy consumption and save money on heating and cooling bills. Consumer demand to automate and control home environments is making smart thermostats increasingly popular.
North America, followed by Europe, leads the smart thermostats market. Growth in the Asia-Pacific and the Middle East is expected to be concentrated in China, Japan, Australia, and the United Arab Emirates. The growing role of smart thermostats in demand-response programs, the rise in the adoption of smart home automation devices, and favorable government regulations and incentives are the key drivers for this market. Privacy concerns, the vulnerability of smart home devices to cyberattacks, and the lack of interoperability between different smart home systems are the current barriers to smart thermostat adoption.
This study focuses on the revenue manufacturers earn from selling thermostat products. It includes profiles of the key companies to watch and identifies the growth opportunities emerging from this space for market players and stakeholders to leverage. The base year for the study is 2022, and the forecast period is 2023 to 2028.
Author: Dennis Marcell Victor
Why is it Increasingly Difficult to Grow?
The Strategic Imperative 8™
The Impact of the Top 3 Strategic Imperatives on the Global Smart Thermostats Industry
Growth Opportunities Fuel the Growth Pipeline Engine™
Scope of Analysis
Market Highlights—Global Smart Thermostats Market
Internet and Broadband Adoption Driving Smart Devices Uptake
Smart Home Market Trends
Smart Home Ecosystem
Smart Home Ecosystem Explained
Home Ecosystems—Key Benefits
Evolution of Smart Home Ecosystems
Role of Technology Companies in the Smart Home Ecosystem
The Role of Smart Thermostats in Energy Efficiency of Buildings
Connected Devices Forecast
Trend Opportunity—Regional Exposure
Growth Metrics
Growth Drivers
Growth Restraints
Revenue Forecast
Unit Shipment and Pricing Forecast
Forecast Analysis
Revenue and Unit Shipment Forecast—North America
Revenue and Unit Shipment Forecast—Europe
Revenue and Unit Shipment Forecast—Asia-Pacific
Revenue and Unit Shipment Forecast—Rest of the World
Competitive Landscape
Competitive Analysis—Porter’s Five Forces
Smart Thermostat Partnerships 2020–2022
Product Launches—Smart Thermostats and Sensors
Companies to Watch—ecobee
Companies to Watch—Emerson
Companies to Watch—Google Nest
Companies to Watch—Resideo (Honeywell Home)
Companies to Watch—tado°
Growth Opportunity 1—Addressing the Energy Crisis
Growth Opportunity 1—Addressing the Energy Crisis (continued)
Growth Opportunity 2—Improving Smart Building User Experience
Growth Opportunity 2—Improving Smart Building User Experience (continued)
Growth Opportunity 3—Digitization and Decarbonization through DR Programs
Growth Opportunity 3—Digitization and Decarbonization through DR Programs (continued)
List of Exhibits
Legal Disclaimer
List of Figures
- Key Highlights and Trends, 2022
- Global Smart Thermostats: Revenue Forecast, 2022 and 2028
- Total Number of Fixed Broadband Subscriptions by Top 11 OECD Countries, 2021
- Total Number of Mobile Broadband Subscriptions by Top 11 OECD Countries, 2021
- Smart Home Ecosystem, Global, 2022
- Smart Homes: Cumulative Number of Connected Devices Forecast, Global, 2021–2028
- Smart Thermostats: Growth Metrics, Global, 2022
- Smart Thermostats: Growth Drivers, Global, 2023–2028
- Smart Thermostats: Growth Restraints, Global, 2023–2028
- Smart Thermostats: Revenue Forecast, Global, 2021–2028
- Smart Thermostats: Unit Shipment and Pricing Forecast, Global, 2021–2028
- Smart Thermostats: Revenue and Unit Shipment Forecast, North America, 2021–2028
- Smart Thermostats: Revenue and Unit Shipment Forecast, Europe, 2021–2028
- Smart Thermostats: Revenue and Unit Shipment Forecast, Asia-Pacific, 2021–2028
- Smart Thermostats: Revenue and Unit Shipment Forecast, Rest of the World, 2021–2028
- Smart Thermostats: Number of Market Participants by Competition Tier, Global, 2022
Speak directly with our analytics experts for tailored recommendations.
Recent related Homes and Buildings research
28 Jul 2026 | Global | Market Research
Building Construction Robotics, Global, 2025–2031
The global building construction robotics market is transitioning from proof of concept to selective deployment, shifting focus from technological feasibility to execution at the project and contractor level. Growth is influenced by the ability of firms to redesign workflows, manage human robot coor...
22 Jul 2026 | North America | Market Research
HVAC Equipment, North America, 2023–2031
The North American HVAC equipment market is experiencing sustained growth, driven by the electrification trend, refrigerant transition, and tightening energy efficiency requirements. With a market value of $60.02 billion in 2025, HVAC equipment revenue is forecast to reach $90.14 billion by 2031, re...
21 Jul 2026 | Global | Frost Radar
Frost Radar™: Smart Building Solutions, 2026
Smart building solutions market revenue was estimated at $20,045.8 million globally in 2025 and is forecast to increase at a compound annual growth rate of 12.7% through 2031, driven by accelerating enterprise decarbonization mandates, the proliferation of AI-driven building intelligence platforms, ...
09 Jul 2026 | Global | Frost Radar
Frost Radar™: HVAC Equipment, 2026
The HVAC equipment industry is in the midst of a transformation driven by demand for energy-efficient climate control solutions, building decarbonization initiatives, evolving refrigerant regulations, and the adoption of smart and connected building technologies. As building owners prioritize sustai...
01 Jun 2026 | Global | Market Research
HVAC Equipment Market, Global, 2026–2031
The global HVAC equipment market is experiencing strong growth, driven by rapid urbanization, infrastructure development, rising temperatures due to climate change, and an increasing emphasis on energy efficiency and indoor air quality amid growing health concerns related to pollution. Valued at $25...
Purchase includes:
- Report download
- Growth Dialog™ with our experts
Growth Dialog™
A tailored session with you where we identify the:- Strategic Imperatives
- Growth Opportunities
- Best Practices
- Companies to Action
Impacting your company's future growth potential.
| Deliverable Type | Market Research |
|---|---|
| Author | Dennis Marcell Victor |
| Industries | Environment |
| No Index | No |
| Is Prebook | No |
| Keyword 1 | Smart Thermostat Market Trend |
| Keyword 2 | Global Smart Thermostat Market |
| Keyword 3 | Thermostat Market Forecast |
| List of Charts and Figures | Key Highlights and Trends, 2022~ Global Smart Thermostats: Revenue Forecast, 2022 and 2028~ Total Number of Fixed Broadband Subscriptions by Top 11 OECD Countries, 2021~ Total Number of Mobile Broadband Subscriptions by Top 11 OECD Countries, 2021~ Smart Home Ecosystem, Global, 2022~ Smart Homes: Cumulative Number of Connected Devices Forecast, Global, 2021–2028~ Smart Thermostats: Growth Metrics, Global, 2022~ Smart Thermostats: Growth Drivers, Global, 2023–2028~ Smart Thermostats: Growth Restraints, Global, 2023–2028~ Smart Thermostats: Revenue Forecast, Global, 2021–2028~ Smart Thermostats: Unit Shipment and Pricing Forecast, Global, 2021–2028~ Smart Thermostats: Revenue and Unit Shipment Forecast, North America, 2021–2028~ Smart Thermostats: Revenue and Unit Shipment Forecast, Europe, 2021–2028~ Smart Thermostats: Revenue and Unit Shipment Forecast, Asia-Pacific, 2021–2028~ Smart Thermostats: Revenue and Unit Shipment Forecast, Rest of the World, 2021–2028~ Smart Thermostats: Number of Market Participants by Competition Tier, Global, 2022~ |
| Podcast | No |
| WIP Number | PE2F-01-00-00-00 |