U.S. Smart Thermostat Market to Reach Valuation of USD 3.86 Billion by 2029; Growth in the Number of Smart Cities and Buildings to Push Market Trajectory

The U.S. smart thermostat market size is projected to display robust growth by reaching USD 3.86 billion by 2029. Fortune Business Insights™ in its report titled “U.S. Smart Thermostat Market Size, Share & COVID-19 Impact Analysis, By Product (Connected, Standalone, and Learning), By Technology (Wired and Wireless), By Application (Residential, Commercial, and Industrial), and Regional Forecast, 2022-2029” observes that the market size in 2021 stood at USD 1.09 billion and USD 1.27 billion in 2022. The market is expected to witness a strong CAGR of 17.2% during 2022-2029. Increasing adoption of IoT solutions and smart homes is expected to drive market growth. Growth in the building of smart cities and projects to expand market development.

New Product Launch by Alarm.com Holdings Inc. to Set Headway in the Market Expansion

In September 2022, Alarm.com Holdings Inc. launched a smart thermostat HD. It is an Energy Star-Certified product, which provides HVAC control options and can be integrated into security system of smart homes. The new thermostat says that its new connected thermostat offers end users with high level of control of HVAC systems. A new product launch from Alarm.com Holdings Inc. is set to propel market growth.   

Growth in Smart Projects and Buildings to Thrust Market Progress      

Growth in smart projects and buildings is anticipated to drive the U.S. smart thermostat market growth. The urbanization of society continues to upsurge, with a focus on smart cities, where Internet of Things (IoT) solutions and connected technologies are used to improve public safety, critical infrastructure, city lighting, traffic flow, energy efficiency, and traffic congestion. Furthermore, air conditioning and heating, ventilation, lighting, security, and electricity are all automated in smart buildings.   

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https://www.fortunebusinessinsights.com/u-s-smart-thermostat-market-106393 

Adoption of IoT Solutions to Push Product Growth

Increasing adoption of IoT solutions and smart homes is projected to drive the U.S. market growth. IoT platforms are one of the most significant platforms globally. With high-speed technology such as 5G, it shows that within some years there would be a massive cluster of sensors and devices of the smart home market. Such growing proliferation of IoT devices in North America is set to drive the demand for smart homes toward the growth trajectory.

Delays in Construction Projects Impacted Product Demand

The pandemic disturbed the normal lives of people. Individuals, governments, and organizations reconsidered their business activities. The global construction sector, especially smart homes, buildings, and city projects, was impacted by the COVID-19 pandemic. Delays in construction had disturbing effects on the economy. The main reasons for project delays are due to supply chain issues and a lack of investment in commercial and retail real estate.

Incorporation of Advanced Technologies in Product by the Market Players to Drive Market Share

Key players in the market have been incorporating advanced technologies in their products. In December 2020, Ecobee’s Smart Thermostat with Voice Control was incorporated with Apple Siri with free software update. Apple Siri allows users to send an intercom message or set a temperature with voice commands. This new integration reinstates the commitment for an open ecosystem, which makes it one of the best smart thermostats for Apple users. The addition of Siri will help in the demonstration of the company’s commitment for an open ecosystem.   

Notable Industry Development

• September 2022: Alarm.com Holdings Inc. launched a smart thermostat HD. It is an Energy Star-Certified product, which offers HVAC control options and can be integrated into security system of smart homes.    

List of Key Companies Profiled in the Report:

• Emerson Electric Co. (U.S.)
• Lennox International Inc. (U.S)
• Venstar Inc. (U.S.)
• Bosch Thermotechnology Corp (Germany)
• Carrier Corporation (U.S.)
• Honeywell International Inc. (U.S.)
• Johnson Controls (Ireland)
• Alarm.com Holdings, Inc. (U.S.)
• Schneider Electric (France)
• Daikin Industries, Ltd (Japan)
• Vivint Smart Home, Inc. (U.S)
• Alphabet Inc. (Google LLC) (U.S)
• Ecobee (Canada)

Further Report Findings

• The market in the U.S. stood at USD 1.09 billion in 2021 owing to the implementation of the product in commercial, industrial, and residential applications. This is expected to drive the U.S. smart thermostat market share.
• Industrial thermostats have gained steady growth due to their application in various industries such as healthcare, pharmaceuticals, manufacturing, oil & gas, and other industries for keeping the environmental temperature in check. 
• Increasing demand for smart and connected devices for homes is likely to surge the demand in residential applications. In June 2021, Texas-based energy providers remotely raised the thermostats' pre-set temperature for their customers to reduce the strain on-grid and save energy during peak events. As per the company’s report, the increase in set temperature was in line with the energy-saving program.       

Table of Segmentation