The global Wi-Fi smart thermostat market is poised to attain a rapid CAGR of 21.0% during the forecast period (2022 to 2032), to reach USD 17,231.0 million by 2032, up from USD 2,561.0 million in 2022.
| Report Attribute | Details |
|---|---|
| Wi-Fi Smart Thermostat Market Value (2022) | USD 2,561.0 Million |
| Wi-Fi Smart Thermostat Market Anticipated Forecast Value (2032) | USD 17,231.0 Million |
| Wi-Fi Smart Thermostat Market Projected Growth Rate (2022 to 2032) | 21.0% |
The demand for Wi-Fi smart thermostat is on the rise as it is synced up with a Wi-Fi router which helps in remote access from various gadgets as is observed as one of the world’s most profitable products.
Customers from all parts of the world have been introduced to Wi-Fi smart thermostat as a major energy saver and cost-effective system, soaring the sales of Wi-Fi smart thermostat.
The mounting inclination for smart home solutions and facilities continues to drive the global Wi-Fi smart thermostat market growth. The surging demand for Wi-Fi smart thermostats is also due to the compatibility of smart devices, such as smartphones, laptops, and tablets, with smart thermostats that have Wi-Fi access.
Moreover, the sales of Wi-Fi smart thermostats are augmenting on account of the growing popularity of smart homes in the USA An increase in the use of IoT and AI-based technologies is anticipated to foster the global Wi-Fi smart thermostat market key trends & opportunities and transform programmable thermostats into smart ones. Additionally, it is anticipated that a rise in the use of smart technology in medical monitoring likely spike the demand for Wi-Fi smart thermostats.
Furthermore, users can program Wi-Fi smart thermostats to operate at specific times based on their needs. The same rises energy efficiency by, at times, reducing human error and negligence and supports the expansion of the residential Wi-Fi smart thermostat market size globally.
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The global Wi-Fi smart thermostat market trends are shaped by the continuous advancement in sensor technologies, increasing smartphone users as well as expanding wireless telecommunication infrastructure. Rising customer preferences for cloud-based solutions as well as expanding IOTs applications has compelled the manufacturers to spur the uptake of smart programmable thermostats, expanding the Wi-Fi smart thermostat market share.
The sales of Wi-Fi smart thermostat are likely to spur owing to the simple set-up procedures help in saving energy and enables much more comfortable environments in businesses and homes. The study delivers detailed overview of parent markets - Bluetooth and ZigBee based smart thermostat- to create a comparative analysis as to how the sales of Wi-Fi smart thermostat contributes to their overall growth.
Since it lowers installation and maintenance costs, offers greater flexibility and scalability, and improves connectivity, positively influencing the Wi-Fi smart thermostat market outlook. Recently, the market is fostered by new technologies like versatile sensors, occupancy sensors, communicating thermostats are tested, and integrated into building/HVAC applications due to the Internet of Things' (IoT) quick development.
The maintenance of a comfortable temperature in structures like homes and buildings is one of the main goals of smart cities, improving the Wi-Fi smart thermostat market trends and forecast. Smart HVAC systems can reduce energy costs and increase productivity for households, businesses, and the government by integrating IoT sensors with thermostats.
The government and businesses could, therefore, improve the gadgets and programmes to guarantee proper energy optimization in smart building and city projects and demand may rise as a result of the increased focus and usage of the device.
North America is anticipated to be at the forefront of the Wi-Fi smart thermostat market, with a revenue share of 34.6% in 2022. Among the entities that fall under this category are buildings and companies that are owned by the city, as well as colleges, private citizens, hospitals, and non-profits.
In order to change the physical infrastructure and promote wise resource allocation, this factor will almost certainly require behavioural economics, sensor technology, and gamification. These cities might start implementing technologies that employ algorithms and sensors and gradually raise heating and cooling efficiency in order to become more energy-efficient, influencing the Wi-Fi smart thermostat market future trends.
Principal Consultant
Germany, France, Italy, Spain, the UK, and the rest of Europe comprise the segments of the Europe market, contributing to the region’s Wi-Fi smart thermostat market share of 20.4% in 2022.
Due to the increasing adoption of smart energy solutions across a range of industries and commercial buildings, Europe is likely to dominate the market for Wi-Fi smart thermostats in the years to come.
The rapid adoption of smart infrastructure and the escalating demand for energy management solutions are encouraging European consumers to accept Wi-Fi smart thermostats. Additionally, the market development in the region is being further fuelled by the growing adoption of IoT and AI-based technologies in the region.
Mysa is a smart wi-fi thermostat for applications related to the connected home.
It is made to function with electric baseboard heaters, fan-forced heaters, and in-floor heaters that are powered by high-voltage heating systems. It gains knowledge of how long it takes to heat a space so that it can adjust itself without user input.
The features include vacation mode and location enabled, which turns on or off when they sense your presence. These are able to work with Google Home, Amazon Echo, and Apple Homekit. For remote monitoring and control, the company also offers a companion app that works with iOS and Android devices. Prices as of March 2018 are USD 125.
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Some of the major market players include Emerson Electric Co., Honeywell International Inc., Ecobee, Inc., Johnson Controls, Control4 Corporation, Nest Labs Inc., Schnieder Electric SE, Nortek, Inc., Ingersoll Rand plc., and Tado GmbH.
To consolidate their position in the Wi-Fi smart thermostat market, these key players have implemented strategies like mergers and acquisitions, product portfolio expansion, geographic expansion, collaborations, and agreements.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 21.0% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2016 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Price Range, End Use, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; Asia Pacific; Japan; The Middle East and Africa |
| Key Countries Profiled | USA, Canada, Brazil, Argentina, Germany, UK, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASEAN, GCC, South Africa |
| Key Companies Profiled | Emerson Electric Co.; Honeywell International Inc.; Ecobee, Inc.; Johnson Controls; Control4 Corporation; Nest Labs Inc.; Schnieder Electric SE; Nortek, Inc.; Ingersoll Rand plc.; Tado GmbH. |
| Customization | Available Upon Request |
The global Wi-Fi smart thermostat market is projected to advance at a CAGR of 21.0% (2022 to 2032).
The anticipated North America Wi-Fi smart thermostat market share is 34.6% in 2022.
The Wi-Fi smart thermostat market likely to account for USD 17,231.0 million by 2032.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Price Range 5.1. Above 150 USD 5.2. Below 150 USD 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By End-Use 6.1. Industrial 6.2. Commercial 6.3. Residential 7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. Asia Pacific 7.5. MEA 8. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 9. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 10. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12. MEA Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 13. Key Countries Market Analysis 14. Market Structure Analysis 15. Competition Analysis 15.1. Alphabet Inc. (Nest Labs) 15.2. Ecobee 15.3. Emerson Electric Co. 15.4. Honeywell International Inc 15.5. Johnson Controls 15.6. Netatmo 15.7. Schneider Electric 15.8. Siemens AG 15.9. Tado 15.10. Zen Thermostat 16. Assumptions & Acronyms Used 17. Research Methodology
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Wi-Fi Smart Thermostat Market
