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In recent years, home energy management has emerged as a prominent trend in consumer technology, with a focus on environmental sustainability. This trend involves using electricity efficiently within the home, providing users with the ability to remotely control devices and adjust their operation. Smart thermostats are an integral part of this trend, allowing users to remotely adjust the temperature of their homes.
The increasing demand for smart homes and the investments made in building automation technologies will have a significant impact on the thermostat market progression. As more homeowners seek to optimize energy consumption and enhance their comfort, the product demand will continue to grow. Furthermore, the increasing severity and frequency of weather-related concerns, such as extreme heatwaves or cold spells, have highlighted the importance of energy-efficient devices.
The market size of thermostat reached USD 5.6 billion in 2023 and is estimated to witness 13.1% CAGR during 2024 to 2032, driven by the increasing preference for smart and connected thermostats.
Asia Pacific thermostat industry is poised to register 13% growth rate between 2023 and 2032 driven by the surging demand for thermostats and the burgeoning and volatile energy prices in the region.
Trane, Legrand, Schneider Electric, Nortek Global HVAC, Radio Thermostat Company of America, COMPUTIME LIMITED, Johnson Controls, Danfoss, Emerson Electric Co., Sensata Technologies, Inc., Trafag, Venstar Inc., and Ecobee are among the leading firms operating in the industry.
Smart thermostat industry generated USD 2.8 billion in 2022 and is poised to gain momentum from 2023-2032 attributed to the rising advancements in technology, increased awareness of energy efficiency, and the growing adoption of smart home automation.