United States Smart Thermostat Market Size To Grow At A CAGR Of 16.9% In The Forecast Period Of 2023-2028
The ‘United States Smart Thermostat Market Share, Size, Scope, Outlook, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the United States smart thermostat market, assessing the market on the basis of its segments like products, technologies, applications, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
United States Smart Thermostat Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 16.9%
Smart thermostats are capable of harmonising with household patterns and home automation eco-systems, smartly facilitating heating or cooling at home according to the level of occupancy or other set parameters. Some of the top advantages offered by smart thermostats include convenience, control, insight, and easy trackability and manageability. The increasing awareness among the population pertaining to the advantages offered by smart thermostats is driving the United States smart thermostat market growth.
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The increasing adoption of smart electronic devices such as phones, tablets and laptops are infusing greater compatibility among the residents, leading to a heightened sale of smart thermostats. In addition, the growing availability of high-speed internet is further accelerating the penetration of the product among households in the country. The strong foothold of major electronic appliance manufacturing companies across the country is improving accessibility by enhancing the efficiency of supply chain, accelerating the growth of United States smart thermostat market.
Smart thermostats also facilitate savings on electricity which is a crucial driving factor of the market. Over the forecast period, the increasing transition towards sustainable spending of electricity, rapid urbanisation, and increasing number of working professionals are expected to bolster the smart thermostat market growth in the United States.
United States Smart Thermostat Industry Definition and Major Segments
A smart thermostat is defined as a type of thermostat which can be controlled through a smart device or internet-enabled equipment. Smart thermostats enable easy adjustment of temperature and options for smart heating and cooling, helping optimise temperatures within the space while reducing energy spent. Smart thermostats can also contains sensors which support voice commands.
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Based on product, the market is segmented into:
By technology, the market is divided into:
On the basis of application, the market is classified into:
Based on region, the market is categorised into:
- New England
- Great Lakes
- Rocky Mountain
- Far West
United States Smart Thermostat Market Trends
The key trends in the United States smart thermostat market include the rising demand for the product in the commercial sector, owing to the technological advancements in the infrastructure across the country. The increasing adoption of internet of things (IoT) across hotels and restaurants in well-established cities of the United States are likely to generate the demand for smart thermostats.
The thriving e-commerce sector is a critical market trend. Smart thermostats are becoming easily accessible as the purchasing power and availability of e-commerce platforms is growing. Stringent regulations of the government aimed towards conserving electricity in commercial, industrial, and residential sectors are playing a pivotal role for the United States smart thermostat market.
High-end voice command interfaces such as Google Assistant, Alexa, and Siri, among others, are making smart thermostats more user-friendly which is further improving the market dynamics. The growing innovations and investments by major market players in the country, aimed towards developing advanced features and interconnected smart thermostat systems, are anticipated to increasing the value of smart thermostats. Furthermore, increasing marketing and branding via social media and digital platforms, is expanding awareness about smart thermostats.
Key Market Players
The major players in the United States smart thermostat market report are :
- Honeywell International Inc
- Johnson Controls
- Emerson Electric Co.
- Carrier Corporation
- Bosch Thermotechnology Corp.
- Lux Products Corporation
- ecobee Inc.
- Vivint, Inc
- Radio Thermostat Company of America
- Lennox International Inc.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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