Smart Thermostat Industry Statistics

In this post, we will explore the latest statistics and projections surrounding the global smart thermostat industry. From market values and growth rates to regional dominance and key players, these data points paint a comprehensive picture of the evolving landscape of smart thermostat technologies. Join us as we uncover the trends shaping this rapidly expanding market.

Statistic 1

"By 2027, the global smart thermostat market is projected to reach USD 8.78 billion."

Statistic 2

"The smart thermostat market size was valued at USD 1.63 billion in 2020."

Statistic 3

"The Compound Annual Growth Rate (CAGR) for the smart thermostat market is projected to be 19.1% from 2021 to 2027."

Statistic 4

"Based on device, standalone smart thermostats are forecasted to register a CAGR of 15.9% during the period of 2021-2027."

Statistic 5

"North America dominated the global smart thermostat market in 2020 with the largest revenue share of 42.4%."

Statistic 6

"In 2020, approximately 9.8 million smart thermostats were sold in the United States alone."

Statistic 7

"The Asia Pacific region is projected to witness a CAGR of 21.2% from 2021 to 2027 in smart thermostat market."

Statistic 8

"Approximately 40% of the smart thermostat market is commanded by three companies - Nest, Ecobee, and Honeywell."

Statistic 9

"In Europe, smart thermostat installations are expected to grow from 13.27 million in 2018 to 40.1 million in 2024."

Statistic 10

"Multiple smart thermostats installed in homes for zone control was 29% of total household installations in 2020."

Statistic 11

"Energy companies constitute about 40% of the purchasing volume for smart thermostats."

Statistic 12

"Smart thermostats reduced energy use for heating in homes by 8.2-13.1% in 2020."

Statistic 13

"Non-residential applications of smart thermostats are expected to grow at a CAGR of 20.8% from 2021-2027."

Statistic 14

"Commercial buildings constitute about 25% of the demand for smart thermostats as of 2021."

Statistic 15

"Approximately half of the smart thermostats sold in the U.S. in 2020 were controlled through a smartphone app."

Statistic 16

"The smart thermostat market witnessed a surge in sales during the Covid-19 pandemic due to increased home automation demand."

Statistic 17

"In 2020, Google's NEST was the leading smart thermostat brand in the U.S, holding a 30% share of the market."

Statistic 18

"By the end of 2024, the installed base of smart thermostats in North America is forecasted to reach 59.7 million."

The smart thermostat industry is experiencing rapid growth and widespread adoption, propelled by technological advancements and increasing awareness of energy efficiency. With a projected global market value of USD 8.78 billion by 2027 and a Compound Annual Growth Rate of 19.1%, the sector is poised for significant expansion. North America currently leads the market, with key players such as Nest, Ecobee, and Honeywell commanding a substantial share. The rise of smartphone app-controlled thermostats, coupled with the surge in home automation demand during the Covid-19 pandemic, has further accelerated market growth. As smart thermostats continue to demonstrate their energy-saving potential in both residential and non-residential applications, the future looks promising for this innovative industry.