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Smart thermostat market to reach $ 6.4 billion by 2026

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ResearchAndMarkets.com has prepared a forecast for the smart thermostat market. It covers the period from 2021 to 2026.

Analysts estimate sales of smart thermostats this year at $ 2.5 billion. According to the forecast, during the period indicated above, the market will grow by an average of 20.8% per year. If this forecast comes true, by 2026 the volume of this market in monetary terms will reach $ 6.4 billion.

The key factors driving the growth of the smart thermostat market are the growing adoption of smart homes associated with the COVID-19 situation; the emergence of heating, ventilation and air conditioning systems with the support of the Internet of things; government regulations to improve the energy efficiency of buildings; and the proliferation of voice assistants for smart homes. It is not surprising that the largest segment will be the segment of “connected” smart thermostats, that is, having access to the network and working as part of other systems. However, wireless models will be the most common, as it helps reduce installation and maintenance costs and provides greater flexibility and scalability. Installing wireless connectivity makes smart thermostats more compatible with devices such as smartphones, tablets and laptops.

In terms of applications, residential thermostats will be the largest segment, while North America will be the leader regionally.

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