U.S. Smart Thermostat Market Exhibits 17.2% CAGR and Reach 3.86 Billion by 2029
Fortune Business Insights
Updated 6 min read
As per the report by Fortune Business Insights, the global U.S. Smart Thermostat Market size is projected to reach USD 3.86 Billion in 2029, at a CAGR of 17.2% during the forecast period, 2022-2029
Pune,India, Feb. 15, 2023 (GLOBE NEWSWIRE) -- The global U.S. Smart Thermostat Market Size was valued at USD 1.09 billion in 2021 and USD 1.27 billion in 2022. The market is expected to reach USD 3.86 billion by 2029 with a CAGR of 17.2% during the forecast period. Increasing adoption of IoT solutions and smart homes is expected to propel the market course in a growing direction. Growth in the building of smart cities and projects is expected to facilitate market development. Fortune Business Insights™ shares this information in its report titled “U.S. Smart Thermostat Market Forecast 2023-2029.”
Key Industry Development
Emerson Electric Co. collaborated with Itron, Inc. with the aim to offer smart thermostats as part of Itron’s Bring Your Own Device (BYOD) for direct install demand response programs. Itron, Inc. is a provider of energy and water resource management products and services.
Increasing Adoption of Internet of Things (IoT) Solutions and Smart Homes to Accelerate Market Growth
High Manufacturing Costs and Installation Complexities of the Product to Hinder Market Growth
Key Takeaways
U.S. Smart Thermostat Market is expected to flourish & reach USD 3.86 Billion in 2029
Making buildings more energy efficient is not only a cost reduction measure, it is also an important climate change mitigation strategy.
Such an increasing proliferation of IoT devices in North America is likely to push demand for smart homes towards a stronger growth trajectory.
The learning segment is expected to grow rapidly over the forecast period because of its intuitive and smart features with excellent features customer experience.
U.S. Smart Thermostat Market Size in North America was USD 1.09 Billion 2021
Drivers & Restraints:
The U.S. smart thermostat market is poised for growth, driven by the increasing adoption of IoT solutions and smart homes. Smart thermostats are being increasingly used in homes to regulate temperature and humidity while ensuring the quality of the air.
These thermostats utilize wireless communication, internet connectivity, mobile devices, and cloud computing to control HVAC system operation, save energy, and reduce costs.
The growing number of smart buildings and smart projects is expected to further drive market growth in the coming years.
However, the market growth may be impeded by the high manufacturing costs and installation complexities of these products. Despite these challenges, the increasing adoption of smart thermostats is expected to create new opportunities for market growth. Overall, the future of the U.S.
smart thermostat market looks promising, driven by the need for energy efficiency and sustainable living.
Regional Insights:
The U.S. smart thermostat market is set for significant growth, driven by the increasing adoption of energy-saving devices across residential, commercial, and industrial applications. The U.S. government's initiatives to promote the use of energy-efficient products to counter future energy crises are further propelling market growth. As a result, the U.S. smart thermostat market reached a valuation of USD 1.09 billion in 2021.
The government's initiatives include the promotion of energy star products, energy star certified new homes, a national action plan for energy efficiency, commercial building design, and other related initiatives. These measures are expected to contribute to the growth of the smart thermostat market in the coming years.
In June 2021, a Texas-based energy provider remotely raised the pre-set temperature on customers' thermostats to reduce the strain on the grid and save energy during peak events. The move was in line with the energy-saving program, which highlights the growing need for energy-efficient products and solutions.
Despite the positive market trends, the high manufacturing costs and installation complexities of smart thermostats may impede market growth. Nevertheless, the increasing demand for energy-saving solutions is expected to create new growth opportunities for the U.S. smart thermostat market.
The market is projected to grow from USD 1.27 billion in 2022 to USD 3.86 billion by 2029, exhibiting a CAGR of 17.2% during the forecast period.
How big is U.S. Smart Thermostat Market in North America?
The market in North America stood at USD 1.09 Billion in 2021 and is expected to gain a huge portion of the market share in the coming years.
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