- What are the differences between a basic, programmable, connected, and smart thermostat?
- What are the drivers and barriers affecting the thermostat market?
- How is the market for thermostats expected to grow by thermostat type?
- How is the market for thermostats expected to grow by building type?
- How is the market for thermostats expected to grow by region?
- What are recommendations and best practices for the smart thermostat market?
2Q 2022
Market Data: Smart Thermostats
Residential Advanced Thermostats: Global Market Analysis, Segmentations, and Forecasts
The traditional role of thermostats has been to provide comfort and convenience by automating temperature management. Recent enhancements incorporated into advanced thermostats support additional sensors, AI, and communications capabilities. As energy prices rise and as society moves toward reducing power use for environmental reasons, priorities are shifting to managing power usage, comfort, and convenience. Advanced thermostats excel at all three. Their effectiveness and capabilities are such that in coming years, they will shift from being a device the homeowner specifies to an instrument by which utility and homeowners collaboratively manage peak power loads.
This evolution will not take place uniformly because the current adoption of thermostats varies significantly by region. Besides climate-based variations in heating and cooling needs, individual cultures have ingrained customs and mores on the nature of heating—and sometimes cooling—that should be recognized and respected. Relationships between utilities and homeowners also affect collaboration.
This Guidehouse Insights report looks at the growth of advanced thermostats in all regions in the coming decade. It leverages Guidehouse Insights reports based on the Global Building Stock Database for 4Q21 and applies information associated with advanced thermostats, consumer buying behavior, and information from vendors. Guidehouse Insights estimates the advanced thermostat market will grow at a compound annual growth rate (CAGR) of 8.4% from $3.4 billion in 2022 to $6.9 billion by 2031. Most of the growth will be in the Asia Pacific market and is associated with the substantial growth in China for multifamily homes. The North American Market will grow at a CAGR of 1.7% from $1.6 billion in 2022 to 1.9 billion in 2031.
Pages
27
Tables | Charts | Figures
36
Key Questions Addressed
Who Needs This Report
- Thermostat manufacturers
- HEM software providers
- Smart home solution and component providers
- Energy monitoring companies
- Energy suppliers/Utilities
- Other service providers
- Other connected device manufacturers
- Investor community
Table Of Contents
1. Executive Summary
1.1 Introduction
1.2 Market Trends
1.3 Market Forecast
2. Market Issues
2.1 Technology Scope and Trends
2.2 Market Drivers
2.2.1 Cost Savings from Energy Efficiency for Homeowners
2.2.2 Environmental and Capacity Concerns of Utility Grids
2.2.3 Competition Among Thermostat Manufacturers
2.2.4 Homeowners’ Environmental Concerns
2.2.5 Growth of Smart Homes
2.3 Market Barriers
2.3.1 Inconsistent Results
2.3.2 Non-Conforming HVAC Equipment
2.3.3 Complex Integration with Smart Home Technology
2.3.4 Split Incentives between Renters and Building Owners
2.3.5 Initial Costs Can Be High
2.3.6 Retailers, HVAC Contractors, and Smart Home Vendor Channel Conflict
2.3.7 Privacy and Data Security
2.3.8 Cultural Norms About the Use of Thermostats
3. Market Forecasts
3.1 Technology and Scope
3.2 Thermostat Penetration
3.3 Smart and Communicating Thermostat Forecasts
3.4 Regional Forecasts
3.4.1 North America
3.4.2 Europe
3.4.3 Asia Pacific
3.4.4 Latin America
3.4.5 Middle East & Africa
3.5 Forecasts by Housing Type
4. Conclusions and Recommendations
5. Acronym and Abbreviation List
6. Table of Contents
7. Table of Charts and Figures
8. Scope of Study, Sources and Methodology, Notes
List of Charts and Figures
- Advanced Thermostat Device Revenue by Region, World Markets: 2022-2031
- Thermostat Penetration by Type, World Markets: 2022-2031
- Smart Thermostat Device Revenue by Region, World Markets: 2022-2031
- Communicating Thermostat Device Revenue by Region, World Markets: 2022-2031
- Advanced Thermostat Device Revenue by Segment, North America: 2022-2031
- Advanced Thermostat Device Revenue by Segment, Europe: 2022-2031
- Advanced Thermostat Device Revenue by Segment, Asia Pacific: 2022-2031
- Advanced Thermostat Device Revenue by Segment, Latin America: 2022-2031
- Advanced Thermostat Device Revenue by Segment, Middle East & Africa: 2022-2031
- Advanced Thermostat Device Shipments by Housing Type, World Markets: 2022-2031
List of Tables
- Thermostat Penetration by Type, World Markets: 2022-2031
- Advanced Thermostat Device Shipments by Region, World Markets: 2022-2031
- Advanced Thermostat Device Revenue by Region, World Markets: 2022-2031
- Smart Thermostat Device Shipments by Region, World Markets: 2022-2031
- Smart Thermostat Device Revenue by Region, World Markets: 2022-2031
- Communicating Thermostat Device Shipments by Region, World Markets: 2022-2031
- Communicating Thermostat Device Revenue by Region, World Markets: 2022-2031
- Advanced Thermostat Device Revenue by Segment, World Markets: 2022-2031
- Advanced Thermostat Device Revenue by Segment, North America: 2022-2031
- Advanced Thermostat Device Revenue by Segment, Europe: 2022-2031
- Advanced Thermostat Device Revenue by Segment, Asia Pacific: 2022-2031
- Advanced Thermostat Device Revenue by Segment, Latin America: 2022-2031
- Advanced Thermostat Device Revenue by Segment, Middle East & Africa: 2022-2031
- Advanced Thermostat Device Shipments by Housing Type, World Markets: 2022-2031
- Advanced Thermostat Device Shipments by Housing Type, North America: 2022-2031
- Advanced Thermostat Device Shipments by Housing Type, Europe: 2022-2031
- Advanced Thermostat Device Shipments by Housing Type, Asia Pacific: 2022-2031
- Advanced Thermostat Device Shipments by Housing Type, Latin America: 2022-2031
- Advanced Thermostat Device Shipments by Housing Type, Middle East & Africa: 2022-2031
- Advanced Thermostat Revenue by Housing Type, World Markets: 2022-2031
- Advanced Thermostat Revenue by Housing Type, North America: 2022-2031
- Advanced Thermostat Revenue by Housing Type, Europe: 2022-2031
- Advanced Thermostat Revenue by Housing Type, Asia Pacific: 2022-2031
- Advanced Thermostat Revenue by Housing Type, Latin America: 2022-2031
- Advanced Thermostat Revenue by Housing Type, Middle East & Africa: 2022-2031
- Evolving Capabilities of Advanced Thermostats
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