Lucintel anticipates that Asia Pacific will be the fastest growing region in the smart thermostats market

   October 21, 2019
According to a new market report by Lucintel, the future of the smart thermostats market looks promising with opportunities in the residential, office building, educational buildings, industrial building, retail, hospitality, and healthcare industries. The smart thermostat market is expected to grow with a CAGR of 31% from 2019 to 2024. The major drivers for this market are stringent government regulations on energy saving, increasing demand for energy-efficient devices, and increasing adoption of smart home technology.

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In this market, various wire and wireless communication technologies, such as Wi-Fi, Zigbee, Z-Wave, and Bluetooth are used to control the temperature in smart thermostats devices. Lucintel forecasts that the Wi-Fi enabled smart thermostat market is expected to witness the highest growth over the forecast period due to the increasing adoption of smart thermostats in residential and commercial building to minimize the energy consumption.

Within the smart thermostat market, residential will remain the largest end use industry and it is also expected to witness the highest growth due to the increasing adoption of smart home devices and growing awareness for energy saving among consumers.

APAC will remain the largest region over the forecast period and it is also expected to witness the highest growth due to the increasing adopting the smart assistant devices and government policy of green home.          

Nest Labs, Honeywell International, Ecobee, Emerson Electric, Schneider Electric, Tado, Control4, Ingersoll Rand, Carrier Corporation, Nortek, are among the major manufacturers of smart thermostats.   

Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the smart thermostats market by technology, component, end use industry, and region. Lucintel has prepared a comprehensive research report entitled "Smart Thermostat Market 2019-2024: Trends, Forecast, and Opportunity Analysis."  This Lucintel report serves as a catalyst for growth strategy as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the smart thermostats market by technology, component, end use industry, and region as follows:          

By Technology [$M shipment analysis for 2019 – 2024]:     

  • Wired networking

  • Wireless networking: (Wi-Fi, ZigBee, Z-Wave and Bluetooth)          

By Component [$M shipment analysis for 2019 – 2024]:     

  • Display sensor 

  • Temperature sensor 

  • Humidity sensor 

  • Motion sensor                      

  • Others

By End Use Industry [$M shipment analysis for 2019 – 2024]:

  • Residential

  • Educational

  • Office and industrial building

  • Retail

  • Hospitality and healthcare                                                        

By Region [$M shipment analysis for 2013 – 2024]:

  • North America

    • United States

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • Italy

  • Asia Pacific

    • China

    • Japan

    • India

  • Rest of the World

This 150-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link or

About Lucintel

Lucintel, the premier global Management Consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, Growth Consulting, M&A, and Due diligence services to executives and key decision-makers in a variety of industries. For further information, visit

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