The smart thermostat market size in the United States is forecast to reach $3.86 billion by 2029 with a compound annual growth rate of (CAGR) of 17.2% during the forecast period, according to market research firm Fortune Business Insights.
The smart thermostat market size in the U.S. was valued at $1.09 billion in 2021 and $1.27 billion in 2022. 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.
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.
Fortune Business Insights shares this information in its report titled, “U.S. Smart Thermostat Market Forecast 2023-2029.” Key takeaways from the report, include:
- 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 homes, smart buildings and smart projects is expected to further drive market growth in the coming years.
Despite the positive market trends, the high manufacturing costs and installation complexities of smart thermostats may impede market growth, according to the report.