PUNE, India, February 15, 2023 (GLOBE NEWSWIRE) — The global Smart thermostat market size in United States was valued at $1.09 billion in 2021 and $1.27 billion in 2022. The market is expected to reach USD 3.86 billion by 2029, with a CAGR of 17.2% over the forecast period. The increasing acceptance of IoT solutions and smart homes is expected to drive the market rate in a growing direction. The growth in smart city construction and projects is expected to facilitate market development. Fortune Business Insights™ shares this information in its report titled US Smart Thermostat Market Forecast 2023-2029.
key industry development
Emerson Electric Co. worked with Itron, Inc. to offer smart thermostats as part of Itron’s Bring Your Own Device (BYOD) direct-install demand-response programs. Itron, Inc. is a provider of energy and water resource management products and services.
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Report scope and segmentation
| report coverage | details |
| forecast period | 2022 to 2029 |
| Forecast period 2022 to 2029 CAGR | 17.2% |
| Value prognosis 2029 | $3.86 billion |
| base year | 2021 |
| US Smart Thermostat Market Size in 2021 | $1.09 billion |
| Historical data for | 2018 to 2020 |
| number of pages | 150 |
| segments covered | Product, Technology, Application |
| Growth drivers of smart thermostat market in USA | Increasing adoption of Internet of Things (IoT) and Smart Home solutions to accelerate market growth |
| High manufacturing costs and installation complexities of the product are hampering the market growth |
The central theses
- The US smart thermostat market is expected to thrive and reach $3.86 billion in 2029
- Making buildings more energy-efficient is not only a cost-cutting measure, but also an important climate protection strategy.
- Such increasing adoption of IoT devices in North America is likely to propel smart home demand towards greater growth…
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