Smart thermostat market is anticipated to grow at an exponential CAGR of 28.2% during the forecast period (2024-2031). The market’s growth is attributed to the increasing demand for smart thermostats driven by growing consumer preference for smart gadgets and energy-efficient solutions.. In smart thermostat solutions interoperability and integration are highly soght after. For instance, the redLINK 3.0's expanded control capabilities and simple installation process promote compatibility with smart thermostats and other smart home products, promoting a more integrated ecosystem. Furthermore, since it enables for seamless connectivity with relevant HVAC systems and other smart house components, the simpler integration with existing HVAC systems and other smart home components promotes higher adoption among both consumers and enterprises.

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In July 2022, Resideo Technologies, Inc., launched its Honeywell Home T10+ Smart Thermostat Kits. It has improved its Honeywell Home T10 Pro Smart Thermostat with RedLINK3.0, that offers additional control over three types of indoor air quality equipment, offering easy setup and customized options. Such developments are anticipated to drive the global market growth.

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Market Coverage
Market number available for – 2024-2031
Base year- 2024
Forecast period- 2024-2031
Segment Covered- By Source, By Product Type, By Applications
Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
, and others

Global Smart Thermostat Market Report Segment

By Product

Connected Smart thermostat
Learning Smart Thermostat
Standalone Smart Thermostat

By Connectivity Technology

Wireless Network

o          Wi-Fi

o          Zigbee

o          Z-wave

o          Bluetooth

Wired Network

By Installation Type

New Installation
Retrofit Installation

By Vertical

Residential
Commercial
Retail
Offices
Educational Institutes
Hospitality Centers
Hospitals
Industrial

The Report Covers

Market value data analysis of 2023 and forecast to 2031.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global smart thermostat market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.Competitive strategies by identifying ‘who-stands-where’ in the market.

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