Smart thermostat sector gains momentum, with 67.2 million devices expected to be shipped by 2030

LONDON, July 2, 2024 /PRNewswire/ — As the smart home market continues to grow from first-time launches to mass adoption, new product lines and professional subscription services are evolving to facilitate adoption and expand the customer base to include retrofits and new home investments, according to a new report from a global technology intelligence firm ABI ResearchShipments of smart home energy management devices, particularly smart thermostats, smart lighting and smart plugs, will grow from 230.9 million in 2024 to over 584 million in 2030.

“Western European households will lead the adoption of energy-efficient smart home devices, closely followed by North American households. The pace and speed of adoption will depend on a number of factors, including increased Wi-Fi connectivity in homes, device pricing, type of installation, and customer service,” explains Rithika Thomas, Senior Analyst, Sustainable Technologies, ABI Research. “Global energy regulations, green bonuses, and subsidies in Europe (particularly France, Germany, and Italy) will further drive adoption over the forecast period and open up opportunities in retrofit markets that will outpace new builds.”

Traditional, established brands are strengthening their offerings by acquiring smaller companies with niche expertise as the fragmented smart home industry matures. The ecosystem is currently fragmented, with no dominant players in the overall market, and a significant disconnect between product marketing, market buzz, consumer adoption, and purchasing power. Data privacy, security, sustainability, convenience, energy savings, and interoperability with existing devices are strategic considerations that vendors are using to increase customer satisfaction and ensure vendor loyalty. The smart thermostat sector will have the largest impact on household energy use, with over 45% adoption in Western Europe and North America, accounting for 67.2 million devices shipped globally by 2030.

Google, Honeywell, Amazon, and Ecobee account for more than 60% of the global smart thermostat market share, with their install base primarily in single-family homes. Other smart thermostat providers include Carrier, Schneider Electric, Netamo, Samsung, Siemens, and LeGrand & Tado GMbh.

“As the smart home market matures and consumers become more tech-savvy and compare product performance, vendors need to prioritize customer engagement, ease of installation, demonstrating use cases, implementing artificial intelligence (AI), machine learning (ML), and data analytics to improve the user experience without being pushy and staying ahead of the competition,” Thomas concludes.

These findings come from ABI Research’s Smart Home Hardware for Energy Management report. The report is part of the company’s Smart Buildings and Consumer Technologies research services, which include research, data and analyst insights.

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