Smart Climate Control Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 7.13 Billion |
| Market Size (2029) | USD 15.53 Billion |
| CAGR (2024 - 2029) | 16.85 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Smart Climate Control Market Analysis
The Smart Climate Control Market size is estimated at USD 7.13 billion in 2024, and is expected to reach USD 15.53 billion by 2029, growing at a CAGR of 16.85% during the forecast period (2024-2029).
The increasing demand for energy-efficient and eco-friendly solutions in residential and commercial buildings has led to the adoption of smart climate control systems.
- The proliferation of the Internet of Things (IoT) technology has made installing smart climate control systems in homes and buildings more affordable. With the help of sensors, smart thermostats, and connected devices, these systems can collect data and adjust settings based on weather and user preferences.
- In recent years, the consumer propensity toward adopting energy-efficient solutions, safety equipment, and building healthy homes has increased significantly across the world, due to which homeowners are increasingly leaning toward adopting health and safety equipment as part of their homes and air purifiers, thermostats, and smart sensors are increasingly becoming the focus.
- The demand for smart and connected air purifiers has gained traction in recent years. There is demand for such devices where the amount of air filtered and other stats visible on the smartphones enable users to have more control and offer alerts when the filters are to be changed.
- In addition, the rise in the need to remove fine airborne particles and germs in automobiles, homes, commercial spaces, and offices drives demand for smart climate control across the globe. However, high maintenance costs and premium installation charges have made smart climate control products expensive, restraining the market's growth.
- COVID-19 positively impacted market growth. Smart air purifiers saw an increase in demand due to the pandemic as people looked for ways to improve indoor air quality and reduce the risk of airborne transmission of the virus. At the same time, smart thermostats and sensors also positively supported market growth as people adopted these products to minimize energy costs and monitor indoor air quality. In this way, the pandemic increased awareness of the importance of indoor air quality and comfort, leading to increased demand for smart air purifiers, smart thermostats, and smart sensors.
Smart Climate Control Market Trends
Growing Household Spending
- Home appliances such as Air purifiers are gaining traction due to rapid urbanization and industrialization in developing countries and worldwide, which is now resulting in deteriorated air quality. The increasing prevalence of respiratory issues, soaring disposable income & growth in spending on household products, and growing population are all factors boosting the market's growth.
- With the growing consumer spending ability across developed and developing nations, a prominent share of the spending is directed at consumer goods and home appliances. According to the National Association of Home Builders, during the first two years after closing on the house, a typical buyer of a newly built single-family detached home tends to spend an average of USD 4,500 more than a similar non-moving homeowner. Likewise, a buyer of an existing single-family detached home tends to spend over USD 4,000 more than a similar non-moving homeowner, including close to USD 3,700 during the first year.
- As household spending power increases, consumers are more likely to be aware of and invest in technologies that improve their quality of life. Smart climate control systems offer convenience, energy efficiency, and comfort, making them an attractive option for consumers with higher disposable incomes.
- Increasing household spending enables consumers to prioritize comfort, convenience, energy efficiency, and environmental sustainability, driving the demand for air purifiers, thermostats, and other safety equipment. For instance, consumer spending on household appliances in the United Kingdom increased from GBP 2,831 million in 2018 Q1 to GBP 3,390 million in 2023 Q1.
Asia-Pacific to Witness the Highest Growth
- Due to the high AQI levels across major cities such as Delhi and Mumbai, the demand for air purifiers is rising in India. Companies such as Acer, Zeco Aircon, and Philips have witnessed a sudden increase in the sales of air purifiers. According to spokespersons of different companies selling the product, indoor air purifier sales have increased by 30-40% across India because of deteriorating air pollution.
- Japan is also one of the significant investors and adopters of the climate control market. The country's growing concern for air pollution and climate change encourages consumers to adopt energy-efficient equipment like a smart thermostat. The Japanese government has also collaborated with the Climate and Clean Air Coalition to tackle air pollution and the climate change crisis.
- Furthermore, according to World Bank, South Asia has become home to 9 of the world's 10 cities with the worst air pollution, which causes an estimated 2 million premature deaths across the region each year and incurs significant economic costs and the countries required to coordinate policies and investments.
- Moreover, the vendors operating in the market are developing new advanced products for smart climate control. For instance, in January 2023, Chinese tech giant Huawei revealed its Zhixuan 720 smart air purifier 3s in China, which has eight purification and formaldehyde removal capability stages. The air purifier has a preliminary protective filter and H13 HEPA material. It is capable of removing potential pollutants from your room environment.
Smart Climate Control Industry Overview
The market for smart climate control is concentrated with major giants, such as Daikin Industries Ltd, Honeywell Internation Inc., Unilever PLC, and Dyson Ltd, providing a range of climate control solutions globally. The market poses a high entry barrier in terms of both capital expenditure and government regulations. New entrants are required to invest in setting up manufacturing facilities, along with technological advancements, to keep track of the changes to remain relevant in the market.
In April 2023, the Chinese tech giant Xiaomi launched a pair of new smart air purifiers, with the first model being the Smart Air Purifier 4. The company's CMO, Anuj Sharma, unveiled this model, and it comes with a pre-filter, a True HEPA Filter, a new Activated Carbon Filter, and a Negative Air Ionizer. Furthermore, the Smart Air Purifier 4 also arrives with Filtration + TUV allergy care certifications & formaldehyde absorption technology. The model is designed to cover up to 516 square feet of area and offers a CADR (clean air delivery rate) of 400 meters cubic per hour.
In April 2023, Resideo Technologies, Inc., a global provider of solutions for home comfort, security, and safety introduced Honeywell Home T10+ Smart Thermostat Kits. The company enhanced its ENERGY STAR certified Honeywell Home T10 Pro Smart Thermostat that launched in 2019. The new thermostat offer additional control over three types of indoor air quality (IAQ) equipment simultaneously.
Smart Climate Control Market Leaders
Daikin Industries Ltd
Honeywell International Inc.
Dyson Ltd
Unilever PLC (Blueair AB)
Koninklijke Philips NV
*Disclaimer: Major Players sorted in no particular order
Smart Climate Control Market News
- March 2023: According to IQAir World Air Quality Report 2022, only 5% of countries meet WHO PM2.5 air pollution guidelines. As citizens get involved and become aware of air quality monitoring, there is a shift in awareness, leading to demand for smart air purifiers that works efficiently.
- April 2022: Wyze built its brand with a wide range of low-cost gadgets and accessories, beginning with security cameras and swiftly extending to vacuums, fitness monitors and scales, wireless earphones, and much more. Wyze expanded its product line with its first air purifier like many other products, was connected with smart assistants and offers automation.
Smart Climate Control Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Assessment of the Impact of COVID-19 on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing Health Problems Associated with Air Pollution
5.1.2 Growing Household Spending
5.2 Market Restraints
5.2.1 High Adoption and Maintenance Costs
6. MARKET SEGMENTATION
6.1 By Product Type
6.1.1 Air Purifier
6.1.2 Smart Thermostat
6.1.3 Smart Sensors (Smoke and Air Quality)
6.2 By Geography
6.2.1 North America
6.2.1.1 United States
6.2.1.2 Canada
6.2.2 Europe
6.2.2.1 Germany
6.2.2.2 United Kingdom
6.2.2.3 France
6.2.2.4 Spain
6.2.2.5 Rest of Europe
6.2.3 Asia-Pacific
6.2.3.1 China
6.2.3.2 Japan
6.2.3.3 Rest of Asia-Pacific
6.2.4 Rest of the World
7. AIR PURIFIERS MARKET SEGMENTATION
7.1 By Filtration Technology
7.1.1 High-efficiency Particulate Air (HEPA
7.1.2 Other Technologies (Electrostatic Precipitators (ESPs), Ionizers, and Ozone Generators)
7.2 By Type
7.2.1 Standalone
7.2.2 Non-smart
8. COMPETITIVE LANDSCAPE
8.1 Company Profiles
8.1.1 AllerAir Industries Inc.
8.1.2 Xiaomi Corp.
8.1.3 Wirlpool Corporation
8.1.4 LG Electronics Inc.
8.1.5 Unilever PLC (Blueair AB)
8.1.6 Sharp Corporation
8.1.7 Koninklijke Philips NV
8.1.8 Dyson Ltd.
8.1.9 Honeywell International Inc.
8.1.10 Daikin Industries Ltd.
- *List Not Exhaustive
9. INVESTMENT ANALYSIS
10. FUTURE OF THE MAKRT
Smart Climate Control Industry Segmentation
Smart climate control offers hassle-free control and climate monitoring with connected automation by the user's mobile and internet connectivity that helps to boost the energy efficiency of the user's residence.
The Smart Climate Control Market is segmented by product type (air purifier, smart thermostat, smart sensors) and Geography (North America, Europe, Asia Pacific, Rest of the World). The Air Purifiers Market is segmented by filtration technology (high-efficiency particulate air and other technologies), by type (standalone and induct), and by feature (smart and non-smart). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
| By Product Type | |
| Air Purifier | |
| Smart Thermostat | |
| Smart Sensors (Smoke and Air Quality) |
| By Geography | |||||||
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| Rest of the World |
Smart Climate Control Market Research FAQs
How big is the Smart Climate Control Market?
The Smart Climate Control Market size is expected to reach USD 7.13 billion in 2024 and grow at a CAGR of 16.85% to reach USD 15.53 billion by 2029.
What is the current Smart Climate Control Market size?
In 2024, the Smart Climate Control Market size is expected to reach USD 7.13 billion.
Who are the key players in Smart Climate Control Market?
Daikin Industries Ltd, Honeywell International Inc., Dyson Ltd, Unilever PLC (Blueair AB) and Koninklijke Philips NV are the major companies operating in the Smart Climate Control Market.
Which is the fastest growing region in Smart Climate Control Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Smart Climate Control Market?
In 2024, the North America accounts for the largest market share in Smart Climate Control Market.
What years does this Smart Climate Control Market cover, and what was the market size in 2023?
In 2023, the Smart Climate Control Market size was estimated at USD 5.93 billion. The report covers the Smart Climate Control Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Smart Climate Control Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Smart Climate Control Industry Report
Statistics for the 2024 Smart Climate Control market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Smart Climate Control analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
