The smart thermostat market is predicted to expand to USD 14.8 billion in 2025 and USD 30.2 billion by 2035 with a CAGR of 7.9% over the forecast period.

Metrics	Values
Industry Size (2025E)	USD 14.8 Billion
Industry Value (2035F)	USD 30.2 Billion
CAGR (2025 to 2035)	7.9%

Contracts and Deals Analysis

Company	Google Nest and XYZ Energy Solutions
Contract/Development Details	Google Nest partnered with XYZ Energy Solutions to supply products for a large-scale residential energy efficiency program, aiming to install 50,000 units over the next two years.
Date	March 2024
Contract Value (USD million)	Approximately USD 15 million
Estimated Renewal Period	2 years

Company	Ecobee and ABC Property Management
Contract/Development Details	Ecobee secured a contract with ABC Property Management to equip 10,000 apartment units with products, enhancing energy efficiency and tenant comfort across their properties.
Date	July 2024
Contract Value (USD million)	Approximately USD 3 million
Estimated Renewal Period	3 years

Company	Honeywell Home and DEF Commercial Real Estate
Contract/Development Details	Honeywell Home entered into an agreement with DEF Commercial Real Estate to install products in 500 office buildings, aiming to reduce energy consumption and operational costs.
Date	October 2024
Contract Value (USD million)	Approximately USD 10 million
Estimated Renewal Period	5 years

Country-Wise Analysis

Country/Region	CAGR (2025 to 2035)
USA	9.0%
UK	8.7%
European Union	8.8%
Japan	8.9%
South Korea	9.2%

Competitive Outlook

Company Name	Estimated Market Share (%)
Google Nest	20-25%
Ecobee	15-20%
Honeywell Home	12-17%
Emerson Electric	8-12%
Johnson Controls	5-9%
Other Companies (combined)	30-40%

[340 Pages Report] The global Wi-Fi smart thermostat market is poised to attain a rapid CAGR of 21.0% during the forecast period (2022-2032), to reach US$ 17,231.0 million by 2032, up from US$ 2,561.0 million in 2022.

Report Attribute	Details
Wi-Fi Smart Thermostat Market Value (2022)	US$ 2,561.0 Million
Wi-Fi Smart Thermostat Market Anticipated Forecast Value (2032)	US$ 17,231.0 Million
Wi-Fi Smart Thermostat Market Projected Growth Rate (2022-2032)	21.0%

Report Scope

Report Attribute	Details
Growth Rate	CAGR of 21.0% from 2022 to 2032
Base Year for Estimation	2021
Historical Data	2016-2021
Forecast Period	2022-2032
Quantitative Units	Revenue in USD Million and CAGR from 2022-2032
Report Coverage	Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis
Segments Covered	Price Range End Use Region
Regions Covered	North America Latin America Western Europe Eastern Europe Asia Pacific Japan The Middle East and Africa
Key Countries Profiled	USA Canada Brazil Argentina Germany UK France Spain Italy Nordics BENELUX Australia & New Zealand China India ASEAN GCC South Africa
Key Companies Profiled	Emerson Electric Co. Honeywell International Inc. Ecobee, Inc. Johnson Controls Control4 Corporation Nest Labs Inc. Schnieder Electric SE Nortek, Inc. Ingersoll Rand plc. Tado GmbH.
Customization	Available Upon Request

Snapshot img

Smart Room Heater Market Size 2025-2029

The smart room heater market size is forecast to increase by USD 815.3 million, at a CAGR of 11.5% between 2024 and 2029.

The market is witnessing significant growth due to the integration of advanced technologies such as wireless connectivity, artificial intelligence, and machine learning. These innovations enable users to control their heating systems using mobile apps and geofencing technology. The increasing popularity of smart homes is driving the demand for smart room heaters, as they offer centralized control of heating and air conditioning systems. Strategic partnerships between market players and technology companies are further fueling market growth. Platinum-level features, such as advanced temperature control and energy efficiency, are becoming increasingly important to consumers. Overall, the market is poised for continued growth as technology continues to advance and consumers seek more convenient and efficient heating solutions.

What will be the size of the Smart Room Heater Market During the Forecast Period?

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The market encompasses a range of electric heating devices, including table top and tower models, catering to both residential and non-residential sectors. These intelligent heating solutions offer advanced features such as mobile apps, Wi-Fi connectivity, digital control panels, and touchscreen interfaces for user convenience. The market is driven by the growing trend towards smart homes and smart appliances, as consumers seek to optimize energy consumption and enhance comfort through zonal heating and wireless connectivity.
Portable, small, and lightweight smart room heaters are popular choices for their ease of use and adaptability to various spaces. With the integration of sensors and smart controls, these devices provide optimal heating solutions while minimizing energy waste. The market is expected to continue growing as technology advances and consumer demand for connected and efficient heating solutions increases.

How is this Smart Room Heater Industry segmented and which is the largest segment?

The smart room heater industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  Without connectivity
  With connectivity


Distribution Channel

  Offline
  Online


Product Type

  Electric heaters
  Gas heaters
  Panel heaters
  Infrared heaters
  Smart thermostats and controls


Application

  Residential
  Non-residential


Geography

  Europe

    Germany
    UK
    France
    Italy
    Spain


  North America

    Canada
    US


  APAC

    China
    Japan


  South America

    Brazil


  Middle East and Africa

By Type Insights

The without connectivity segment is estimated to witness significant growth during the forecast period.

The market encompasses a range of heating solutions, including table top, tower, non-residential, residential, offline, online, and smart home-integrated options. These devices offer advanced features such as digital control panels, touchscreen interfaces, energy-saving functions, Wi-Fi and 3G/4G connectivity, presence detection, and smartphone applications. Central heating systems, air conditioners, and portable, small, and lightweight heaters are also part of this market. Advanced sensors, wireless connectivity, and smart controls enable optimal heating solutions and energy consumption monitoring.

Energy-efficient solutions, incentives, regulations, and energy conservation are significant factors influencing market growth. Safety features, such as tip-over protection, overheating detection, and child lock functions, are essential considerations. The market is fragmented, with key players offering various heating technologies, including infrared, ceramic, and oil-filled radiators. The integration of smart home systems, energy-efficient solutions, and home automation continues to drive market expansion.

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The without connectivity segment was valued at USD 514.60 million in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

Europe is estimated to contribute 34% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The European market for smart room heaters is expected to expand significantly during the forecast period, driven by the growing trend of energy efficiency and the increasing adoption of smart home technology. With centralized heating s

The United Kingdom HVAC market, valued at approximately £2.52 billion in 2025, is projected to experience robust growth, driven by several key factors. Increasing urbanization and the construction of new residential and commercial buildings fuel demand for HVAC systems. Furthermore, stringent government regulations aimed at improving energy efficiency in buildings, such as the UK's commitment to net-zero carbon emissions by 2050, are significantly impacting market growth. This regulatory push incentivizes the adoption of energy-efficient HVAC technologies, including heat pumps and smart thermostats, boosting market expansion. The rising awareness among consumers and businesses regarding indoor air quality is also contributing to higher demand for advanced ventilation and air purification systems. While rising material costs and supply chain disruptions pose challenges, the long-term outlook for the UK HVAC market remains positive, supported by sustained infrastructure development and government initiatives promoting sustainable building practices. The market segmentation reveals that the commercial sector currently holds a larger share, but the residential sector is expected to witness significant growth due to rising disposable incomes and improved housing standards. Leading players, such as Johnson Controls, Carrier, and Daikin, are focusing on innovation and strategic partnerships to consolidate their market positions and capitalize on emerging opportunities presented by the growing demand for sustainable and smart HVAC solutions. The forecast period (2025-2033) anticipates a Compound Annual Growth Rate (CAGR) of 4.70%, indicating a steady and substantial expansion of the market. This growth is further fueled by advancements in HVAC technology, offering improved energy efficiency, smart controls, and enhanced functionalities. The increasing integration of Building Management Systems (BMS) and the Internet of Things (IoT) in HVAC systems is also driving market growth, enabling remote monitoring and optimized energy management. The market segments of Heating Equipment and Air Conditioning/Ventilation Equipment within the HVAC Equipment category are expected to maintain significant growth throughout the forecast period, driven by continued demand for both heating and cooling solutions across various sectors. The competitive landscape is characterized by the presence of both established global players and local companies. These companies are constantly striving for innovation and market share, contributing to market dynamism and technological advancements. This report provides a comprehensive analysis of the United Kingdom HVAC market, covering the period from 2019 to 2033. It delves into market size, growth drivers, challenges, and future trends, offering valuable insights for industry stakeholders. The base year for this study is 2025, with estimations for the same year and forecasts spanning from 2025 to 2033. Historical data from 2019 to 2024 provides a solid foundation for analysis. Key market segments – including HVAC equipment (heating and air conditioning/ventilation), HVAC services, and end-user industries (residential, commercial, and industrial) – are thoroughly examined. This report is essential for businesses seeking to understand the dynamics of this multi-billion-pound market. Recent developments include: April 2024: Johnson Controls introduced a new line of heat pumps designed for use in residential settings. The York YH5 15.2 SEER2 2-Stage heat pumps aim to deliver year-round comfort and energy efficiency. These systems boast a seasonal energy efficiency ratio (SEER2) of 16 and a heating seasonal performance factor (HSPF2) of 8. The YH5 heat pump includes options for accessing the compressor from the top or side and a control box that swings out for easy access., January 2024: Bosch Home Comfort Group, a division of the German industrial company Robert Bosch GmbH, introduced a new residential air-to-air heat pump designed for cold climate heating. This innovative pump stands out by targeting regions with severe winters, a departure from the norm. While air-source heat pumps are typically known for their affordability and easy installation, this model offers cooling and heating functionalities.. Key drivers for this market are: Supportive Government Regulations Including Incentives for Saving Energy through Tax Credit Programs, Increasing Demand For Energy Efficient Devices; Increased Construction And Retrofit Activity To Aid Demand. Potential restraints include: Supportive Government Regulations Including Incentives for Saving Energy through Tax Credit Programs, Increasing Demand For Energy Efficient Devices; Increased Construction And Retrofit Activity To Aid Demand. Notable trends are: The Residential Sector is Expected to Witness Significant Growth.

Snapshot img

Smart Home Automation Market Size 2025-2029

The smart home automation market size is forecast to increase by USD 261.31 billion at a CAGR of 28.9% between 2024 and 2029.

The market is experiencing significant growth driven by the increased reliance on wireless technologies and the rise in adoption of cloud-based solutions. These trends enable seamless connectivity and remote control of various household devices, offering convenience and energy savings to consumers. However, the high initial cost associated with installation and configuration remains a challenge for market expansion. To capitalize on this market opportunity, companies should focus on developing cost-effective solutions and partnerships with key players in the wireless and cloud industries. Additionally, exploring financing options and offering flexible payment plans could help make smart home automation more accessible to a wider audience. Navigating these challenges and staying abreast of emerging technologies will be crucial for companies seeking to establish a strong presence in this dynamic market.

What will be the Size of the Smart Home Automation Market during the forecast period?

Request Free SampleThe market is experiencing growth, driven by the increasing integration of Internet of Things (IoT) devices, Wi-Fi technology, and voice-activated devices into household appliances, security systems, entertainment systems, and more. IoT analytics and machine learning technologies are enabling personalized user experiences, tailored to individual preferences and daily routines. ML algorithms analyze user data and energy usage patterns to optimize energy savings and enhance overall efficiency. Wireless technology, voice control, and cloud services are key enablers, allowing for remote monitoring and control of connected devices, including smart thermostats, home gateways, and surveillance systems. The market's expansion is fueled by the consumer demand for convenience, security, and energy efficiency, making smart home automation a dynamic and promising sector.

How is this Smart Home Automation Industry segmented?

The smart home automation industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments. TechnologyHybridWirelessWiredComponentHardwareSoftwareServicesApplicationEntertainmentSecurity and accessLightingHVAC and energy managementOthersGeographyNorth AmericaUSCanadaEuropeFranceGermanyItalyUKAPACChinaIndiaJapanSouth KoreaSouth AmericaMiddle East and Africa

By Technology Insights

The hybrid segment is estimated to witness significant growth during the forecast period.The market encompasses a range of IoT-enabled devices and systems, including Wi-Fi, voice-activated devices, household appliances, security systems, entertainment systems, and energy savings solutions. ML technologies and algorithms facilitate user preferences and daily routines, while data protection and consumer privacy are prioritized. Smart speakers, thermostats, lighting systems, and home security systems are among the popular applications. Consumer spending on non-essential items, such as component shortages, motion detection, temperature detection, and humidity detection devices, is on the rise. The wireless technology segment dominates the market, with wireless connectivity technologies enabling remote control via smartphone apps and voice command. The retrofit sector is a significant growth area, with safety and security solutions, such as smart locks, video doorbells, and home surveillance cameras, gaining popularity. Energy costs and climate change have fueled demand for energy-efficient devices, including smart air purifiers, water filtration systems, sleep trackers, and health and wellness gadgets. Entertainment control, TV control, multi-room audio, virtual assistants, window shades, kitchen appliances, and coffee makers are other key areas of investment.

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The Hybrid segment was valued at USD 17.19 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

North America is estimated to contribute 34% to the growth of the global market during the forecast period.Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The market in North America is experiencing significant growth due to the rising preference for home automation among consumers. With increasing disposable income and a desire for a luxurious lifestyle, homeowners are increasingly adopting smart home systems. IoT analytics, Wi-Fi, voice-activated devices, and househol

Snapshot img

Smart Security Market Size 2024-2028

The smart security market size is forecast to increase by USD 49.21 billion at a CAGR of 19.77% between 2023 and 2028.

The market is experiencing significant growth due to several key trends. The increasing number of smart cities globally is driving market expansion, as these urban areas prioritize advanced security solutions to ensure public safety. Another significant trend is the emergence of Internet of Things (IoT) technology in video surveillance, enabling real-time monitoring and data analysis. Complex infrastructural requirements, such as integration with access control systems and analytics software, are also fueling market growth. These factors contribute to the dynamic development of the market, offering numerous opportunities for stakeholders.

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The market In the United States is experiencing significant growth due to increasing crime rates and the demand for advanced security solutions. Biometric access systems, wireless alarms, and smart surveillance are key technologies driving market expansion. Artificial intelligence (AI) and machine learning are revolutionizing security systems, enabling real-time threat detection and response. The Internet of Things (IoT) is integrating security into various sectors, including smart cities, commercial buildings, finance facilities, data centers, enterprises, hospitality centers, and warehouses.
Additionally, automation, cloud-based security, and AIPowered security solutions are becoming increasingly popular. Urbanization plans and the integration of AI-powered assistants like Google and Amazon's Alexa, as well as smart home devices such as thermostats and CO listeners, are also contributing to market growth. The industrial segment is expected to dominate the market due to the need for advanced security solutions in critical infrastructure and manufacturing industries.

How is this Smart Security Industry segmented and which is the largest segment?

The smart security industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Product

  Surveillance systems
  Intruder alarms
  Access control systems


End-user

  Commercial
  Residential
  Utility infrastructure
  Government spending and others


Geography

  North America

    Canada
    US


  Europe

    Germany
    UK


  APAC

    China


  South America



  Middle East and Africa

By Product Insights

The surveillance systems segment is estimated to witness significant growth during the forecast period.

The market encompasses innovative surveillance systems for residential, commercial, and industrial sectors. Key components include cameras, such as IP, CCTV, and wireless models, used for real-time monitoring and recording. Video analytics software enhances security by detecting anomalous behavior and unauthorized access. Access control systems, including biometric, smart card, and keypad technologies, regulate entry to secure areas. The Internet of Things (IoT) facilitates integration with smart homes, buildings, and cities, enabling remote monitoring and customization. Artificial intelligence (AI) and machine learning algorithms enhance threat detection and behavioral analytics.

Additionally, global crime rates underscore the necessity for advanced security solutions, with applications in finance facilities, data centers, enterprises, hospitality centers, warehouses, and more. Cloud-based security and Newtype Urbanization initiatives in Smart Cities further expand market opportunities. Integration with home ecosystems, such as thermostats, CO listeners, and ZWave-compatible smart home alarms, offers added convenience and potential insurance incentives. Privacy data and security concerns necessitate ongoing advancements in customization, personalization, and AI-powered security solutions.

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The surveillance systems segment was valued at USD 9.76 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

North America is estimated to contribute 41% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The North American market encompasses advanced security solutions that integrate IoT, AI, and ML technologies to strengthen the protection of residential, commercial, and industrial spaces in North America. This market offers a ra

Utilities have slowly moved from passively supplying electricity to consumers to innovating new business avenues and offering a wide array of energy and other products and services to existing customers. They have already entered the home rooftop solar and storage market and the energy management systems market. The automated home is a new market that a few utilities have started to explore.
The automated home market passed $23bn in 2018, according to GlobalData estimates, and is expected to reach $75bn by 2025, having grown at a compound annual growth rate (CAGR) of 18%. Much of that growth will be driven by smart thermostats, which are becoming increasingly common as consumers and governments look to control energy consumption.
Utilities have a huge opportunity to exploit in the home automation business. The biggest advantage is that utilities have a huge existing base of customers and do not need to spend capital and resources on customer acquisition. There are several routes utilities can take to enter the home automation market. Forming strategic partnerships with home automation device makers can prove to be a mutually beneficial arrangement for both the parties involved. The device makers get access to the huge customer base of the utility, and the utility, through the use of these devices by the customers, gains access to the consumption related data of the customers. Read More

Snapshot img

Home Energy Management Systems Market Size 2024-2028

The home energy management systems market size is forecast to increase by USD 1.97 billion at a CAGR of 10.01% between 2023 and 2028.

The Home Energy Management Systems (HEMS) market is witnessing significant growth due to the increasing adoption of smart grid technologies and the investment in the development of smart cities and smart homes. The integration of HEMS in residential and commercial buildings enables efficient energy consumption and management, leading to cost savings and reduced carbon footprint. 
However, the high cost of implementation and interoperability issues between various HEMS and smart devices pose challenges to market growth. The market trend towards the integration of renewable energy and the increasing focus on energy security and sustainability are expected to provide opportunities for market growth. The HEMS market is anticipated to experience robust growth during the forecast period, driven by these trends and the increasing demand for energy efficiency and management solutions.

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New construction projects are increasingly incorporating HEMS as part of their design, making deployment type a significant factor in market growth. The integration of IoT, artificial intelligence, machine learning, and advanced data analytics in HEMS is transforming the industry. These technologies enable self-monitoring systems, programmable communicating thermostats, and advanced central controllers to learn consumer behavior and optimize energy usage accordingly. Moreover, the rise of smart homes and the increasing popularity of electric vehicles (EVs) are creating new opportunities for HEMS. Wi-Fi and Ethernet connectivity enable seamless integration of HEMS with other smart home devices and EV charging stations, further enhancing their functionality and value proposition.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Component

  Hardware
  Software
  Services


Product

  Lighting controls
  Programmable thermostats
  Self-monitoring systems
  Advanced central controllers


Technology

  Wireless Protocols
  Wired Protocols
  Hybrid


Application

  New Construction
  Retrofit


Deployment Type

  On-premises
  Cloud


Geography

  North America

    US
    Canada
    Mexico


  Europe

    Germany
    UK
    France
    Italy


  APAC

    China
    India
    Japan


  South America



  Middle East and Africa

By Component Insights

The hardware segment is estimated to witness significant growth during the forecast period. Home Energy Management Systems (HEMS) consist of a central hub device that facilitates communication between in-home events, users, and sometimes utility companies or electricity retailers. The hub is typically installed on the electrical panel but can be virtual. Additional components include smart plugs, light sensors, and temperature sensors. As communication and sensing technologies advance, the hardware sector is expected to contribute significantly to the global HEMS market. Electric vehicles (EVs) and electricity usage patterns are key factors influencing the market's growth.

HEMS enable users to monitor and manage their energy consumption, optimize electricity usage, and reduce energy bills. Data analytics plays a crucial role in providing insights into electricity usage patterns and predicting energy demand. The integration of HEMS with EVs allows for vehicle-to-grid (V2G) technology, enabling EVs to sell excess energy back to the grid. The market is expected to grow steadily due to increasing energy awareness and the need for energy efficiency.

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The hardware segment was valued at USD 902.80 million in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

North America is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The Home Energy Management Systems (HEMS) market in North America is experiencing significant growth due to increasing energy prices and a heightened focus on energy efficiency to reduce electricity costs. The US is the leading contributor to this market in the region, driven by rising income levels and growing awareness about energy efficiency. companies in the HEMS industry are expanding their product and s

product market has been steadily increasing over recent years, and forecasts suggest a substantial growth trajectory in the upcoming period.

ATTRIBUTES	DETAILS
STUDY PERIOD	2018-2031
BASE YEAR	2023
FORECAST PERIOD	2024-2031
HISTORICAL PERIOD	2018-2022
UNIT	VALUE (USD MILLION)
KEY COMPANIES PROFILED	Honeywell, Siemens, Johnson Controls, Schneider-electri, Danfoss, NEST, Carrier, VENSTAR, EMERSON, Trane, KMC, saswell, ASIC, ABB, Viconics, Hailin, YiKeCHENG, TELIN, Henan Development Alliance Automatic
SEGMENTS COVERED	By Product Type - Mechanical Room Thermostats, Electrical Room Thermostats, Smart Room Thermostats By Application - Office, Home, Shopping Malls, Hotels, Other By Sales Channels - Direct Channel, Distribution Channel By Geography - North America, Europe, Asia-Pacific, South America, Middle East and Africa

The market is projected to reach USD 295.0 million in 2025 and expand to approximately USD 449.5 million by 2035, reflecting a compound annual growth rate (CAGR) of 4.3% over the forecast period.

Metric	Value
Industry Size (2025E)	USD 295.0 million
Industry Value (2035F)	USD 449.5 million
CAGR (2025 to 2035)	4.3%

Country Wise Analysis

Country	CAGR (2025 to 2035)
United States	4.4%

Country	CAGR (2025 to 2035)
United Kingdom	4.2%

Region	CAGR (2025 to 2035)
European Union	4.5%

Country	CAGR (2025 to 2035)
Japan	4.1%

Country	CAGR (2025 to 2035)
South Korea	4.3%

Snapshot img

Multi-Factor Authentication Market Size 2024-2028

The multi-factor authentication market size is forecast to increase by USD 38.97 billion at a CAGR of 28.83% between 2023 and 2028. The multi-factor authentication (MFA) market is experiencing significant growth due to the increasing volume of online transactions and the rise in cyberattacks, including phishing attacks, on the Internet. Sensitive data, particularly cloud data, is at risk from adversaries seeking unauthorized access. To counteract these threats, MFA has emerged as a critical security measure. Additionally, ensuring compliance with data security standards is crucial to avoid potential legal and reputational risks. The growing demand for enhanced security has driven increased IT spending, with biometrics playing a key role in the expansion of the MFA market. Cloud technologies and enterprise mobility have accelerated the adoption of MFA, leading to the introduction of authentication-as-a-service solutions. However, the cost of One-Time Password (OTP) tokens remains a challenge for some organizations.

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The market is witnessing significant growth due to the increasing need for strong security measures in business environments. With the proliferation of interconnected devices in IoT environments and the subsequent vulnerabilities they present, the demand for MFA solutions is on the rise. Cyber threats, such as Advanced Persistent Threats (APT) and zero-day attacks, continue to pose a significant risk to data integrity and customer trust. Traditional password-based authentication models are no longer sufficient to secure on-premises data and cloud security. MFA provides an additional layer of security by requiring users to provide two or more verification factors to access systems and applications.

Further, Biometric data, such as fingerprints or facial recognition, are increasingly being used as authentication factors. These factors are more secure than passwords and provide a more convenient user experience. However, the lack of awareness and understanding of MFA among businesses and individuals remains a challenge. In the IoT environment, MFA is essential for securing IoT devices and protecting against unauthorized access. Smart thermostats, industrial sensors, and other IoT devices store sensitive data and require strong authentication mechanisms to prevent cyber attacks. The MFA market is seeing significant growth as smart thermostats and other IoT devices equipped with sensors require advanced multi-factor authentication to ensure secure access and protect user data. MFA ensures that only authorized devices and users have access to this data, enhancing overall security posture.

Moreover, the market potential for MFA is significant, driven by the increasing importance of data protection and the growing number of cyber threats. The ability of MFA to mitigate the risks of password-based authentication and provide an additional layer of security makes it an essential component of any comprehensive security strategy. The market is an essential tool for businesses looking to enhance their security posture and protect against cyber threats. By requiring users to provide multiple verification factors, MFA provides an additional layer of security for on-premises data and cloud security. As the number of interconnected devices continues to grow, the need for strong authentication mechanisms like MFA will only become more critical.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Component

  Services
  Products


Deployment

  On-premises
  Cloud


Geography

  North America

    US


  Europe

    Germany
    UK


  APAC

    China
    Japan


  South America



  Middle East and Africa

By Component Insights

The services segment is estimated to witness significant growth during the forecast period. In today's business landscape, with the rise of remote work and bring-your-own-device (BYOD) policies, securing access to sensitive data has become a top priority for enterprises. Multi-factor authentication (MFA), which requires users to provide two or more verification factors to gain access, is increasingly being adopted to mitigate the risk of unauthorized access and data breaches. The implementation of MFA solutions involves the use of various authentication factors such as SMS codes, physical authenticators, and biometric data. The market is witnessing significant growth due to several factors. Firstly, the increasing number of data breaches and cyber-attacks has heightened the need for strong security measures.

Secondly, the heterogeneous IT environments in organizat

Snapshot img

Residential HVAC Market Size 2025-2029

The residential HVAC market size is forecast to increase by USD 39.62 billion at a CAGR of 8.1% between 2024 and 2029.

The global residential HVAC market is expanding steadily, driven by growing demand for energy-efficient climate control and advancements in system technology. Key factors include rise of construction, as homeowners and builders prioritize comfort in new and renovated homes, and innovations like smart thermostats and variable refrigerant flow (VRF) systems, which improve energy savings and indoor air quality for residential users across diverse climates.
This report offers a detailed look at the global residential HVAC market, including market size, growth projections, and key segments such as heating, ventilation, and air conditioning equipment. It provides practical insights for business strategy, product positioning, and market expansion efforts. A prominent trend highlighted is the increasing adoption of ductless systems, offering flexible, energy-efficient solutions for smart homes without extensive ductwork. One significant challenge addressed is the shortage of skilled labor in HVAC manufacturing and installation, which can delay projects and innovation. The report also covers regional dynamics, identifying opportunities in North America, APAC, Europe, and other key markets.
For businesses seeking to stay competitive globally, this report delivers essential data and analysis to navigate rising demand and address workforce challenges, ensuring they capitalize on opportunities in the evolving residential HVAC industry.

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The market continues to experience significant growth, fueled by increasing consumer spending and the pressing need for energy-efficient solutions in the face of growing temperatures and changing environmental regulations. Indoor air quality has become a top priority for homeowners, leading to an increase in demand for advanced HVAC systems that offer superior cooling and heating capabilities. The market for heating equipment and air conditioners is expected to expand as consumers seek to maintain comfortable living conditions in their homes.
In addition, the growing concern for the environment and the need to reduce greenhouse gas emissions have also influenced the market. The adoption of heat pumps, which provide both heating and cooling functions, has gained momentum in cold regions as an eco-friendly alternative to traditional heating systems. Policy support for energy efficiency and sustainability initiatives further bolsters the growth of the market. Governments worldwide are incentivizing the use of smart equipment, such as AI-enabled thermostats and automation systems, to help homeowners save energy and reduce their carbon footprint. Natural gas and electricity remain the primary energy sources for residential HVAC systems.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  HVAC equipment
  HVAC services


Product

  Air conditioning system
  Heating system
  Ventilating system


Geography

  APAC

    China
    India
    Japan
    South Korea


  Europe

    Germany
    UK
    France
    Italy


  North America

    Canada
    US


  Middle East and Africa



  South America

By Type Insights

The HVAC equipment segment is estimated to witness significant growth during the forecast period.

In the realm of modern industrial construction, there is a growing emphasis on sustainability and energy efficiency. HVAC (Heating, Ventilation, and Air Conditioning) systems, which include heating equipment, ventilation equipment, and air conditioning equipment, are increasingly being adopted for their energy-saving capabilities. In regions like Europe and North America, where temperatures can be quite low, the demand for heating equipment is particularly high. One such energy-efficient heating solution gaining popularity is Underfloor Heating (UFH) systems. These systems offer energy savings and require less space than traditional radiators. The European market, in particular, is witnessing significant growth due to stringent environmental regulations and a strong focus on energy conservation.

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The HVAC equipment segment was valued at USD 46.90 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 49% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and dri

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HVAC Equipment Market Size 2024-2028

The HVAC equipment market size is forecast to increase by USD 52.1 billion at a CAGR of 6.33% between 2023 and 2028.

Increasing residential and commercial construction activities are the key driver of the HVAC equipment market, as the demand for efficient heating, ventilation, and air conditioning solutions rises with new building projects. The upcoming trend is the advent of smart HVAC systems. These systems, equipped with IoT capabilities, allow for real-time monitoring, energy optimization, and enhanced user control, offering improved comfort, energy efficiency, and cost savings in both residential and commercial buildings.
The market is further driven by the increasing residential and commercial construction activities, particularly in the US. The adoption of energy-efficient HVAC systems is on the rise, driven by stringent regulations and the need for cost savings. In the commercial sector, data centers are leading the demand for HVAC rental equipment, as they require specialized air handling units and air conditioning systems to maintain optimal operating conditions. 

What will be the Size of the HVAC Equipment Market During the Forecast Period?

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The market encompasses a wide range of climate control solutions for residential, commercial, and industrial buildings. This market is driven by the growing demand for comfort and indoor air quality in various sectors, including residential, commercial, and industrial. The construction sector's ongoing expansion, particularly In the areas of shopping centers, industrial facilities, and warehouses, is fueling market growth. Long-term climate change and increasing concerns over energy efficiency are significant trends shaping the HVAC market. As a result, there is a rising demand for energy-efficient HVAC systems, such as air conditioners, heating systems, ventilation systems, and ventilation equipment. These systems not only help reduce greenhouse gas emissions but also contribute to improved air quality by managing moisture, smoke, and other pollutants.
Electrical cooling systems, air conditioning equipment, and programmable thermostats are essential components of modern HVAC systems. The market is also witnessing the integration of advanced technologies, such as IoT and AI, to optimize energy usage and enhance system performance. Overall, the market is expected to continue its growth trajectory, driven by the need for climate control and indoor air quality solutions.

How is this HVAC Equipment Industry segmented and which is the largest segment?

The HVAC equipment industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

End-user

  Non-residential
  Residential


Product

  Air conditioning equipment
  Heating equipment
  Ventilation equipment


Business Type

  New Construction
  Retrofits


Geography

  APAC

    China
    Japan


  Europe

    Germany
    UK


  North America

    US


  Middle East and Africa



  South America

By End-user Insights

The non-residential segment is estimated to witness significant growth during the forecast period. The market caters to the heating, ventilation, and air conditioning needs of various industries, including manufacturing facilities, commercial and industrial buildings, data centers, retail stores, healthcare facilities, and educational institutions. The construction sector's growth, particularly In the non-residential segment, fuels the demand for energy-efficient HVAC systems. The commercial segment dominates the market due to the heightened focus on energy efficiency among organizations and commercial entities. Energy consumption from HVAC and lighting systems in commercial buildings is substantial. Consequently, companies must prioritize energy-efficient solutions that adhere to regional and international regulations. Energy-efficient HVAC systems, such as heat pumps, programmable thermostats, and smart HVAC systems, offer real-time data and energy savings.

Additionally, the integration of smart building technologies, including air quality sensors and airflow optimization, further enhances energy efficiency and indoor environmental quality. Key HVAC equipment includes air conditioners, boilers, heat exchangers, ventilation systems, and refrigeration cycles. The market encompasses traditional furnaces, net zero emissions solutions, and renewable heating systems, such as district heating and the Clean Heating Plan. The market's growth is driven by the need for climate control, thermal comfort, and air quality in various sectors, including shopping centers, industrial facilities, warehouses, and residential space heating. Sustainability challenges, such as reducing gree

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HVAC Services Market Size 2024-2028

The HVAC services market size is forecast to increase by USD 28.76 billion at a CAGR of 7.43% between 2023 and 2028.

The global HVAC services market is driven by rising demand for energy-efficient systems and advancements in smart technology. Key factors include a shift toward sustainable building practices and smart city ICT infrastructure as businesses and consumers prioritize eco-friendly solutions, alongside the integration of IoT-enabled HVAC controls for better performance and monitoring. 
This report offers a detailed look at market size, growth forecasts through 2028, and key segments like air conditioning and heating services, providing practical insights for shaping strategies, engaging clients, and improving operations. It highlights the trend of smart HVAC systems as a game-changer for efficiency, while addressing challenges such as fluctuating raw material costs that can disrupt pricing and supply chains. For companies aiming to stay competitive in the global HVAC services market, this report delivers essential data and analysis to navigate emerging opportunities and tackle operational hurdles effectively.

What will be the Size of the HVAC Services Market During the Forecast Period?

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The market encompasses the design, installation, maintenance, and repair of heating, ventilation, air conditioning, climate control, comfort systems, and air quality systems for residential and commercial spaces. This market is driven by the growing demand for energy-efficient and sustainable climate control solutions in various building types, including residential, commercial, industrial, and federal infrastructure. The increasing focus on thermal comfort and indoor air quality, particularly In the context of energy-saving products and sustainable buildings, is fueling market growth. Market trends include the adoption of energy-efficient technologies, such as ground-source heat pumps and energy-saving products, as well as the integration of climate control technologies into affordable housing units and commercial infrastructure.
Smart thermostats, ductless systems, and geothermal heating are reshaping modern HVAC solutions by offering energy-efficient, eco-friendly alternatives for both residential and commercial spaces. Radiant cooling, heat pumps, and chilled beams work together to provide precise temperature control, while air purifiers and humidity control systems ensure optimal indoor air quality. Energy audits and predictive maintenance allow for continuous performance optimization, identifying potential issues before they arise. Variable refrigerants and eco-friendly refrigerants contribute to sustainability goals, while noise reduction and thermal insulation enhance comfort. IoT integration and building automation enable seamless control and monitoring, with HVAC sensors providing real-time data for improved efficiency. Zone control and hybrid systems allow for tailored climate management, and dehumidifiers and heat recovery systems ensure balanced indoor environments. 
Fan coils and ventilation ducts, combined with air filtration, further enhance air circulation. Retrofit solutions, energy recovery, and demand response strategies help reduce operational costs, providing long-term benefits in energy conservation and overall building performance. Federal tax credits and incentives also contribute to market expansion. Overall, the market is expected to continue growing as the need for temperature control and air quality solutions remains paramount in various sectors.

How is this HVAC Services Industry segmented and which is the largest segment?

The industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.Service TypeAir conditioning servicesHeating servicesVentilation servicesEnd-userNon-residentialResidentialImplementation TypeNew ConstructionRetrofit BuildingsNew ConstructionRetrofit BuildingsEquipment TypeHeatingVentilationAir ConditioningTechnologyTraditional HVAC SystemsSmart HVAC SystemsGeographyAPACChinaIndiaJapanEuropeFranceGermanyItalyUKNorth AmericaUSCanadaMiddle East and AfricaEgyptKSAOmanUAESouth AmericaArgentinaBrazil

By Service Type Insights

The air conditioning services segment is estimated to witness significant growth during the forecast period. Air conditioners are essential components of modern indoor spaces, including residential buildings, commercial establishments, and critical infrastructure such as data centers and airports. However, the affordability of energy-efficient air conditioning solutions remains a significant challenge, particularly for affordable housing units. Air conditioning plays a crucial role in maintaining thermal regulation and indoor air quality, especially in regions with