South Korea Thermostat Market Size, Share, and COVID-19 Impact Analysis, By Product (Smart, Mechanical, and Programmable), By Application (New Construction and Retrofit & Renovation), and South Korea Thermostat Market Industry Trend, Forecasts to 2035

South Korea Thermostat Market Insights Forecasts to 2035

• The South Korea Thermostat Market Size Was Estimated at USD 193.5 Million in 2024
• The Market Size is Expected to Grow at a CAGR of around 19.07% from 2025 to 2035
• The South Korea Thermostat Market Size is Expected to Reach USD 1319.8 Million by 2035

According to a research report published by Spherical Insights & Consulting, The South Korea Thermostat Market Size is anticipated to reach USD 1319.8 Million by 2035, growing at a CAGR of 19.07% from 2025 to 2035. The increasing use of smart home technology and the growing need for energy-efficient temperature management systems are the main drivers of this strong growth.

Market Overview

The thermostat market involves the design, production, and distribution of devices that regulate temperature in residential, commercial, and industrial settings. These devices range from mechanical to programmable and smart thermostats. The improved energy efficiency, cost savings, enhanced comfort, and better HVAC system control. The market presents opportunities through the growing adoption of smart homes, increasing demand for energy conservation, and integration with IoT technologies. In South Korea, government initiatives promoting green building standards, energy-saving technologies, and smart infrastructure projects are accelerating thermostat adoption. Incentives and regulations supporting sustainable construction and digital transformation in the energy sector further drive market growth. As the focus on energy management and automation increases, the thermostat market is poised for substantial expansion.

Report Coverage

This research report categorizes the market for South Korea thermostat market based on various segments and regions forecasts revenue growth, and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea thermostat market. Recent market developments and competitive strategies such as expansion, product launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment South Korea thermostat market.

Driving Factors

The rising demand for energy-efficient HVAC systems and the growing adoption of smart home technologies. Increased awareness of energy conservation, along with high electricity costs, encourages consumers to install programmable and smart thermostats. Technological advancements, such as IoT integration and mobile app control, enhance user convenience and system efficiency. In South Korea, supportive government policies promoting green buildings and smart infrastructure further boost market growth

Restraining Factors

The high upfront cost of smart and programmable thermostats, including device prices and professional installation, discourages cost-sensitive consumers and small institutions. Integration complexity with older HVAC systems can require additional wiring or compatibility fixes, further increasing costs and installation effort. Privacy and cybersecurity concerns arise as smart thermostats collect personal and usage data, which may deter adoption without robust data protection.

Market Segmentation

The South Korea thermostat market share is classified into product and application.

• The smart segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The South Korea thermostat market is segmented by product into smart, mechanical, and programmable. Among these, the smart segment held a significant share in 2024 and is expected to grow at a substantial CAGR during the forecast period. The rising demand for energy-efficient and automated home climate control solutions. Increased adoption of smart home technologies, government incentives for energy conservation, and growing consumer awareness of energy costs are key drivers.

• The new construction segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The South Korea thermostat market is segmented by application into new construction and retrofit & renovation. Among these, the new construction segment dominated a share in 2024 and is expected to grow at a significant CAGR during the forecast period. The rapid development of smart buildings and energy-efficient residential and commercial infrastructure. Government regulations promoting green buildings and energy conservation have led to the integration of advanced HVAC systems and smart thermostats in new projects.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea thermostat market, along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborate analysis focusing on the companies' current news and developments, including product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Hanon Systems Co., Ltd.
• Resideo (Korea)
• Winia Electronics
• Hanssem Co., Ltd.
• Samsung Electro-Mechanics
• Cuckoo Electronics
• Kyeyang Electric
• Conotec Co., Ltd.
• SEKI Controls Co., Ltd.
• Inzi Controls Co., Ltd.
• Sam Myung Tech
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at South Korea, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the South Korea thermostat market based on the below-mentioned segments:

South Korea Thermostat Market, By Product

• Smart
• Mechanical
• Programmable

South Korea Thermostat Market, By Application

• New Construction
• Retrofit & Renovation