Thermostat Market Size By Products (Smart Thermostat, Mechanical Thermostat, Programmable Thermostat), By Distribution Channel (Utility, Retail, Security, HVAC), By Mode of Operation (Line Voltage, Low Voltage, Millivolt), By Application (Residential, Commercial [Educational Institution, Office Buildings, Retail, Hospitals], Industrial) Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share, & Forecast, 2019 – 2025

Published Date: Feb 2019  |  Report ID: GMI3116  |  Authors: Ankit Gupta, Abhishek Chopra

Report Format: PDF   |   Pages: 500   |   Base Year: 2018

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Thermostat Market size was valued at over USD 3 billion in 2018 and is anticipated to exceed 65 million units by 2025. The shifting trend toward energy efficient technologies coupled with the increasing investment pertaining to smart home applications will foster the global market growth.

Rapid development of urban areas & commercial buildings including residential complexes, hospitals, educational institutes and offices will positively impact the thermostat market outlook. Furthermore, the increasing consumer awareness toward energy management systems along with the rising demand for sustainable heating & cooling technologies will stimulate the product deployment.

Thermostat Market Statistics

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Rapid technological advancements along with the development of IoT and home automation devices will stimulate the market share. Introduction of stringent regulations toward the development of sustainable building codes and standards will further boost the thermostat market growth. In addition, the increasing infrastructure spending toward the refurbishment of residential establishments primarily across the developed nations will propel the product demand.

Thermostat Market Report Coverage
Report Coverage Details
Base Year: 2018 Market Size in 2018: 3 Billion (USD)
Historical Data for: 2014 to 2018 Forecast Period: 2019 to 2025
Forecast Period 2019 to 2025 CAGR: 9% 2025 Value Projection: 6 Billion (USD)
Pages: 500 Tables, Charts & Figures: 931
Geographies covered (29): U.S., Canada, Mexico, UK, France, Germany, Italy, Sweden, Denmark, Spain, Russia, China, Japan, South Korea, India, Australia, Malaysia, Indonesia, UAE, Saudi Arabia, Qatar, Oman, Kuwait, Egypt, South Africa, Brazil, Argentina, Peru, Chile
Segments covered: Products, Distribution Channel, Mode of Operation, Application and Region
Companies covered (23): Nest, Trane, Energate, Legrand SA,, Schneider Electric, Nortek Security & Control, LLC, Radio Thermostat Company of America, Computime, Johnson Controls, Inc., Danfoss, Carrier Corporation, Emerson Electric Co., Vulcanic Group, Sensata Technologies, Inc, Trafag AG, Venstar, Tado, Honeywell International, Lennox, Ecobee, Centrica PLC, Seitron S.p.A
Growth Drivers:
  • Increasing demand for energy efficient devices
  • Increasing investments toward smart homes
  • Rapid urbanization and industrialization
Pitfalls & Challenges:
  • High capital installation & maintenance costs

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Market, By Product

The smart thermostat business is predicted to grow over 14% through 2025. Accelerating demand for energy efficient solutions along with surge in the sales of various smart home devices including Google Home and Amazon Echo will encourage the product adoption. Efficient energy savings, smart controlling and reduction in per unit energy cost are the some of the underline parameters which will foster the thermostat market.

Programmable thermostat industry is anticipated to grow appreciably as these products are designed to adjust the temperature of the room based on the customer’s requirements. These devices reduce the energy losses from the heating and cooling systems by allowing the temperature difference to be reduced in times when the residence is unoccupied. However, high initial cost, difficult to use interface for programming and potential security risks limits the thermostat market demand.

Thermostat Market by Product

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Market, By Distribution Channel

Retail distribution channel thermostat is anticipated to surpass USD 2.5 billion by 2025. The ongoing growth ventures by key industry players to enhance their presence across the globe has led to the amelioration in the product demand from retail stores. For instance, in October 2018, Johnson Controls acquired LUX Products Corporation to strengthen their portfolio in the consumer retail channel and offerings in thermostat.

The increasing demand for heating and cooling technologies on account of torrid climatic conditions will foster the market through HVAC channel. Furthermore, the changing customer buying behavior along with the rising acceptance of advanced & IoT enabled solutions will enhance the thermostat market share.

Thermostat Market By Distribution Channel

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Market, By Mode of Operation

The low voltage thermostat segment will onlook growth on account of ongoing technological innovations in the product design coupled with their increasing use as a temperature control solution across the residential establishments. Furthermore, the increasing investments toward retrofitting of existing buildings in order to comply with energy efficiency standards will augment the thermostat market.

Line voltage thermostat is anticipated to grow on account of increasing investments toward development of sustainable heating/cooling technologies. These devices are directly powered by 120-140-volt circuit and are widely used in electric resistance heating systems, baseboards and radiant systems. Paradigm shift toward the construction of sustainable buildings along with prevailing innovations in the design will positively enhance the thermostat market outlook.

Market, By Application

The residential thermostat application was valued over USD 1.5 billion in 2018. Rapid urbanization and industrialization across the emerging economies coupled with the development of small scale sustainable heating infrastructure will complement the thermostat market potential. Furthermore, increasing investments toward smart homes along with the introduction of stringent regulatory frameworks and government-assisted renewable norms will encourage the product deployment across the residential sector.

Upsurge in deployment of the product across various industries including chemical, food and beverages on account of strengthening construction activities and increasing demand for IoT will boost the thermostat market forecast across industrial sector. High return on investments, energy savings, compatibility with other devices in a smart ecosystem and declining prices are the some of the prominent factors which will thrust the product adoption.

Market, By Region

Thermostat Market By Region

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The U.S. market will onlook growth on account of increasing investments toward refurbishment of existing infrastructure along with the growing adoption of energy efficient devices across the region. As per IEA’s U.S. climate action plan directs to build safer, smart and stronger infrastructure to integrate climate risk-management considerations into programmes and planning.

Competitive Market Share

Eminent players operating across the global thermostat industryinclude, Nest, Trane, Energate, Legrand,, Schneider, Nortek, RTCA, Computime, Johnson Controls, Danfoss, Carrier, ACDelco, Emerson, Vulcanic, Sensata, Trafag, Seitron, Venstar, Tado, Honeywell, Lennox, Ecobee, Centrica.

The leading players across the industry are directing toward inorganic growth ventures to enhance their presence across the globe. In addition, focused R&D activities technological collaborations and product advancements have also been a key strategic implication for key players.

Industry Background

The thermostat is an automatic device that regulates the cooling or heating of a substance in order to maintain it at a constant temperature. The product comprises of a temperature-sensing tool connected to a switching device. When the temperature reaches a desired level, the sensor switches the cooling or heating source on or off in accordance to a predetermined program. The product is primarily used for space-heating controls, in refrigerators and water heaters and are ideal for central heating, air conditioners & HVAC systems.

Thermostat market report includes in-depth coverage of the industry with estimates & forecast in terms Units and USD from 2014 to 2025, for the following segments:

By Product

  • Smart Thermostat
  • Mechanical Thermostat
  • Programmable Thermostat
  • Others

By Distribution Channel

  • Utility
  • Retail
  • Security
  • HVAC

By Mode of Operation

  • Low Voltage
  • Line Voltage
  • Millivolt

By Application

  • Residential
  • Commercial
    • Educational Institutes
    • Office Buildings
    • Retail
    • Hospitals
    • Others
  • Industrial

The above information is provided on a regional & country basis for the following:

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Germany
    • Italy
    • Sweden
    • Denmark
    • Spain
    • Russia
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Malaysia
    • Indonesia
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Qatar
    • Oman
    • Kuwait
    • Egypt
    • South Africa
  • Latin America
    • Brazil
    • Argentina
    • Chile
    • Peru

Frequently Asked Questions (FAQ) :

In 2018, the global thermostat market size was worth USD 3 billion and it may cross 65 million units by 2025 in terms of volume, owing to the changing trends pertaining to energy efficiency.
The smart thermostat market size may record 14% CAGR through 2025, driven by rising demand for energy efficient solutions and a marked increase in smart home device sales.
The global thermostat industry share from retail distribution channel may cross USD 2.5 billion by 2025, on account of rising number of growth ventures by major industry players to better their market position.
The global thermostat market share from residential applications was worth USD 1.5 billion in 2018 and may increase substantially, due to development of sustainable heating infrastructure & rapid urbanization.

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Premium Report Details

  • Published Date: Feb 2019
  • Pages: 500
  • Tables: 887
  • Charts / Figures: 44
  • Companies covered: 23
  • Countries covered: 29

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