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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.
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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.
| Report Coverage | Details |
|---|---|
| Base Year: | 2018 |
| Market Size in 2018: | 3 Billion (USD) |
| Forecast Period: | 2019 to 2025 |
| Forecast Period 2019 to 2025 CAGR: | 9% |
| 2025 Value Projection: | 6 Billion (USD) |
| Historical Data for: | 2014 to 2018 |
| No. of Pages: | 500 |
| Tables, Charts & Figures: | 931 |
| Segments covered: | Products, Distribution Channel, Mode of Operation, Application and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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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.
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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.
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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
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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, Alarm.com, 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
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