Global Thermostat Market to exceed $6 billion by 2025
Published Date: February 14, 2019 Authors: Ankit Gupta, Abhishek Chopra
Thermostat Market value is set to exceed USD 6 billion 2025, as reported in the latest study by Global Market Insights, Inc. Development of sustainable heating and cooling technologies along with development of sustainable building codes and standards across residential and industrial establishments will foster the business growth.
Increasing demand for energy efficient and smart home automation devices will positively encourage the product adoption. Growing consumer awareness toward climate change along with increasing acceptance of advanced and IoT enabled solutions will further institute a favorable thermostat market scenario for the industry players.
The U.S. will reach over 24 million units by 2025. Increasing infrastructure spending toward the renovation of residential apartments along with the enforcement of stringent energy regulations will stimulate the market growth. As per the Building Technologies Office (BTO) 75% of U.S. buildings will be new or renovated by 2035. Furthermore, burgeoning weather-related disasters along with the increasing penetration of Near Field Communication and ZigBee home automation systems will drive the thermostat market demand.
Smart thermostat product segment will witness a rapid surge on account of its diverse applicability & product versatility across various smart home assistants including Amazon Echo & Google Home. These devices are accessible through apps and allow the consumers to remotely control the device from their smart phones. The increasing adoption of home automation systems has led the industry manufacturers & participants to shift their focus toward expansion and innovation toward advanced devices. Cost-effective specifications of the product coupled with increasing investment toward the development of smart homes will positively influence the thermostat market share.
Browse key industry insights spread across 500 pages with 887 market data tables & 44 figures & charts from the report, “Thermostat Market Size By Product (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” in detail along with the table of contents:
Utility thermostat segment is anticipated to exceed USD 500 million by 2025. The introduction of various programs which offer discounts or other incentives toward installation of the devices will boost the product demand. The distribution channel allow customers to make additional energy savings by participating in a summer demand - response program and eases pressure on the electric grid. In addition, the increasing consumer awareness to pay for enhanced monitoring solutions coupled with the rising penetration of smart home devices and home automation systems will augment the thermostat market growth.
Remote visibility & control, easy communication capabilities and the ability to integrate with other energy consuming systems, are some of the key characteristics encouraging the product adoption across commercial application. Simple, intuitive interface and compact design makes it suitable for hotels, condominiums and schools. The introduction of stringent building emission norms and growing investments toward the deployment of sustainable building infrastructure will stimulate the thermostat market growth.
Europe market will witness growth on account of increasing construction and commercial activities of smart homes along with extensive growth of energy saving data centres. Furthermore, introduction of stringent energy efficiency standards and emission compliances to ensure smarter energy consumption will complement the thermostat market outlook. For instance, EU Energy Efficiency Directive sets 30% energy savings target by 2030.
Eminent players across the global thermostat industry include Seitron, Centrica, Ecobee, Lennox, Honeywell, Tado, Venstar, Trafag, Sensata, Vulcanic, Emerson, Carrier, Danfoss, Johnson Controls, Computime, RTCA, Nortek, Schneider, Alarm.com, Legrand, Energate, Trane, Nest