What will drive global thermostat market growth?
Publisher : Fractovia | Published Date : 2019-09-16Request Sample
Development of sustainable heating and cooling solutions along with improving regulatory enforcement for energy efficiency will drive thermostat market trends. Similarly, the increasing adoption of smart home devices along with implementation of other energy efficient technologies will also aid in positive industry outlook.
Moreover, the growing consumer awareness toward eco-friendly measures pertaining to the escalating global warming concerns will lead to mass product adoption among both commercial and industrial establishments. As per the latest study by Global Market Insights, Inc., thermostat market valuation will exceed USD 6 billion over 2019-2025.
What are the aspects fueling U.S. thermostat market share over the forecast period?
The U.S. thermostat market is anticipated to exceed installation of over 24 million units by 2025. Increasing expenditures toward modernization of residential apartment coupled with the enforcement of strict building codes to achieve energy efficiency will promote industry growth. In this case, as per the Building Technologies Office (BTO), 75% of U.S. buildings either will be completely new or will be renovated by 2035.
Furthermore, increasing environmental awareness complemented by technological advancements like NFC (Near Field Communication) & ZigBee will bring a revolution in home automation, further boosting the business expansion.
How will home automation influence smart thermostat market size?
Smart thermostat finds versatile and diverse applicability across various smart home automation devices. It is used in a plethora of smart voice assistants including Google home and Amazon Echo, which can be remotely accessed using smartphones. These smart devices include self-learning systems which effectively monitor temperature changes and regulate heating & cooling equipment when required, thus helping to save power. Additionally, the cost effectiveness of the product and its unique applicability across smart homes will positively influence product demand.
Which factors will propel utility thermostat market outlook?
Implementation of several incentive & subsidy based programs focused on easing pressure from energy grids will propel installation of utility thermostats. The product finds increased application across enhanced monitoring solution like the HVAC control. Furthermore, simple design and controllability coupled easy integration with other energy consuming systems will augment product demand across commercial establishments. Reportedly, utility thermostat market size is predicted to surpass USD 500 million by 2025.
