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Thermostat Market 2019 Size, Share, Trends, Analysis and Growth Forecast by 2024

Author : Rahul Sankrityayan | Published Date : 2019-10-04 

A comprehensive research study on Thermostat Market introduced by Global Market Insights provides insights into the market size and growth trends of this industry over the forecast timeline. The study evaluates key aspects of Thermostat Market in terms of the demand landscape, driving factors and growth strategies adopted by market players.

Thermostat Market share is set to surpass USD 6 billion by 2025. Regulatory restructuring across the residential and industrial establishments along with the introduction of sustainable building standards and codes will stimulate the market growth.

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The U.S. thermostat market is set to exceed installation of 24 million units by 2025. Stipulation of stringent regulatory mandates along with increasing infrastructure investments toward the refurbishment of residential sector will foster the industry growth. For instance, as stated by the Building Technologies Office 75% of U.S. infrastructure will be new or refurbished by 2035. In addition, increasing penetration of ZigBee and Near Field Communication smart home automation devices coupled with the rising weather-related disasters will complement the business outlook.

Utility thermostat market is predicted to surpass USD 500 million by 2025. The initiation of several programs to provide incentives, subsidies or other discounts pertaining to the installation of home automation systems will encourage the product adoption.

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The distribution channel has provided various schemes to customers including "Bring Your Own Thermostat" to further strengthen their revenues. Furthermore, increasing penetration of home automation systems and smart home devices along with escalating consumer awareness to remunerate for advanced monitoring solutions will fuel the market growth.

Growth drivers of thermostat market

  • Increasing demand for energy efficient devices
  • Increasing investments toward smart homes
  • Rapid urbanization and industrialization

Product versatility & diverse applicability across several smart voice assistants including Google Home & Echo will drive the smart market growth. These systems are self-learning devices and know the amount of time required for heating and cooling the buildings. The escalating adoption of home automation devices has led the industry participants & manufacturers to shift their focus toward innovation and expansion of advanced systems.

Easy communication capabilities, compatibility with other energy systems and remote control & visibility, are some of the essential parameters encouraging the product demand across commercial application. Compact design and simple, intuitive interface makes it suitable for condominiums, schools and hotels. Increasing investments pertaining to sustainable building infrastructure along with the enforcement of stringent emission norms will foster the thermostat market.

Europe market will witness strong gains over 2019-2025

Europe thermostat market will onlook growth owing to extensive expansion of energy efficient data centers along with increasing construction of smart homes. In addition, introduction of emission compliances and stringent energy regulations to ensure smart energy consumption will augment the industry growth.

Key market players in the thermostat market

Eminent players serving the market involves Carrier, Computime, Schneider, Energate, Danfoss, RTCA, Alarm.com, Trane, Venstar, Vulcanic, Seitron, Centrica, Ecobee, Lennox, Trafag, Sensata, Emerson Electric, Tado, Johnson Controls, Honeywell, Nortek, Legrand, and Nest.

Thermostat Market Regional Overview | United States to stand tall driven by energy-saving movement

While thermostat market have registered commendable demand worldwide, the U.S. is specifically touted to be a prominent regional ground for the product proliferation. The expanding energy sustainability trend along with infrastructure refurbishment initiatives will further make the regional demand soar high in the coming years.

Related Report:

HVDC Cables Market to 2025

https://www.prnewswire.com/news-releases/global-hvdc-cables-market-2019-2025-report-voltage-installation--application-analysis-by-global-market-insights-inc-300892940.html

 

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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