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Thermostat Market Research Report Analysis and Forecasts to 2024

Author : Rahul Sankrityayan | Published Date : 2019-07-01 

The Thermostat Market analytical introduced by Global Market Insights, LLC, is an exhaustive study of the current trends driving this vertical across assorted geographies. Significant details pertaining to the market share, market size, application, statistics, and revenue are summed up in the research study. Also, this study undertakes a thorough competitive analysis of the business outlook, particularly emphasizing growth strategies espoused by market majors.

Development of sustainable heating and cooling technologies along with development of sustainable building codes and standards across residential and industrial establishments will foster the thermostat market 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 business scenario for the industry players.

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The U.S. thermostat market 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 product demand.

Smart thermostat market 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 product demand.

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Utility thermostat market 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 industry 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 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 industry outlook. For instance, EU Energy Efficiency Directive sets 30% energy savings target by 2030.

Eminent players across the global thermostat market 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.

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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