Global Market Insights, Inc. present the report on Thermostat Market evaluates the growth trends of the industry through historical study and estimates future prospects based on comprehensive research. The report extensively provides the market share, growth, trends and forecasts for the period 2018-2024.
A new report from Global Market Insights forecasts steady growth in the Thermostat Market between 2019–2025
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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Growth drivers of thermostat market
- Increasing demand for energy efficient devices
- Increasing investments toward smart homes
- Rapid urbanization and industrialization
U.S market size by 2025:
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.
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.
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. 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.
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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.
According to U.S. Energy Information Administration, in 2017, residential and commercial sectors represented approximately 39% of total U.S. energy consumption. According to another report published by the U.S. Department of Energy (DoE) in 2016, residential buildings across the U.S. consumed approximately 21% of total U.S. energy consumption. However, newer homes were reported to consume less energy for space heating due to increased efficiency of heating equipment like thermostats and better building shells built to more stringent building energy codes.
At Global Market Insights, our researchers and domain experts use a unique blend of primary and secondary research, with validation and iterations at every stage, in order to minimize deviation and present the most accurate analysis of the industry. The research process begins with extensive data mining, using authentic sources such as trade magazines, technical publications, independent studies along with paid avenues such as ICIS, Hoovers, etc. Primary objectives of data mining include:
- Definition and scope of research
- Market dynamics, growth drivers and industry pitfalls
- Regulatory and political guidelines for the industry
- Demographics and statistical data
All the above factors are identified and analyzed in detail, with their present and expected market impact, which is quantified and used to derive market growth expectation. Market forecast is built using statistical analysis with models built around time-variance, regression and correlation analytics.
Significant emphasis is put on primary research, which serves the dual role or not only validating our findings but also obtaining penetrating market insights, which help us gain more clarity regarding business environment and competitive leverage. Notable participants in our primary research process include:
- Leadership figures such as CEOs, CSOs, VPs etc. in key companies
- Supply-chain participants, distributors and domain experts
- Key customers and B2B clients
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