The rising demand for smart home automation systems as well as energy-efficient devices could augment the demand for thermostat. Introduction of sustainable building standards and codes along with revamping of housing and industrial institutions could stimulate the business landscape. Rising technological advancements, introduction of IoT-enabled solutions and awareness regarding climate change may encourage the development of energy-efficient appliances, increasing product penetration.
According to a report published by Global Market Insights, the thermostat market share is set to surpass USD 6 billion by 2025. Diverse applicability in smart voice assistants and product versatility in Google Home & Echo will drive the demand of smart thermostat.
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- Surging demand for thermostats in the U.S.
Stringent mandates imposed by governments along with increasing investments toward the renovation of the residential sector will foster growth of thermostat businesses in the U.S. As per a report, the thermostat market of the U.S. is expected to record installation of 24 million units by 2025.
Recently, the Building Technologies Office stated that around 75% of the U.S infrastructure will be refurbished or renovated by the end of 2035. Rising preference of consumers for smart home devices combined with occurrence of weather-related disasters may complement the demand for thermostats in the coming years.
- Rising demand for utility thermostat
Several program initiated by governments like providing incentives, subsidies, or other discounts relating to installation of home automation systems will expand the adoption of the thermostat in the estimated timeframe. The utility thermostat market is predicted to surpass USD 500 million by 2025. Many schemes are provided to consumers by distribution channels to gain revenues. Along with this, increasing consumer awareness regarding use of home automation systems and smart home devices to compensate for advanced monitoring solutions will further drive the market expansion.
- Mounting traction across the commercial sector
The commercial application segment is gaining traction owing to essential parameters including compatibility with other energy systems, remote control & visibility, and easy communication capabilities. Intuitive interface, simple and compact design makes the product suitable for schools, hotels, and condominiums. The enforcement of stringent emission norms and increasing investments of sustainable building infrastructure may foster the thermostats market.
- Emerging players in the market
Companies functioning in the thermostat market include Seitron, Centrica, Tado, Carrier, Trafag, Sensata, Trane, Emerson Electric,Venstar, Danfoss, RTCA, Computime, Vulcanic, Schneider, Honeywell, Energate, Nortek, Legrand, Alarm.com, Ecobee, Lennox, Johnson Controls, and Nest. Adoption of smart home devices has urged manufacturers to focus more on innovation and expansion of advanced systems.
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