Worldwide thermostat market is anticipated to surpass US $6 billion by 2025, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2025.
Regulatory reformation across industrial and residential establishments coupled with introduction of sustainable codes and building standards will foster thermostat market growth. Rapid increase in demand for energy efficient devices and smart home automation will positively impact business landscape. Moreover, growing inclination towards IoT enabled advanced solutions along with increasing consumer awareness relating to climate change will upsurge product penetration.
According to the report, the U.S. thermostat market is set to surpass installation of 24 million units by 2025. Strict regulatory directives coupled with growing infrastructure investments for renovation of the residential segment will boost regional industry growth. According to Building Technologies Office, around 75% of U.S. infrastructure are expected to be renewed by the year 2035. Furthermore, rising penetration of Near Field Communication (NFC) and ZigBee based smart home automatic devices as well as growing occurrence of weather-related disasters are likely to enhance U.S. thermostat business outlook.
Europe thermostat market is also expected to witness lucrative growth on account of increasing deployment of energy efficient data centers and growing construction of smart homes. Introduction of new emission standards as well as strict energy policies to ensure smart energy consumption will further drive regional industry growth.
Factors like diverse applicability and product versatility across many smart voice assistants including Amazon Echo and Google Home will increase smart thermostat market size. These systems are self-learning devices and know the total time required for cooling or heating a building space. Rising adoption of such home automation devices has also led manufacturers and industry participants to move their focus towards expanding and innovating new advanced products.
According to the research report, utility thermostat market is anticipated to exceed US $500 million by 2025. Commencement of many programs focused towards providing subsidies, discounts or other incentives relating to installation of home automation systems will boost product adoption.
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Several new schemes targeted towards consumers like ‘Bring Your Own Thermostat’ will further boost segment size. Moreover, rising penetration of home automation systems and smart home devices coupled with increasing customer awareness regarding advanced monitoring solution will drive market growth.
Features like remote control & visibility, compatibility with other energy systems and easy communication are encouraging product demand across the commercial sector. Compacted design and simple interface make the product appropriate for hotels, schools and condominium use. Additionally, rising investments pertaining to maintainable building infrastructure coupled with enforcement of strict emission standards is estimated to boost thermostat market in the commercial application segment.
Prominent companies functioning in thermostat market include Schneider, Danfoss, Computime, Carrier, Energate, Alarm.com, RTCA, Venstar, Seitron, Trane, Vulcanic, Ecobee, Centrica, Lennox, Emerson Electric, Nest, Trafag, Tado, Sensata, Honeywell, Legrand, Johnson Controls and Nortek. The company profiles of these firms are mentioned in the report alongside their product benchmarking, business overview, financials, and recent developments.