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Thermostat Market 2021 Global Trends, Segmentation and Opportunities Forecast to 2025

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.

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.

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  1. 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.

  1. 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.

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  1. 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.

  1. 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,, 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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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision-making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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