Thermostat Market Size, Share and Global Trend By Product (Smart Thermostat, Mechanical Thermostat, Programmable Thermostat, Others), By Deployment (Wired, Wireless), By Application (Industrial, Commercial, Residential) and Regional Forecast, 2024-2032

Internet of Things (IoT) has changed the way of thinking of the world. Not in the commercial or industrial sector, it is also widely used in the residential area. Internet of Things provides communication, connection, and interconnection between various devices or physical components. The thermostat is one of the significant components in the world of Internet of Thing. The thermostat is the automation device that is equipped in various appliances such as air-conditioning, heating of the HVAC system in both commercial and residential sectors.

The thermostat is the component that observes the temperature of the device or system and maintains a constant temperature. The increasing rate per unit of electricity is one of the major concerns of the residential sector. Thermostat equipped devices make the device automated and smart adjustable, which help save energy and reduce electricity bill. The thermostat has wide application in central heating, HVAC system, water heaters, as well as kitchen equipment like ovens and refrigerators, medical and scientific incubators. In the recent few years, owing to the increase in internet penetration across the world, which resulted in an increase in demand for IOS-based devices.

On the basis of the product, the global thermostat market can be segmented into the smart thermostat, mechanical thermostat, programmable thermostat, and others. Smart thermostat and programmable thermostat are expected to dominate the market in the above segmentation. A smart thermostat makes the device energy-efficient, smart controlling, and reduces per unit power cost these are the parameters that will help to propel the smart thermostat market. A programmable thermostat helps to make the devices consumer-driven. As per the choice of the customer, they can adjust the room temperature. The use of IOT in programmable thermostat equipped devices made an attractive point to the customers. It helps to reduce energy loss by adjusting the temperature automatically according to the requirement.

On the basis of deployment, the global thermostat market is segmented into wired and wireless. The wireless thermostat is expected to dominate the market in the above segmentation. Advancement in technology with the introduction of IOT, which made tasks easy. Also, rise the adoption of smart home systems and technologies in household equipment like the air conditioner, washing machines, lights, etc. The wireless thermostat helps in saving electricity, which influences customers to buy energy-efficient and smart equipment’s.

On the basis of application, the global thermostat market is segmented into industrial, commercial, and residential. The thermostat is widely used in all the above segmentation. It facilitates the smart and effective management of temperature in residential as well as commercial segments. Owing to the increase in the rate of power per unit consumer durable industry comes up with the use of smart thermostat in the equipment to resolve a high electricity bill problem. In healthcare, the thermostat is used in the HVAC system to keep a sanitary and safe environment for patients and staff alike. Also, it is used for building an automation system in the hospital that helps to maintain temperature, pressurization, humidity, lighting, life safety, and security while meeting the comfort and safety needs of patients. In industries like chemical, food & beverages, etc. thermostat equipped equipment is widely used to maintain the temperature inside the plant.

The factor that is expected to drive the growth of the global thermostat market is growing urbanization, which leads to an increase in demand for smart equipment in residential and commercial. An increase in awareness and acceptance of advanced technology and IOT enabled devices will enhance the demand for the thermostat market. Owing to the rise in the rate of per unit power consumer durables companies come up with a solution with the use of thermostat in the devices, which reduces the electricity bills. The thermostat helps to monitor, control, and make device advance so it can adjust its temperature automatically according to the requirement. Also, owing to upcoming advance technology such as voice-activated, and self-learning thermostat are domination the market.

The factor that is expected to restrain the growth of the global thermostat market is the initial installation cost associated with the device is high. Owing to the use of IOT in devices they are monitored by the help of the internet; sometimes due to the poor internet network, the devices may not work.

Key Market Players

Some of the major companies in the global thermostat market are Carrier Corporation, Control4 Corporation, Ecobee, Inc., Nest Labs, Ingersoll Rand Inc., Emerson Electric Co, Honeywell Inc., Schneider Electric SE, NorTek Inc., Tado GmbH, and Pro1 IAQ.

SEGMENTATION 

Regional Analysis

The global thermostat market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In North America a large number of industries thermostat like food & beverages, chemical industries are available, and these are widely using thermostat equipped devices for their operational works. Also, the residential sector is extensively using smart thermostat powered devices in the home automation system, which helps them to control and monitor the temperature as well as saves electricity bills. Highly aware of advanced technology and high adoption rate among the people help to propel the thermostat market in the region. In Europe, owing to the increase in construction activities along with the smart home project to save electricity. Also, an increase in government initiatives by introducing a straight energy efficiency standard to encourage the adoption of smart and energy-efficient devices. In Asia Pacific countries like China, India, Japan, and South Korea are the major contributors to the thermostat market. In India, owing to high internet penetration and smartphone in recent years helped to propel for the adoption of thermostat equipped devices in the residential and commercial sector. Also, it is widely used for the home automation system owing to the high rate of per unit power in the region. In Middle East countries like UAE hospitality is one of the main sources of income for the economy. Owing to the use of AI and IOT in the hotels which help to manage energy costs. Also, energy-management thermostats automatically set temperatures back in unoccupied rooms to save energy.

Key Industry Developments

• In Feb 2019, Samsung India has started importing air-conditioners from Vietnam through the free trade agreement which will help to boost the sell air-conditioners in the region and also boost the market of thermostat which is widely used in air-conditioners.
• In Mar 2018, Blue Star, air-conditioners and refrigeration maker is planning to its air-conditioners capacity to 1- million units. Currently, the company is producing 4 lakh units from Himachal Pradesh unit. This will also help the market of thermostat which is widely used in air-conditioners.
• In Dec 2018, Siemens has started work for world largest smart city building technologies at the site of Expo 2020 Dubai. The building with the expo site will be connected, monitored and controlled by using Siemens cloud-based operating system for the internet of things. This new smart construction will help to boost the market of thermostat which is widely used in air-conditioners.