Thermostat Market (By Device: Smart thermostat, Mechanical thermostat, Programmable thermostat, Others; By Distribution Channel: Utility, Retail, Security, HVAC; By Mode of Operation: Low voltage, Line voltage, Millivolt; By Application: Residential, Commercial, Industrial) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027

The global thermostat market is anticipated to grow at a CAGR of around 9.5% during the forecast period 2020 to 2027 and to reach around US$ 7.1 Bn by 2027.

Market Dynamics

Government of developed and developing countries is focused on development of smart grid for better transmission and distribution, coupled with adoption of smart, energy efficient technologies is expected to increase demand for thermostat which is expected to drive the growth of the global market.

Major players focus on business development activities through strategic merger and acquisition in order to enhance the product portfolio and increase the customer base is expected to further support the growth of the global market. Major players are focused on increasing the business presence they are inclining towards acquiring small and mid-size enterprises and increasing their regional presence.

• In 2020 AutoGrid partnered with Schneider Electric in order to help energy providers integrate customer-owned or -operated flexible distributed energy resources (DERs) into their distribution management operations. This is expected to increase the demand for thermostat and help company to enhance its profit ratio.
• In 2017 Schneider Electric, partnered with Arcadia Power, a nationwide energy-as-a-service company, in order to enable U.S. customers to outfit their homes with Schneider Electric's Wiser Air™ WiFi Smart Thermostat. This will help the company to strengthen its position in US market.

Flourishing construction sector across the globe, increase in construction and reconstruction activities, coupled with deployment of smart thermostat in order to regulate the in house heating and cooling temperature automatically are among other important factors expected to further support the target market growth.

However, factors such as technological glitches and high cost associated to installation and maintenance are expected to hamper the growth of global thermostat market. Problems related to product such as false trigging of switches by sensors is limiting the adoption of the product.

Rapid technological advancements, new product offerings and inclination towards business expansion through strategic merger are factors responsible to create new opportunities for players over the forecast period.

• In 2017 Tantalus system a leading provider of smart grid solutions for electric and multi-commodity utilities acquired Energate, Inc., management solution company. This will help the company to expand its product portfolio and strengthen its position in the global market.

Thermostat Market Segment Analysis, 2019

The global thermostat market is segmented into product, distribution channel, mode of operation, and application. The product segment is bifurcated into smart thermostat, mechanical thermostat, programmable thermostat, and others. Among application the commercial sector is expected to account for major revenue share in the global market.

Segment Analysis by Region

The market in North America is expected to account for major revenue share owing to presence of major players operating in the country. In addition, availability of advanced infrastructure in order to support the adoption of advanced devices is expected to further support the growth of target market in this region.

Asia Pacific is expected to witness faster growth in the near future owing to high government spending on development of smart grid infrastructure. In addition, major players approach towards emerging economies in order to track the untapped market is expected to further support the growth of target market.

Competitive Landscape

Presence of large number of players operating on regional and international level is increasing the competition. In addition, business development activities and introduction of new apps and payment system are factors further augmenting the market competition.

Report coverage

The market research study on “Thermostat Market (Device: Smart thermostat, Mechanical thermostat, Programmable thermostat, and Others; Distribution Channel: Utility, Retail, Security, and HVAC; Mode of Operation: Low voltage, Line voltage, and Millivolt Application: Residential, Commercial, and Industrial) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027”, offers a detailed insights on the global thermostat market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights on global thermostat market device, distribution channel, mode of operation, application and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global thermostat market size and segment markets by device, distribution channel, mode of operation, application and geography along with the information on companies operating in the market. The thermostat market analysis is provided for major regional market including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report. The players profiled in the report Nest, Trane, Energate, Legrand SA, Alarm.com, Schneider Electric, Nortek Security & Control, LLC, Radio Thermostat Company of America, Computime, Johnson Controls, Inc., Danfoss, Carrier Corporation, Emerson Electric Co., and Vulcanic Group

Market Segmentation

Market By Device

• Smart thermostat
• Mechanical thermostat
• Programmable thermostat
• Others

Market By Distribution Channel

• Utility
• Retail
• Security
• HVAC

Market By Mode of Operation

• Low voltage
• Line voltage
• Millivolt

Market By Application

• Residential
• Commercial
• Industrial

Market By Region

North America

• US
• Canada

Europe

• UK
• Germany
• France
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest if Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Meddle East & Africa