About Thermostats
Thermostat is a device which automatically regulates the temperature of system by switching a system or motor on or off accordingly when temperature reaches at certain point. Thermostat monitors the indoor temperature and automatically adjusts heating or cooling system to maintain the desired level. It works on the principle of thermal expansion which governs the switching off or on of the electric circuit. Various types of thermostat are Smart Thermostat, Mechanical Thermostat, Programmable, Non-Programmable and many more. The most common types of mechanical thermostat are bimetallic strips and gas filled bellows. Thermostat often consists of a bimetallic strip that bends as it expands and contracts with temperature along with an electrical power supply. These are mostly used in central heating system and fridges. Growing adoption of smart home devices and home automation systems will augment the industry growth.
Attributes | Details |
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Study Period | 2018-2032 |
Base Year | 2023 |
Unit | Value (USD Million) |
Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Thermostats market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Honeywell International Inc. (United States), Johnson Controls (United States), Schneider Electric SE (France), Danfoss (Denmark), Venstar Inc. (United States), Ecobee (Canada), Lennox International Inc. (United States), Lux Products Corporation (United States), Emerson Electric Co. (United States), tado° GmbH (Germany), Centrica plc (United Kingdom) and Computime Group Limited (China) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Sensata Technologies, Inc. (United States), VULCANIC (France), Nest Labs, Inc. (Alphabet Inc.) (United States) and Carrier Corporation (United Technologies) (United States).
Segmentation Overview
AMA Research has segmented the market of Global Thermostats market by Type (Smart Thermostat, Mechanical Thermostat, Programmable, Non-Programmable and Others), Application (Residential and Commercial) and Region.
On the basis of Type, Smart Thermostat are dominating the market in the year 2023 where as Programmable Thermostat stood as second largest market share.
On the basis of application, Commercial segment is dominating the market in the year 2023 where as Residential segment stood as second largest market .On the basis of geography, the market of Thermostats has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Distribution Channel, the sub-segment i.e. Offline will boost the Thermostats market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing awareness about smart homes and Growing trend of smart thermostats
Market Growth Drivers:
Growing adoption of smart home devices and home automation systems, Increasing demand for energy efficient and smart home automation devices and Advance Technological Developments
Challenges:
Difficulties in use of utilities
Restraints:
High cost of product and Lack of knowledge of utilities
Opportunities:
Adoption of new technological developments in urban areas
Market Leaders and their expansionary development strategies
In October, 2018 Johnson Controls has announced acquisition of United States based Lux Products Corporation to strengthen its product and technology portfolio
Illinois Environmental Protection Agency has changed the goals set under the state's Thermostat Collection Act for the years 2015 to 2020 to modify the regulation for collection of mercury containing thermostat and a series of programmatic activities in the United States.
Key Target Audience
Thermostats Manufacturers, Electronic Component Manufactures, Raw Materials Suppliers, Government and Research Organizations, Industry Associations, End users and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.