Room Thermostats Market Scope
A room thermostats work by sensing the air temperature in the home and communicates with heating system. If it’s too cold, the thermostat will tell the heating to come on and when the home is back up to temperature it will turn heating off. The thermostat is a common feature in most homes, helping to maintain an even temperature in the home all year round. In the winter, room thermostats (sometimes known as roomstats) prevent rooms from overheating. In the summer season, it ensure the heating system does not fire up unless the temperature of the house falls below a preset level.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Largest Market | North America |
Unit | Value (USD Million) |
Key Companies Profiled | Honeywell (United States), Siemens (Germany), Johnson Controls (United States), ABB (Switzerland), Schneider Electric (France), Danfoss (Denmark), Emerson Electric (United States), Trane Inc. (Ireland), KMC Controls (United States) and HaiLin Energy Technology Inc. (China) |
CAGR | 6.6% |
Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Room Thermostats market throughout the predicted period.
Honeywell (United States), Siemens (Germany), Johnson Controls (United States), ABB (Switzerland), Schneider Electric (France), Danfoss (Denmark), Emerson Electric (United States), Trane Inc. (Ireland), KMC Controls (United States) and HaiLin Energy Technology Inc. (China) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Xiamen Yikecheng Electronic Co. Ltd. (China), Shenzhen Telin Electronics Technology Co., Ltd. (China) and Venstar, Inc. (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Room Thermostats market by Type , by Application (Office, Home, Shopping Malls, Hotels and Others) and Region with country level break-up. On the basis of Type, Electrical Room Thermostats are dominating the market in the year 2023 where as Smart Room Thermostats stood as second largest market share.
On the basis of application, Home segment is dominating the market in the year 2023 where as Office segment stood as second largest market.
On the basis of geography, the market of Room 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 second largest market due to the presence of key companies into the region and high technological advancement.
Market Leaders and their expansionary development strategies
In October 2018 Johnson Controls announced it has acquired the assets of Lux Products Corporation , a leader in residential thermostats and smart home products. LUX markets several successful residential and commercial lines ranging from timers to smart home thermostats including Kono and Geo.
In March, 2019 Venstar announced that its ColorTouch Thermostat and Skyport Cloud Services are being used by Indoor Environment Services (IES) to save school districts up to 20 percent in energy costs while maintaining indoor comfort for students and staff. and On January 14, 2019 – Venstar announced that its ColorTouch, Explorer, and Explorer Mini programmable Wi-Fi thermostats are now compatible with Google Assistant.
Influencing Trend:
Technological Developments in Modern Programmable Thermostats
Market Growth Drivers:
Rising Demand for Comfort in Homes and Other Buildings and Increasing Demand Along With Declining Costs
Challenges:
Some Thermostats are Complicated and Difficult for Users to Understand, Leading to Errors in Operation and Wasted Energy
Restraints:
High Energy Consumption and Ability to Respond to Dynamic Electricity Prices
Opportunities:
Communication Networks Inside Homes Along With Thermostats
Key Target Audience
Manufacturers of Room Thermostats, Suppliers of Room Thermostats Parts, Wholesalers, Distributors and Retailers of Room Thermostats, Governmental Bodies and Research Firms