Thermostat Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

MARKET INTRODUCTION

A thermostat is a regulating device component which senses the temperature of a physical system and performs actions so that the system's temperature is maintained near a desired setpoint. Thermostats are used in any device or system that heats or cools to a setpoint temperature, examples include building heating, central heating, air conditioners, HVAC systems, water heaters, as well as kitchen equipment including ovens and refrigerators and medical and scientific incubators.

MARKET DYNAMICS

Over the years, there has been a significant rise in the installation of smart home systems and technologies in households. This is one of the primary factors driving the growth of the global thermostat market. Moreover, there has been a surge in the sales of various smart home voice assistants such as Amazon Echo and Google Home which is further driving the growth of the market. In addition, as thermostats help in saving electricity, their sales have been influenced by the augmented demand for energy efficient solutions. This represents another factor which is positively influencing the market growth.

MARKET SCOPE

The ˜Global Thermostat Market Analysis to 2031" is a specialized and in-depth study of the consumer goods industry with a particular focus on the global market trend analysis. The report aims to provide an overview of the thermostat market with detailed market segmentation by product, mode of operation, distribution channel and application. The global thermostat market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading thermostat market players and offers key trends and opportunities in the market.

MARKET SEGMENTATION

The thermostat market is segmented by:
1. By Products: By products, the market is categorized as Smart Thermostats, Mechanical, Programmable, Non-Programmable, Manual and Others.
2. By Mode of Operation: The market is categorized into Line Voltage Thermostats, Low Voltage Thermostats, and Millivolt Thermostats.
3. By Distribution Channel: As per distribution channel, market is categorized into Utility, Retail, Security and Others.
4. By Application: Market is categorized into Residential, Commercial (Educational; Offices; Hospital and Others), and Industrial Uses.

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry, including both qualitative and quantitative information. It also provides market size and forecast estimates from the year 2021 to 2031 concerning five major regions, namely; North America, Europe, Asia- Pacific (APAC), Middle East and Africa (MEA), and South America. The thermostat market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

The report analyzes factors affecting the thermostat market from both the demand and supply sides. Further, it evaluates market dynamics affecting the market during the forecast period, i.e., drivers, restraints, opportunities, and future trends. The report also provides an exhaustive best analysis for all five regions, namely; North America, Europe APAC, MEA, and South America, after evaluating political, economic, social, and technological factors affecting the thermostat market in these regions.
IMPACT OF COVID 19
Thermostat market is highly dependent upon China for hardware manufacturing. According to Business Standard, the Chinese exports were badly affected by Covid-19 as the exports declined by 15.7% in April. The decline in the exports put thermostats manufactures in a tough position. Furthermore, the rise in tariffs on Chinese manufactured product by U.S. has also added pressure on Smart Thermostat manufacturers who are dependent on China for hardware.

MARKET PLAYERS

The report covers vital developments in the thermostat market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals, and others, such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions and partnerships and collaborations. These activities have paved the way for the expansion of businesses and the customer base of market players. The market players from the thermostat market are anticipated to have lucrative growth opportunities in the future with the rising demand for thermostat in the global market. Below mentioned is the list of a few companies engaged in the thermostat market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the thermostat market. Decide the report focuses on leading industry players with information such as company profiles, products, and services offered, financial information of the last three years, the critical development in the past five years.

•   Danfoss
•   FSTB
•   Hailin
•   Honeywell Home
•   Jiu Long Thermostat Factory
•   Johnson Controls
•   Otter Control
•   Schneider Electric
•   Shenzen Saswell Technology
•   Siemens

The Insight Partners dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.

Thermostat Report Scope