What’s Driving the thermostat market Trends? Top Players: Centrica, ecobee, Honeywell, Carrier, Johnson Controls

The global thermostat market has been treading alongside a path of renewed profitability in the last few years. With the rising demand for energy efficient heating and cooling products in conjunction with growing adoption of IoT-based home automation solutions, the energy cosmos worldwide has experienced a significant change in perception. Urban infrastructure upgradation across residential complexes, hospitals, schools and shopping malls, has quite overtly led to an upsurge in the demand for energy efficient thermostats to reduce costs on electricity bills.

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Thermostat Market Product Landscape | Smart Thermostats anticipated to gain massive prominence

Smart thermostats indeed, have been witnessing a rising adoption lately, driven by the growing demand for home automation HVAC solutions.
It is imperative to mention that smart thermostats have been garnering commendable attention in recent times, owing to the product’s compatibility with various smart home assistants including Amazon Echo & Google Home. Smart thermostats allow users to remotely control temperature across their homes or office spaces using their smartphones or even via voice commands on smart home assistants. The product features sensors and Wi-Fi connectivity which improves its offering compared to programmable thermostats. Indeed, the product’s cost-effective specifications make it a highly viable energy efficient device, further offering customers an efficient and reliable temperature controlling solution at homes and offices.

Thermostat Market Competitive Landscape | Pricing strategies to be one of the top-notch growth tactics

Some of the most prominent companies forming the competitive hierarchy of thermostat market include Nest, Legrand, Trane, Energate, Schneider, Alarm.com, Johnson Controls, RTCA, Computime, Danfoss, Carrier, Emerson, Vulcanic, Sensata, Seitron, Tado, Honeywell, Ecobee, and Centrica. In order to enhance their customer reach, these companies are often found seeking technological advancements to improve their product portfolios. Another tactic commonly used to entice customers is offering attractive deals on products, some examples of which are unveiled below:

• In February 2019, Honeywell announced that its Wi-Fi 7-day Programmable Thermostat had a price cut of about $59 on Amazon, marking it as the company’s highest discount deal ever offered to its customers.
• In early 2019, Emerson unveiled its Sensi™ Multiple Thermostat Manager, a software platform that allows users to manage and control multiple heating and cooling systems via a single convenient online portal. The platform can save a considerable percentage of HVAC energy consumption by adjusting the temperature using remote access, flexible scheduling and geofencing.

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Thermostat Market Regional Overview | United States to stand tall driven by energy-saving movement

While thermostat market have registered commendable demand worldwide, the U.S. is specifically touted to be a prominent regional ground for the product proliferation. The expanding energy sustainability trend along with infrastructure refurbishment initiatives will further make the regional demand soar high in the coming years. According to U.S. Energy Information Administration, in 2017, residential and commercial sectors represented approximately 39% of total U.S. energy consumption. According to another report published by the U.S. Department of Energy (DoE) in 2016, residential buildings across the U.S. consumed approximately 21% of total U.S. energy consumption. However, newer homes were reported to consume less energy for space heating due to increased efficiency of heating equipment like thermostats and better building shells built to more stringent building energy codes.

All in all, the global thermostat market is slated to remain a strong vertical in the energy ecosystem over the coming years. One of the anticipated trends to watch for remains the impact of proliferating smart home industry, which is already garnering massive attention from technology magnates and energy companies, on the thermostat market landscape. R&D investments, technological developments, and a dynamically charged competitive landscape are the factors expected to characterize the global landscape over the years ahead.

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