Residential Thermostat Market Expansion Projected to Gain an Uptick during 2020 – 2030

Residential Thermostat: Introduction

Residential thermostat are components that sense temperature of rooms inside a building or home, and provide the home owner or a caretaker to tweak temperature in different rooms of an infrastructure is.

Residential thermostats are integrated into an infrastructural system that demands heating up or cooling down to a set point climate control parameter. Some instances of applications where residential thermostats are integrated include central heating, building heating, HVAC systems, air conditioners, and water heaters, among others. Kitchen equipment like refrigerators and ovens and remote health monitoring solutions like incubators also use residential thermostats.

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Residential Thermostat: Market Drivers and Challenges

In the regions of extreme climates, the residents are looking to upgrade and enhance their residential infrastructure in terms of efficient heating keeping in mind about the energy saving measures. This factor is promoting the demand for smart home solutions that promise a lifestyle with enhanced comfort. Simultaneously, household appliances and consumer electronics like smart climate control solutions are becoming progressively efficient.

Though the overall infrastructure demands high initial investment, rising disposable incomes allow homeowners to integrate such smart, eco-friendly and IoT-integrated solutions into their residential infrastructure. This factor plays a major role in propelling the adoption of residential thermostats.

Smart capabilities, like remote monitoring, scheduling, analytics via smartphones or tablets, and machine learning, are boosting demand for smart residential thermostats. Remote climate monitoring and management helps users gain a detailed diagnosis of the IoT-enabled infrastructure via smartphone applications. Using Wi-Fi enabled residential thermostats, users gain the ability to set desired heating schedule and temperature. Smart residential thermostats integrated with machine learning capabilities can record, study, and comprehend temperature requirements. Such residential thermostats automatically modify temperature after observing, recording and studying user settings and preferences.

However, lack of technology awareness will slow down the process of transition from using conventional residential thermostats to adopting smarter variants of residential thermostats. Also, remote operability capabilities integrated into technologically enhanced residential thermostats do not function with existing climate control solutions that are not Wi-Fi or Bluetooth compatible. This factor is estimated to restrict market growth, as consumers would have to upgrade their entire climate control infrastructure, which demands high investments.

Impact of COVID-19 on Residential Thermostat market

Though the ongoing COVID-19 pandemic is estimated to test the overall Heating, Ventilation and Air Conditioning (HVAC) market, only a minor delay in demand is projected to arise in case of residential thermostats. This delay may be attributed to the halt in real estate and construction projects across the globe, as national governments strategically legislated nationwide lockdowns to tackle the spread of nCOV infections. However, as employees started working from home and citizens were asked to stay indoors to implement social distancing measure, an increase in demand for smart climate control can be observed on a global level.

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Residential Thermostat: Market Segmentation

On the basis of type, the global residential thermostat market can be segmented into the following:

Conventional Thermostats
Network-enabled Thermostats
Wired Connectivity
Wireless Connectivity
Wi-Fi
Bluetooth
Zigbee
Others

On the basis of application, the global residential thermostat market can be segmented into the following:

Climate Control
Water Heating
Others

Residential Thermostat: Regional Market Outlook

Europe and North America are the dominant markets in terms of shipments of residential thermostats market. In the coming years, rise in disposable income and urgency in demand for efficient and eco-friendly climate control solutions are expected to drive the regional markets. During the forecast period, the residential thermostat market in Asia Pacific region is estimated to grow at the fasted rate, among all the regional markets. The high growth rate may be attributed to the adoption of smart home solutions and the stringent rules and regulations legislated by national governments to reduce power consumption and, in turn, conserve energy.

Increasing disposable income in Latin American economies is motivating integrators operating in construction, real estate and hospitality industries to implement smart building solutions and. Efficient climate control emanating from the Latin American hospitality industry, together with rising household income and revenue generation, is allowing the regional market to grow at a steady pace.

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Residential Thermostat: Key Market Players

Major market participants in the global residential thermostat market identified across the value chain include:

Honeywell International Inc.
Emerson Electric Co.
Tado GmbH
Ingersoll Rand PLC
Nortek, Inc.
Nest Labs, Inc.
Ecobee, Inc.
Schneider Electric SE
Control4 Corporation
Carrier Corporation

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