Thermostat Market (Impact of COVID-19) Future Prospect, Forecast, Demand and Recent Growth by 2027

Rise in concerns about depletion of nonrenewable energy resources and surge in need for energy-efficient devices have acted as major drivers of the global thermostat market. A thermostat operates as a closed loop control device as it helps to reduce the error between the desired temperature and the measured temperature. Since the thermostat is connected with the electrical circuit, it breaks the circuit using a bimetallic strip that bends in a certain direction when the desired temperature in attained, thereby discontinuing the electric supply for the time being and saving energy.

The circuit automatically revives when the temperature starts to deviate from the desired temperature, and this cyclical process runs continuously. Different companies are inventing on development for better and smarter thermostats, which are more efficient and precise about the minute changes in the temperature. Thus, manufacturers are incorporating newer technologies such as artificial intelligence for making the thermostats better and more efficient in terms of their accuracy and performance.

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The North America region is expected to dominate the thermostat market, due to the developments in energy management solutions in the region. It is followed by Europe where improvements are being made for creating better energy saving households. The thermostat market in the Asia-Pacific region is anticipated to grow at a steady rate in the near future.

COVID-19 scenario analysis

The outbreak of the COVID-19 pandemic across the globe has impacted the global thermostat market to a notable extent.

• The economic slowdown caused by the COVID-19 pandemic has resulted in the reduction of disposable income, thereby decking the demand for various electronic household products such as AC, refrigerators, and heaters. The electronics industry being the major end user, reduction in demand for electrical appliances has impacted the growth of the thermostat market.

• Restrictions imposed on national and international transport has resulted in disruption in supply chains, which led to reduction in production for major manufacturers, thus negatively impacting the global thermostat market.

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Key benefits of the report

• This study presents the analytical depiction of the global thermostat industry along with the current trends and future estimations to determine the imminent investment pockets.

• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global thermostat market share.

• The current market is quantitatively analyzed from 2020 to 2027 to highlight the global thermostat market growth scenario.

• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.

• The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.

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