Thermostat Market Share 2021 Overview, Top Key Players, Demand, Industry Size, Growth Factor, Trends and Forecast to 2027 - Google Nest, Honeywell, EcoBee, Schneider Electric, Emerson, Carrier, Energate Inc.

The “Thermostat Market” report provides 2021-2027 a detailed market overview based on current and future trends that will determine the profit structure. Market size, demand, supply chain, market growth factors, and future trends. It involves an in-depth study of the current trends leading to this vertical trend in different regions. The report provides important information related to components and factors such as market size, market share, market segmentation, main growth drivers, and market competition. Thermostat market segments are highlighted by type and application, region, and major players. It provides key statistics on the market conditions of major market participants.

“The Thermostat Market is predicted to register a CAGR of 10% over the forecast period 2021 – 2027.”

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Market Overview:

The main factors driving the need for smart thermostat are the convenience, energy conservation, energy tracking, and need for an increase in potential savings. For example, Ecobee claims its gear can save an average of 23 percent off bills whereas Google's Nest claims its systems can save between 10 and 12 percent on heating and 15 percent on cooling.
The BYOT (Bring-your-own-Technology) trend is expected to stimulate the growth of the market over the forecast period. Consumers have independently begun purchasing smart Wi-Fi enabled thermostats capable of receiving demand response control signals. Additionally, with a wi-fi connection and smart thermostats, virtual assistants, like Amazon Alexa, or Google Assistant, are increasingly being used to control and monitor the home temperature, program schedules, or manage the Air conditioning.
It was estimated that around 60.5 million Americans used virtual personal assistants and voice-controlled speakers at least once a month, according to an investment firm Cowen & Co. Also, in 2017, 24% of Americans used Amazon Echo and 31% used Google Home for home control settings following music, shopping, and requesting information applications. With the increase in the use of virtual assistants in home control, the forecast period is likely to witness the exponential adoption of smart thermostats.

Key Competitors of the Thermostat market is:

Google Nest, Honeywell, EcoBee, Schneider Electric, Emerson, Carrier, Energate Inc., Tado GmbH, Control4, Netatmo, Hive Home, Trane, Johnston Controls, DANFOSS, Siemens, Saswell, Computime, Shenzhen Topband, HaiLin Energy Technology

Recent Development:

In December 2020, Carrier launched an updated zoning sensor to be used with its flagship Infinity System. The sensor provides homeowners with a wall control featuring a new, contemporary design, with the ability to control an individual zone in an Infinity zoning system..
In October 2020, Google Nest launched a new version of Nest Thermostat. By using AI, it keeps homes comfortable while helping people save energy and identify issues with their eligible HVAC systems.
In September 2020, Eni gas e luce and tado formed a partnership in which the latter’s smart thermostat solution will be a part of Eni gas e luce’s smart home offerings for the Italian market, strengthening the brand’s energy efficiency offerings.
In February 2020, Resideo expanded to a new, state-of-the-art technical center in Lotte. With this step, Resideo underscores its commitment to the region. The new technical center will be the work area of various development departments in Lotte that specialize in measuring and testing safety devices for globally operating boiler manufacturers.
In January 2020, Carrier partnered with ecobee to offer co-branded versions of the ecobee3 lite Pro and ecobee SmartThermostat Pro with voice control. These thermostats offer homeowners a new way to experience personalized comfort and enhanced energy savings at home.

Impact of COVID-19 on the Thermostat Market:

The rise of COVID-19 has tempered showcase improvement; anyhow, the market is consistently choosing up-tempo because of growing lockdowns. The fast increment in CAGR is thanks to the request and extension of this marketplace, which is a practicality to come to pre-pandemic ranges once the large, is gone.

Major Types covered are:

Non-Programmable Type
Programmable Type
Smart Type
WiFi Type

Major Applications covered are:

Business
Industrial
Residential

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APAC to lead thermostat market

APAC has been a major contributor to the growth of the thermostat market as the construction industry, which is the primary end user of smart thermostats, is expanding at a healthy rate. The growing population in developing countries of this region, along with environmental awareness, is supporting the adoption of HVAC controls, such as smart thermostats. The rise in the adoption of green buildings and government initiatives to regulate energy-efficient practices across the commercial sector is also aiding the adoption of smart thermostats in the region. However, the regional market is expected to witness a decline in market size attributed to the halt of both ongoing and new infrastructure development projects due to the COVID-19 pandemic. Also, as the pandemic has also affected individual per capita income, the adoption of new HVAC systems in the residential segment has significantly decreased. However, this loss is expected to be recovered in the coming years with a gradual recovery of the overall economy.

Regional market Thermostat (regional production, demand and forecast by country):

South America (Brazil, Argentina, Ecuador, Chile)

Asia Pacific (China, Japan, India, Korea)

Europe (Germany, UK, France, Italy)

Middle East Africa (Egypt, Turkey, Saudi Arabia, Iran) And more.

The inquire approximately record considers the past, display, and destiny execution of the global market. The record advances investigations the display aggressive situations, most important trade models, and consequently the possible headways in services with the aid of using crucial gamers inside the upcoming years.

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Report Features:

To project the value and sales volume of the Thermostat market, concerning key regions.
To analyses competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.
To study and analyses the global Thermostat market size (value & volume) by company, key regions, products, and end-user, breakdown data from The Last Five Years, and forecast to 2027.
To understand the structure of the Thermostat market by identifying its various sub-segments.
To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, industry-specific challenges, and risks).

Report Customization:

The Global Thermostat Market report may be modified to meet your specific business needs. Because we understand what our clients want, we offer 25% customization for any of our MarketIntelligenceData reports at no additional cost to all or any of our clients.

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