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The global thermostat market size is expected to grow in the forecast period of 2024-2032 at a CAGR of 8.70%.
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A smart thermostat enables users to create automatic and programmable temperature settings which saves their time to during their day-to-day routine work and weather conditions. Smart thermostats can automatically adjust the heating and cooling according to the household patterns which is leading to a heightened adoption of smart thermostat devices from residential sector.
In addition to this, the increasing inclination towards greater cost savings on heating and cooling in the household is crucial driving factor of the smart thermostat segment, and the overall thermostat market. Over the forecast period, the growing awareness about the advantages offered by smart thermostats, such as energy usage tracking, remote control, and easy installation, among others, is likely to bolster the sales of the product in the forecast period.
The market in the Asia Pacific region is being driven by the increasing demand for thermostats from hospitals and ambulatory surgical centres. This is owing to the high healthcare expenditure and favourable policies of governments aimed towards augmenting the security of patients.
Across the forecast period, the increasing affordability of electronic appliances in the emerging economies such as India and China in the household sector is anticipated to propel the thermostat market growth. The strong foothold of major market players and electronic appliance manufacturers is likely to bolster the supply chain of the product, thereby, accelerating the sales of thermostats.
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A thermostat is defined as an electrical equipment which is used to increase or decrease the temperature of an area by adjusting the supply of electricity or gas to the heating apparatus. Car engines and electrical blankets are some of the common examples of devices which use thermostats.
Based on product type, the market can be segmented into:
By mode of operation, the thermostat market has been divided into:
On the basis of application, the market has been categorised into:
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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The increasing demand for HVACs, central heating, and water heating from households, owing to the increasing disposable income, smart urbanisation, and increasing inclination towards automated heating and cooling solutions, is driving the market growth. In addition, the increasing accessibility to Internet of Things through Wi-Fi and Bluetooth is further propelling the demand for thermostats.
During the forecast period, the anticipated increase in demand for thermostats to achieve cost cutting on electricity bills is likely to be a major driving factor of the global thermostat market. Moreover, the market is anticipated to be driven by the anticipated increase in application of thermostats in the commercial sector owing to the increasing standards of hotels and restaurants.
There are growing research and development activities by major market players to redefine the capabilities of thermostats to bolster the comfort of occupants, as well as increase the home health. These are leading to enhancements in the product innovations.
The report gives a detailed analysis of the following key players in the global thermostat market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Product Type |
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Breakup by Mode of Operation |
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Breakup by Application |
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Breakup by Region |
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Market Dynamics |
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Trade Data Analysis |
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Price Analysis |
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Competitive Landscape |
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Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Region
7 Industry Opportunities and Challenges
8 Global Thermostat Market Analysis
8.1 Key Industry Highlights
8.2 Global Thermostat Historical Market (2018-2023)
8.3 Global Thermostat Market Forecast (2024-2032)
8.4 Global Thermostat Market by Product Type
8.4.1 Smart Thermostat
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2023)
8.4.1.3 Forecast Trend (2024-2032)
8.4.2 Mechanical Thermostat
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2023)
8.4.2.3 Forecast Trend (2024-2032)
8.4.3 Programmable Thermostat
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2023)
8.4.3.3 Forecast Trend (2024-2032)
8.4.4 Others
8.5 Global Thermostat Market by Mode of Operation
8.5.1 Line Voltage
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2023)
8.5.1.3 Forecast Trend (2024-2032)
8.5.2 Low Voltage
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2023)
8.5.2.3 Forecast Trend (2024-2032)
8.5.3 Millivolt
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2023)
8.5.3.3 Forecast Trend (2024-2032)
8.6 Global Thermostat Market by Application
8.6.1 Residential
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2023)
8.6.1.3 Forecast Trend (2024-2032)
8.6.2 Commercial
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2023)
8.6.2.3 Forecast Trend (2024-2032)
8.6.3 Industrial
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2023)
8.6.3.3 Forecast Trend (2024-2032)
8.7 Global Thermostat Market by Region
8.7.1 Market Share
8.7.1.1 North America
8.7.1.2 Europe
8.7.1.3 Asia Pacific
8.7.1.4 Latin America
8.7.1.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.1.3 Breakup by Country
9.1.3.1 United States of America
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
9.2.3 Breakup by Country
9.2.3.1 United Kingdom
9.2.3.2 Germany
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2018-2023)
9.3.2 Forecast Trend (2024-2032)
9.3.3 Breakup by Country
9.3.3.1 China
9.3.3.2 Japan
9.3.3.3 India
9.3.3.4 ASEAN
9.3.3.5 Australia
9.3.3.6 Others
9.4 Latin America
9.4.1 Historical Trend (2018-2023)
9.4.2 Forecast Trend (2024-2032)
9.4.3 Breakup by Country
9.4.3.1 Brazil
9.4.3.2 Argentina
9.4.3.3 Mexico
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2018-2023)
9.5.2 Forecast Trend (2024-2032)
9.5.3 Breakup by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Value Chain Analysis
12 Trade Data Analysis (HS Code – 903210)
12.1 Major importing countries
12.1.1 By Value
12.1.2 By Volume
12.2 Major Exporting Countries
12.2.1 By Value
12.2.2 By Volume
13 Price Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Company Profiles
14.2.1 Carrier Corporation
14.2.1.1 Company Overview
14.2.1.2 Product Portfolio
14.2.1.3 Demographic Reach and Achievements
14.2.1.4 Certifications
14.2.2 Johnson Controls
14.2.2.1 Company Overview
14.2.2.2 Product Portfolio
14.2.2.3 Demographic Reach and Achievements
14.2.2.4 Certifications
14.2.3 Honeywell International Inc.
14.2.3.1 Company Overview
14.2.3.2 Product Portfolio
14.2.3.3 Demographic Reach and Achievements
14.2.3.4 Certifications
14.2.4 Schneider Electric
14.2.4.1 Company Overview
14.2.4.2 Product Portfolio
14.2.4.3 Demographic Reach and Achievements
14.2.4.4 Certifications
14.2.5 Siemens AG
14.2.5.1 Company Overview
14.2.5.2 Product Portfolio
14.2.5.3 Demographic Reach and Achievements
14.2.5.4 Certifications
14.2.6 Others
15 Industry Events and Developments
List of Key Figures and Tables
1. Global Thermostat Market: Key Industry Highlights, 2018 and 2032
2. Global Thermostat Historical Market: Breakup by Product Type (USD Million), 2018-2023
3. Global Thermostat Market Forecast: Breakup by Product Type (USD Million), 2024-2032
4. Global Thermostat Historical Market: Breakup by Sensor Type (USD Million), 2018-2023
5. Global Thermostat Market Forecast: Breakup by Sensor Type (USD Million), 2024-2032
6. Global Thermostat Historical Market: Breakup by Application (USD Million), 2018-2023
7. Global Thermostat Market Forecast: Breakup by Application (USD Million), 2024-2032
8. Global Thermostat Historical Market: Breakup by Mode of Operation (USD Million), 2018-2023
9. Global Thermostat Market Forecast: Breakup by Mode of Operation (USD Million), 2024-2032
10. Global Thermostat Historical Market: Breakup by Industry Vertical (USD Million), 2018-2023
11. Global Thermostat Market Forecast: Breakup by Industry Vertical (USD Million), 2024-2032
12. Global Thermostat Historical Market: Breakup by Region (USD Million), 2018-2023
13. Global Thermostat Market Forecast: Breakup by Region (USD Million), 2024-2032
14. North America Thermostat Historical Market: Breakup by Country (USD Million), 2018-2023
15. North America Thermostat Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Europe Thermostat Historical Market: Breakup by Country (USD Million), 2018-2023
17. Europe Thermostat Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Asia Pacific Thermostat Historical Market: Breakup by Country (USD Million), 2018-2023
19. Asia Pacific Thermostat Market Forecast: Breakup by Country (USD Million), 2024-2032
20. Latin America Thermostat Historical Market: Breakup by Country (USD Million), 2018-2023
21. Latin America Thermostat Market Forecast: Breakup by Country (USD Million), 2024-2032
22. Middle East and Africa Thermostat Historical Market: Breakup by Country (USD Million), 2018-2023
23. Middle East and Africa Thermostat Market Forecast: Breakup by Country (USD Million), 2024-2032
24. Major Importing Countries by Value
25. Major Exporting Countries by Value
26. Major Importing Countries by Volume
27. Major Exporting Countries by Volume
28. Global Thermostat Market Structure.
The market is estimated to grow at a CAGR of 8.70% between 2024 and 2032.
The growing research and development activities by major market players to redefine the capabilities of thermostats to bolster the comfort of occupants are likely to be the key trends in the market.
The major market drivers include the increasing applications of thermostats in households, rising demand for the product from healthcare units, and rapid urbanisation.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
Smart thermostat, mechanical thermostat, and programmable thermostat, among others are the different segments based on product type.
Line voltage, low voltage, and millivolt is the segmentation of market based on mode of operation.
Residential, commercial, and industrial are the different application considered in the market report.
The major players in the industry are Carrier Corporation, Johnson Controls, Honeywell International Inc., Schneider Electric, and Siemens AG, among others.
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