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Digital Thermostats Market is segmented By Product (Wired, Wireless), By End Users (Commercial and Residential), By Geographic Scope and Forecast 2022-2027

Published: March, 2022
ID: 12888
Pages: 175
Formats: report pdf report excel report power bi report ppt

Digital Thermostats Market Size & Growth 2022-2027:

Digital Thermostats Market is valued at US$ 3.68 Billion in 2021 and is anticipated to increase to US$ 20.1 Billion by 2027, with a growing CAGR of 24% in the next six years.

The thermostat is very much an automated mechanism that adjusts the temperature control of substances in order to keep their temperature constant. A temperature-sensing tool is attached to a switching device in the product. Whenever the temperature reaches the specified level, the sensor uses a predefined Programme to turn on or off the air conditioning system source. The product is primarily used in refrigerators as well as water heaters for space-heating control and is perfect for heating systems, air conditioning, and HVAC systems. Instead of glass bubbles or mercury, thermostats are used in digital thermostats. It uses a thermometer or sensors to measure the temperature, which is readable and analyzed by a computer chip. To signify heating or cooling, digital thermostats have an LED indicator that lights red or green. These are used to alter the room temperature according to the needs of the consumer. Global market development may be aided by a shift toward energy-efficient technology, as well as increased investment in household applications. The thermostat market benefits from the fast growth of urban areas and commercial structures, such as housing developments, hospitals, education institutions, and workplaces.

Digital Thermostats Market Drivers:

Excess supply for cooling & heating innovations owing to extreme weather conditions, combined with benefits given by digital thermostats such as advanced and modern, efficient power savings, and lower energy costs, is driving the global digital thermostats market throughout the projected period. Aside from that, increased consumer awareness of energy management systems offers significant market expansion potential. Upgrades to control systems and the development of novel digital thermostats will necessitate large expenditures. Small and medium-sized businesses (SMEs) would find it difficult to get into the digital thermostat industry as a result of this. Digital thermostats are ideal for home and commercial applications due to their self-learning model and ability to be controlled remotely via smartphones and tablets. The growing popularity of these self-learning gadgets in-home applications may provide market participants with a chance to expand their residential market share. Self-learning gadgets allow elderly individuals to operate HVAC equipment without having to deal with complicated programming. Digital thermostats are utilized in smart homes to manage temperature and humidity while also enabling fresh air entry to assist save air quality.

Digital Thermostats Market Restraints:

Upgrades to control systems and the development of novel Digital thermostats will necessitate large expenditures. Small and medium-sized businesses (SMEs) would find it difficult to get into the Digital thermostat market as a result of this. The HVAC business is expected to develop at a breakneck pace. For optimal operation and failure prevention, HVAC systems incorporating Digital thermostats need fine-tuning and specific manufacture of parts during installation. As a result, competent technicians are required to properly install Digital thermostats that are connected with HVAC equipment. If the setup is not completed by a qualified expert, the consumer may have to pay extra for repairs in the future, or the Air conditioning units may not function properly. As a result, the expense of system installation is increased by the need for professional staff.

DIGITAL THERMOSTATS MARKET REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2021 – 2027

Base Year

2021

Forecast Period

2022 - 2027

CAGR

24%

Segments Covered

  • By Type

  • By End-User

  • By Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

  • North America: United States, Mexico, Canada
  • Europe: United Kingdom, Germany, Italy, France
  • Asia Pacific: Australia, Canada, China
  • Latin America: Argentina, Brazil, Chile
  • The Middle East and Africa: Egypt, Iran, Iraq, Israel

Market Leaders Profiled

Nest, Honeywell, EcoBee, Schneider Electric, Lennox International Inc, Emerson, Carrier, Control4 Tado GmbH, Energate, Netatmo.

Recent Developments:

28th September 2021: Amazon Announces Honeywell-Amazon Smart Thermostat Collaboration Amazon.com Inc. introduced its first smart thermostat, a possible competitor to Alphabet Inc.'s Google Nest, in collaboration with Honeywell Home. According to Dave Limp, the company's gadgets executive, the new device would cost $60. He claims that with discounts, the device may cost as little as $10. The thermostat integrates with Alexa, allowing users to manage it with their voices. The device was unveiled at the company's annual launch event for new gadgets and services.

12th October 2020: Greater efficiency gains for more people with the new Nest Thermostat. Nest's original smart thermostat was released over years back, delivering energy savings to people's homes in a sleek, elegant design. The Nest Thermostat, an easy-to-use, energy-saving thermostat that you can operate from any place with the Home App, continues that legacy today. It can even keep track of your air conditioning system and alert you to any possible problems.

Market Segmentation:

Digital Thermostats Market By Type:

  • Wired
  • Wireless

Based on type, the global digital thermostat market is divided into wired and wireless. The wireless network is by far the most often utilized networking method in Digital thermostats because it lowers installing and maintaining costs, offers greater scalability and flexibility, and improves connectivity. The addition of wireless connectivity improves the compatibility of Digital thermostats using smart devices such as mobile phones, laptops, tablets, and computers.

Digital Thermostats Market By End-User:

  • Commercial

  • Residential

Based on end-user, the global digital thermostats market is divided into commercial and residential. The residential segment is expected to increase at the fastest rate, as consumer awareness of energy conservation and efficiency, as well as environmental preservation, has pushed the implementation of energy-efficient HVAC devices like Digital thermostats. They aid in the most efficient use of energy and the creation of the most pleasant and healthy interior environment. The expansion of the Digital thermostat market for the such residential sector has been aided by favorable government laws and tax credit facilities for the installation of HVAC systems, as well as end-users increased focus on lowering power expenditures.

Digital Thermostats Market Report includes the segmentation of Regions:

  • The Asia Pacific region holds the largest share of the global digital thermostats market. The development of HVAC controls, including such programmable thermostats, is aided by the expanding population in this region's emerging countries, as well as environmental concerns. The use of smart thermostats in the region is being aided by the surge in green building uptake and government measures to regulate energy-efficient practices throughout the business sector.
  • The North America region holds the second larger share in the global digital thermostats market. The region has some of the top industry-level experts and the countries like the United States, Canada, and Mexico are helping in the growth and development of the global digital thermostats market.
  • The Europe region holds a significant amount of share in the global digital thermostats market. The countries like the United Kingdom, Germany, France, and Russia regions are helping in the growth and development of the global digital thermostats market.
  • Latin America
  • Middle east and Africa

Impact of COVID-19 (Global Digital Thermostats Market):

COVID-19 had a detrimental impact on the Digital thermostat market, leading in lower Digital thermostat shipments and revenue. As a result, the market's growth trajectory slowed throughout the time period in question. This pattern is predicted to change after the outbreak since demand is projected to rise as people become more concerned about energy efficiency. The COVID-19 epidemic has had a significant influence on the Digital thermostat market's value chain. The epidemic has had a negative impact on the United States, Korea, China, and Japan. The industrial and commercial sectors are experiencing low volume, which is expected to persist for the foreseeable future owing to the global downturn. The COVID-19 epidemic has transformed the way humans communicate & live in their homes, thanks to stay-at-home orders. People are rearranging their physical spaces to accommodate new functional requirements, such as working and learning from home, setting up at-home gyms, or exploring different approaches to sit and unwind themselves. People who want to stay at home need connected dwellings, automated systems, as well as new technology. As a result, during this COVID-19 epidemic, this smart home revolution is likely to drive demand for Digital thermostats.

Digital Thermostats Market Key Players:

The key players in the Global Digital Thermostats Market are:

  1. Nest
  2. Honeywell
  3. EcoBee
  4. Schneider Electric
  5. Lennox International Inc
  6. Emerson
  7. Carrier
  8. Control4
  9. Tado GmbH
  10. Energate
  11. Netatmo

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FAQ's

What are the major challenges in front of the global Digital Thermostats market?

Existing systems have high upgrade costs is the major challenge of the global digital thermostats market.

Who are the key vendors of the global Digital Thermostats market?

The key vendors of the global digital thermostat market are- Nest, Honeywell, EcoBee, Schneider Electric, Lennox International Inc, Emerson, Carrier, Control4, Tado GmbH, Energate, and Netatmo.

Which factors are responsible for driving the global Digital Thermostats market?

Excess supply for cooling & heating innovations owing to extreme weather conditions, combined with benefits given by digital thermostats such as advanced and modern, efficient power savings, and lower energy costs, is driving the global digital thermostats market

What will be the global market size in the forecast period?

The global digital thermostats market size is anticipated to increase at US$ 20.1 Billion by 2027

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