by The thermostat market size is poised to grow by USD 17.08 billion by 2032 from USD 5.1 billion in 2022, exhibiting a CAGR of 12.9% during the forecast period 2023-2032.
Key Takeaways
- North America contributed more than 38% of revenue share in 2022.
- Asia Pacific is estimated to expand the fastest CAGR between 2023 and 2032.
- By product, the smart thermostat segment has held the largest market share of 35% in 2022.
- By product, the others segment is anticipated to grow at a remarkable CAGR of 13.8% between 2023 and 2032.
- By deployment, the wireless generated over 65% of revenue share in 2022.
- By deployment, the wired segment is expected to expand at the fastest CAGR over the projected period.
- By application, the residential segment had the largest market share of 45% in 2022.
- By application, the industrial segment is expected to expand at the fastest CAGR over the projected period.
Precedence Research has conducted a comprehensive market study that provides valuable insights into the performance of the market during the forecast period. The study identifies significant trends that are shaping the growth of the Thermostat market. In this recently published report, essential dynamics such as drivers, restraints, and opportunities are highlighted for both established market players and emerging participants involved in production and supply.
To begin with, the Thermostat Market report features an executive summary that offers a concise overview of the marketplace. It outlines the key players and industry categories expected to have an impact on the market in the coming years. The executive summary provides an unbiased summary of the market.
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Thermostat Market Scope
| Report Coverage | Details |
| Growth Rate from 2023 to 2032 | CAGR of 12.9% |
| Market Size in 2023 | USD 5.73 Billion |
| Market Size by 2032 | USD 17.08 Billion |
| Largest Market | North America |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | By Product, By Deployment, and By Application |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Read More: Xylene Market Size To Gain USD 61.38 Bn by 2032
The empirical study on the global Thermostat market primarily focuses on the drivers in subsequent sections. It demonstrates how changing demographics are projected to influence the supply and demand dynamics in the Thermostat Market. Our market report for the Thermostat market also delves into the significant rules and regulations that are likely to impact the future growth of this sector. Moreover, in order to comprehend the underlying demand factors, industry experts have provided insights into its fundamental origins.
Thermostat Market Players
- Honeywell
- Nest (owned by Google)
- Ecobee
- Emerson Electric Co.
- Johnson Controls
- Schneider Electric
- Tado
- Siemens AG
- Carrier Corporation
- Trane Technologies
- Sensi
- Lux Products
- Danfoss
- Bosch Thermotechnology
- Glas by Johnson Controls
Data Sources and Methodology
To gather comprehensive insights on the Global Thermostat Market, we relied on a range of data sources and followed a well-defined methodology. Our approach involved interactions with industry experts and key stakeholders across the market’s value chain, including management organizations, processing organizations, and analytics service providers.
We followed a rigorous data analysis process to ensure the quality and credibility of our research. The gathered information was carefully evaluated, and relevant quantitative data was subjected to statistical analysis. By employing robust analytical techniques, we were able to derive meaningful insights and present a comprehensive overview of the Global Thermostat Market.
The most resonating, simple, genuine, and important causes because of which you must decide to buy the Thermostat market report exclusively from precedence research
- The research report has been meticulously crafted to provide comprehensive knowledge on essential marketing strategies and a holistic understanding of crucial marketing plans spanning the forecasted period from 2023 to 2032.
Key Features of the Report:
- Comprehensive Coverage: The report extensively encompasses a detailed explanation of highly effective analytical marketing methods applicable to companies across all industry sectors.
- Decision-Making Enhancement: It outlines a concise overview of the decision-making process while highlighting key techniques to enhance it, ensuring favorable business outcomes in the future.
- Articulated R&D Approach: The report presents a well-defined approach to conducting research and development (R&D) activities, enabling accurate data acquisition on current and future marketing conditions.
Market Segmentation:
By Product
- Smart Thermostat
- Mechanical Thermostat
- Programmable Thermostat
- Others Intrinsic Thermostat
By Deployment
- Wired
- Wireless
By Application
- Industrial
- Commercial
- Residential
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
Reasons to Consider Purchasing the Report:
- Enhance your market research capabilities by accessing this comprehensive and precise report on the global Thermostat market.
- Gain a thorough understanding of the overall market landscape and be prepared to overcome challenges while ensuring robust growth.
- Benefit from in-depth research and analysis of the latest trends shaping the global Thermostat market.
- Obtain detailed insights into evolving market trends, current and future technologies, and strategic approaches employed by key players in the global Thermostat market.
- Receive valuable recommendations and guidance for both new entrants and established players seeking further market expansion.
- Discover not only the cutting-edge technological advancements in the global Thermostat market but also the strategic plans of industry leaders.
Table of Content
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Thermostat Market
5.1. COVID-19 Landscape: Thermostat Industry Impact
5.2. COVID 19 – Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Thermostat Market, By Product
8.1. Thermostat Market Revenue and Volume, by Product, 2023-2032
8.1.1 Smart Thermostat
8.1.1.1. Market Revenue and Volume Forecast (2020-2032)
8.1.2. Mechanical Thermostat
8.1.2.1. Market Revenue and Volume Forecast (2020-2032)
8.1.3. Programmable Thermostat
8.1.3.1. Market Revenue and Volume Forecast (2020-2032)
8.1.4. Others Intrinsic Thermostat
8.1.4.1. Market Revenue and Volume Forecast (2020-2032)
Chapter 9. Global Thermostat Market, By Deployment
9.1. Thermostat Market Revenue and Volume, by Deployment, 2023-2032
9.1.1. Wired
9.1.1.1. Market Revenue and Volume Forecast (2020-2032)
9.1.2. Wireless
9.1.2.1. Market Revenue and Volume Forecast (2020-2032)
Chapter 10. Global Thermostat Market, By Application
10.1. Thermostat Market Revenue and Volume, by Application, 2023-2032
10.1.1. Industrial
10.1.1.1. Market Revenue and Volume Forecast (2020-2032)
10.1.2. Commercial
10.1.2.1. Market Revenue and Volume Forecast (2020-2032)
10.1.3. Residential
10.1.3.1. Market Revenue and Volume Forecast (2020-2032)
Chapter 11. Global Thermostat Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Volume Forecast, by Product (2020-2032)
11.1.2. Market Revenue and Volume Forecast, by Deployment (2020-2032)
11.1.3. Market Revenue and Volume Forecast, by Application (2020-2032)
11.1.4. U.S.
11.1.4.1. Market Revenue and Volume Forecast, by Product (2020-2032)
11.1.4.2. Market Revenue and Volume Forecast, by Deployment (2020-2032)
11.1.4.3. Market Revenue and Volume Forecast, by Application (2020-2032)
11.1.5. Rest of North America
11.1.5.1. Market Revenue and Volume Forecast, by Product (2020-2032)
11.1.5.2. Market Revenue and Volume Forecast, by Deployment (2020-2032)
11.1.5.3. Market Revenue and Volume Forecast, by Application (2020-2032)
11.2. Europe
11.2.1. Market Revenue and Volume Forecast, by Product (2020-2032)
11.2.2. Market Revenue and Volume Forecast, by Deployment (2020-2032)
11.2.3. Market Revenue and Volume Forecast, by Application (2020-2032)
11.2.4. UK
11.2.4.1. Market Revenue and Volume Forecast, by Product (2020-2032)
11.2.4.2. Market Revenue and Volume Forecast, by Deployment (2020-2032)
11.2.4.3. Market Revenue and Volume Forecast, by Application (2020-2032)
11.2.5. Germany
11.2.5.1. Market Revenue and Volume Forecast, by Product (2020-2032)
11.2.5.2. Market Revenue and Volume Forecast, by Deployment (2020-2032)
11.2.5.3. Market Revenue and Volume Forecast, by Application (2020-2032)
11.2.6. France
11.2.6.1. Market Revenue and Volume Forecast, by Product (2020-2032)
11.2.6.2. Market Revenue and Volume Forecast, by Deployment (2020-2032)
11.2.6.3. Market Revenue and Volume Forecast, by Application (2020-2032)
11.2.7. Rest of Europe
11.2.7.1. Market Revenue and Volume Forecast, by Product (2020-2032)
11.2.7.2. Market Revenue and Volume Forecast, by Deployment (2020-2032)
11.2.7.3. Market Revenue and Volume Forecast, by Application (2020-2032)
11.3. APAC
11.3.1. Market Revenue and Volume Forecast, by Product (2020-2032)
11.3.2. Market Revenue and Volume Forecast, by Deployment (2020-2032)
11.3.3. Market Revenue and Volume Forecast, by Application (2020-2032)
11.3.4. India
11.3.4.1. Market Revenue and Volume Forecast, by Product (2020-2032)
11.3.4.2. Market Revenue and Volume Forecast, by Deployment (2020-2032)
11.3.4.3. Market Revenue and Volume Forecast, by Application (2020-2032)
11.3.5. China
11.3.5.1. Market Revenue and Volume Forecast, by Product (2020-2032)
11.3.5.2. Market Revenue and Volume Forecast, by Deployment (2020-2032)
11.3.5.3. Market Revenue and Volume Forecast, by Application (2020-2032)
11.3.6. Japan
11.3.6.1. Market Revenue and Volume Forecast, by Product (2020-2032)
11.3.6.2. Market Revenue and Volume Forecast, by Deployment (2020-2032)
11.3.6.3. Market Revenue and Volume Forecast, by Application (2020-2032)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue and Volume Forecast, by Product (2020-2032)
11.3.7.2. Market Revenue and Volume Forecast, by Deployment (2020-2032)
11.3.7.3. Market Revenue and Volume Forecast, by Application (2020-2032)
11.4. MEA
11.4.1. Market Revenue and Volume Forecast, by Product (2020-2032)
11.4.2. Market Revenue and Volume Forecast, by Deployment (2020-2032)
11.4.3. Market Revenue and Volume Forecast, by Application (2020-2032)
11.4.4. GCC
11.4.4.1. Market Revenue and Volume Forecast, by Product (2020-2032)
11.4.4.2. Market Revenue and Volume Forecast, by Deployment (2020-2032)
11.4.4.3. Market Revenue and Volume Forecast, by Application (2020-2032)
11.4.5. North Africa
11.4.5.1. Market Revenue and Volume Forecast, by Product (2020-2032)
11.4.5.2. Market Revenue and Volume Forecast, by Deployment (2020-2032)
11.4.5.3. Market Revenue and Volume Forecast, by Application (2020-2032)
11.4.6. South Africa
11.4.6.1. Market Revenue and Volume Forecast, by Product (2020-2032)
11.4.6.2. Market Revenue and Volume Forecast, by Deployment (2020-2032)
11.4.6.3. Market Revenue and Volume Forecast, by Application (2020-2032)
11.4.7. Rest of MEA
11.4.7.1. Market Revenue and Volume Forecast, by Product (2020-2032)
11.4.7.2. Market Revenue and Volume Forecast, by Deployment (2020-2032)
11.4.7.3. Market Revenue and Volume Forecast, by Application (2020-2032)
11.5. Latin America
11.5.1. Market Revenue and Volume Forecast, by Product (2020-2032)
11.5.2. Market Revenue and Volume Forecast, by Deployment (2020-2032)
11.5.3. Market Revenue and Volume Forecast, by Application (2020-2032)
11.5.4. Brazil
11.5.4.1. Market Revenue and Volume Forecast, by Product (2020-2032)
11.5.4.2. Market Revenue and Volume Forecast, by Deployment (2020-2032)
11.5.4.3. Market Revenue and Volume Forecast, by Application (2020-2032)
11.5.5. Rest of LATAM
11.5.5.1. Market Revenue and Volume Forecast, by Product (2020-2032)
11.5.5.2. Market Revenue and Volume Forecast, by Deployment (2020-2032)
11.5.5.3. Market Revenue and Volume Forecast, by Application (2020-2032)
Chapter 12. Company Profiles
12.1. Honeywell
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. Nest (owned by Google)
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. Ecobee
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. Emerson Electric Co.
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. Johnson Controls
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. Schneider Electric
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. Tado
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. Siemens AG
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. Carrier Corporation
12.9.1. Company Overview
12.9.2. Product Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
12.10. Trane Technologies
12.10.1. Company Overview
12.10.2. Product Offerings
12.10.3. Financial Performance
12.10.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms
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