Electronic Thermostat Market: Global Industry Analysis and Forecast (2023-2029)

Electronic Thermostat Market was valued at US$ 3.08 Bn. in 2022. Electronic Thermostat Market size is estimated to grow at a CAGR of 10.27%.
Electronic Thermostat Market Overview
The electronic thermostat is used for controlling heating and cooling equipment, filter fans, or signal devices. It consists of integrated circuits and mini fixed components. Electronic thermostat models are more sophisticated and controls perfectly temperature in a very stable and uniform manner. Electronic thermostat is an instrument, which is used to maintain the devices that detect temperature of an electronic device. It is widely used to maintain the temperature near a desired set point. The demand for electronics thermostat is rising especially in residential buildings, which helps to save some cost of energy.To know about the Research Methodology:- Request Free Sample Report

The segments of the electronic thermostat market are investigated in the report (Type, End-Use, and Region). Market players and regions have given data (North America, Asia Pacific, Europe, Middle East & Africa, and South America). The electronic thermostat market study gives a comprehensive overview of the present quick advancements in all industrial sectors. The essential data analysis for the historical era from 2018 to 2022 is presented using facts and figures, pictures, and presentations. The analysis looks at the market's drivers, constraints, prospects, and hurdles for electronic thermostat. This MMR report contains investor suggestions based on a detailed study of the current competitive landscape in the electronic thermostat industry sector.
Electronic Thermostat Market Dynamics
An increase in inclinations of facilities managers and consumer awareness towards building management systems (BMS) to save electricity are driving the electronic thermostat market growth. The rise in concerns of substantial energy bills have increased the demand for thermostats to optimize energy consumption at homes. Electronic thermostat has a potential, which drive its demand in various End-Uses like industrial buildings, office buildings, retail, hospitality, and health care. The demand for energy-saving devices, adoption of electronic thermostats, and advanced features for energy saving are expected to increase the adoption of electronic thermostat across the globe. Despite the benefits of electronic thermostat, high switching cost and issues related to device malfunctioning are expected to limit the market growth.

Technical Innovations are expected to drive the market growth

With the demand for smart home energy saving devices, adoption of the electronic thermostat is increasing at a rapid rate. An extensive R & D to save energy, and emerging trends like Mobility are expected to drive the market growth during the forecast period. The technological developments in thermostat technologies and integration of the electronic thermostat with the innovative mobile End-Uses, consumers are able to track energy usages and expected to adjust schedules from remote location. In the developed countries market, Direct-install solution, which offers specific thermostat model and installation data to customers are expected to create key opportunities for key players operating in the electronic thermostat market. Additionally, an integration of innovative Type solution like Wi-Fi, AI, and IoT to remotely access internet-connected devices are expected to increase the adoption of the automated thermostats in commercial & residential sectors, which also expected to boost market growth.
Segment Analysis
The electronic thermostats are installed in residential and industrial sectors to control the valves of fans, ac and exhaust system. It is also used to control room temperature in commercial, industrial and residential environment via controlling fan coil units and motorized valve, motorized fan and valve of heating only, cooling only and heating/cooling central air-condition and system.

The commercial segment held the dominant position in 2022 and is projected to continue its dominance during the forecast period. An introduction of the innovative electronic thermostat and rapid industrializations across the developing and developed economies are expected to drive the market growth. Constructions of new industries and smart city development projects across developing economies are expected to increase in investment because of the assured and lucrative returns on investment. In large commercial buildings, there are different types of buildings management systems have present, which usages multiple HVAC systems.

An electronic thermostat is required to control this system. A high demand for an electronic thermostat, which are durable, efficient, and advanced Type configured are expected to boost the market growth.
The smart commercial thermostats have many benefits over standard programmable thermostats. The smart thermostat has a feature, which can transmit, record, and collect data. Governments stringent regulations for energy consumption are expected to drive demand for energy-efficient devices. It is expected to offer lucrative opportunities for the electronic thermostat market key players.
Regional Insights
Asia Pacific region has contributed more than 28% share in the global market and is projected to continue its dominance during the forecast period. The Asia pacific market growth in the Asia Pacific is driven by the high adoption of advanced Type and key manufacturers operating in the market are investing more in R & D to have competitive advantages. An increase in adoption of smart assistant devices, growth in disposable income, and rapid construction activities across residential & commercial buildings are some of the prominent factors, which are expected to drive the market growth in the near future. An increase in an adoption of automation in the residential sector and high investments by customers in energy-efficient solutions because of increasing awareness regarding energy conservation, energy tracking are expected to boost the market growth in the near future. A shift of consumer preference toward buying smart homes with intuitive technologies & virtual assistants to operate smart home appliances are key factors, which are expected to drive the key opportunities for the electronic thermostat market growth

The report has profiled fifteen key players in the market from different regions. However, the report has considered all market leaders, followers, and new entrants with investors while analyzing the market and estimation the size of the same. The manufacturing environment in each region is different and focus is given on the regional impact on the cost of manufacturing, supply chain, availability of raw materials, labor cost, availability of advanced Type, trusted vendors are analysis and report has come up with recommendations for a future hot spot in the Asia Pacific. Major country’s policies about manufacturing and their impact on Electronic Thermostat demand are covered in the report.

The objective of the report is to present a comprehensive analysis of the global Electronic Thermostat Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Electronic Thermostat Market dynamic, structure by analyzing the market segments and projecting the Electronic Thermostat Market size. Clear representation of competitive analysis of key players by End-Use, price, financial position, product portfolio, growth strategies, and regional presence in the Electronic Thermostat Market make the report investor’s guide.
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Electronic Thermostat Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 3.08 Bn.


Forecast Period 2023 to 2029 CAGR:
10.27%
Market Size in 2029:
US $ 6.12 Bn.


 Segments Covered:
by Type
Wired
Wireless


by End-Use
Commercial
Residential
Industrial



Electronic Thermostat Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Electronic Thermostat Market Key Players
1. Emerson Electric Co.
2. Nest Labs
3. GridPoint, Inc.
4. Tado GmbH
5. Honeywell International
6. Computime Group Ltd.
7. Schneider Electric SE
8. Radio Thermostat Company of America
9. Ecobee, Inc.
10.Control4 Corporation
11.Carrier Corporation
12.Siemens AG
13.Johnson Controls
14.Zen Ecosystems
15.Resideo Technologies, Inc.

Frequently Asked Questions:

1. Which region has the largest share in Global Electronic Thermostat Market?
Ans: Asia Pacific region held the highest share in 2022.

2. What is the growth rate of Global Electronic Thermostat Market?
Ans: The Global Electronic Thermostat Market is growing at a CAGR of 10.27% during forecasting period 2023-2029.

3. What is scope of the Global Electronic Thermostat Market report?
Ans: Global Electronic Thermostat Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Electronic Thermostat Market?
Ans: The important key players in the Global Electronic Thermostat Market are – Emerson Electric Co., Nest Labs, GridPoint, Inc., Tado GmbH, Honeywell International, Computime Group Ltd., Schneider Electric SE, Radio Thermostat Company of America, Ecobee, Inc., Control4 Corporation, Carrier Corporation, Siemens AG, Johnson Controls, Zen Ecosystems, Resideo Technologies, and Inc.

5. What is the study period of this Market?
Ans: The Global Electronic Thermostat Market is studied from 2022 to 2029.