Thermostats Market Global Industry Assessment & Forecast
- By Product Wired Networking Wireless Network
- By Application Residential, Commercial, Industrial, Other
|Forecast Years:||2021 - 2028|
|Historical Years:||2016 - 2020|
|Revenue 2021:||2.5 Billion|
|Revenue 2028:||11.34 Billion|
|Revenue CAGR (2021 - 2028):||20.80%|
|Fastest Growing Region (2022 - 2028)||North America|
- Cross-segment Market Size and Analysis for Mentioned Segments
- Additional Company Profiles (Upto 5 With No Cost)
- Additional Countries (Apart From Mentioned Countries)
- Country/Region-specific Report
- Go To Market Strategy
- Region Specific Market Dynamics
- Region Level Market Share
- Import Export Analysis
- Production Analysis
- Others Request Customization Speak To Analyst
The global Thermostats market was valued at USD 2.5 Billion in 2020 and is projected to reach USD 11.34 Billion by 2028, growing at a CAGR of 20.80%% from 2021 to 2028.
|Historical Data (Actual Data)||2016-2020|
|Base Year Data||2020|
|Current Year Date||2021|
|Projected year data||2021-2028|
|Annual Market Size (2028)||11.34 Billion|
|Annual Market Size (2021)|
|CAGR (2021 - 2028)||20.80%%|
Overview and Description
A thermostat is a regulating device component which senses the temperature of a physical system and performs actions so that the system's temperature is maintained near a desired setpoint.
The global Thermostats market is segmented based on products, applications, regions, and countries. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. All the segments have been analyzed based on present and future trends. The research study provides complete assessment of the market on the basis of competition, drivers, restraints, opportunities, trends, and industry-authenticated data. The market is estimated from 2016 to 2020 with forecast from 2021 to 2028.
COVID-19 Impact Analysis
COVID-19 pandemic led to government of numerous countries across the globe to impose strict lockdown restrictions during the preliminary stages. In 2021, numerous countries faced the adverse effects of the pandemic due to the outbreak of second wave, which also led governments to again impose lockdown measures. Business shutdowns, partial business operations, and travel restrictions have led to challenges in supply chain and in turn production. However, it is expected that reopening of trade activities, the market will witness steady growth in the demand in the coming years. Impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.
The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:
o Impact Assessment of COVID-19 Pandemic
o Pre & Post COVID-19 Market Size
o Qualitative analysis on the short term & long term impact of COVID-19 on the market
o The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.
The increasing adoption of smart homes attributed to the COVID-19 situation has primarily propelled the market growth.
The emergence of IoT-enabled HVAC systems has increased the overall efficiency of the system, thereby acting as a key driver for the market.
High manufacturing and installation costs of smart thermostats hamper the growth and market trend.
Global Thermostats Market Report Scope
|Market Size Provided for Years||2016-2028|
|Market Size Provided In Terms Of||Revenue & Volume|
|Segments Covered||Product, Application|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Countries Covered||The U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, South East Asia, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Companies Covered||Siemens, Johnson Controls, Honeywell, FOLAND, Danfoss, FSTB, Otter Controls, Schneider Electric, Ningbo Sunlight, Saswell, Development Alliance, Jiu Long Thermostat, HaiLin, Jiujiang HengTong, Strix.|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|
Global Thermostats Market: Product Segment Analysis
- Wired Networking Wireless Network
Global Thermostats Market: Application Segment Analysis
Regional Analysis: Preview
Based on region, the global Thermostats market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America region led the market with the largest share in 2020. Some of the key countries contributing to the surge in the market are the U.S., U.K., Germany, France, China, India, Japan, and South Korea.
The market comprises of numerous small, medium, and large sized players spread across various geographies. Some of the main competitors in the global Thermostats market are Siemens, Johnson Controls, Honeywell, FOLAND, Danfoss, FSTB, Otter Controls, Schneider Electric, Ningbo Sunlight, Saswell, Development Alliance, Jiu Long Thermostat, HaiLin, Jiujiang HengTong, Strix.. The report covers company market share analysis which gives a comprehensive overview of the main competitors in the market. In addition, the report also covers major strategies adopted by market players such as new product launch, acquisitions & mergers, partnerships, collaborations & joint ventures, research & development, and regional expansion. The study also covers the product portfolio of major companies operating in the market.
Market Size, 2021 (USD Billion)
Global Thermostats Market: Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
Key Highlights – Global Thermostats Market
- Global Thermostats Market is projected to reach USD 11.34 Billion by 2028
- North America held the highest share of the Thermostats market
- Wired Networking held the largest share of the product segment in the Thermostats market
- Industrial held the major share of the application segment in the Thermostats market
Frequently Asked Question
What is the global demand for Thermostats in terms of revenue?
The global Thermostats valued at 2.5 Billion in 2020 and is expected to reach 11.34 Billion in 2028 growing at a CAGR of 20.80%%.
Which are the prominent players in the market?
The prominent players in the market are Siemens, Johnson Controls, Honeywell, FOLAND, Danfoss, FSTB, Otter Controls, Schneider Electric, Ningbo Sunlight, Saswell, Development Alliance, Jiu Long Thermostat, HaiLin, Jiujiang HengTong, Strix..
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 20.80%% between 2021 and 2028.
What are the driving factors fueling the growth of the market?
The driving factors of the Thermostats include
- The increasing adoption of smart homes attributed to the COVID-19 situation has primarily propelled the market growth.
- The emergence of IoT-enabled HVAC systems has increased the overall efficiency of the system, thereby acting as a key driver for the market.
Which region accounted for the largest share in the market?
North America was the leading regional segment of the Thermostats in 2020.