Market Overview:
The global digital thermostats market is expected to grow at a CAGR of 6.5% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing demand for energy-efficient devices and the growing awareness about energy conservation among consumers. Additionally, the increasing adoption of smart homes has led to an increase in demand for digital thermostats, as they are essential components of a smart home ecosystem. The global digital thermostats market can be segmented on the basis of type into wired, wireless, and others. The wired segment is expected to hold a major share of the global digital thermostats market during the forecast period owing to its high reliability and low cost as compared to other types of digital thermostats. However, with advancements in technology and rising consumer preference for wireless devices,the wireless segment is projectedto grow at a higher CAGR than other segmentsduringthe forecastperiod.
Product Definition:
A digital thermostat is a device used to control the temperature of a room or building. It does this by regulating the amount of heat or air conditioning that is supplied to the area. A digital thermostat can be set to different temperatures depending on what is needed, and it will keep track of how long it has been since that temperature was last reached in order to make sure that it stays consistent. This helps save energy by not having the system work harder than necessary, and also keeps people comfortable by always providing them with the right level of warmth or coolness.
Wired:
Wired is a term used to define the traditional electrical systems that are connected to the thermostat. In case of digital thermostats, it refers to power cables or wires that connect the device with an electric outlet. The growth factor in this market can be attributed to factors such as growing environmental awareness and energy efficiency requirements among end-users along with increasing government regulations for energy conservation across all nations.
Wireless:
The global wireless and it's usage in digital thermometers market size was valued at USD 6,722.1 million in 2015. The increasing penetration of smartphones and tablets is expected to have a positive impact on the industry growth over the forecast period.
Increasing demand for smart energy management solutions is anticipated to drive industry growth over the next eight years.
Application Insights:
The commercial segment held the largest share of more than 70.0% in 2017. The growing adoption of digital thermostats in commercial buildings to manage energy consumption is expected to be a key factor for its growth over the forecast period. In addition, increasing investments by companies such as Honeywell International Inc., Panasonic Corporation and Siemens Healthineers, Ltd. are contributing towards market growth in this segment. For instance, Siemens Healthineers, a product subsidiary of Siemens AG has introduced new products including smart showerheads and smart toilets that can be controlled remotely via an app developed specifically for these devices called Tasmota by Sensym Technology SPA+.
Regional Analysis:
North America dominated the global market in 2017. The region is expected to maintain its position over the forecast period. This can be attributed to increasing awareness regarding energy conservation and adoption of smart devices for temperature control. Increasing penetration of smart water management systems in residential as well as commercial buildings is also anticipated to drive regional growth over the forecast period.
Asia Pacific, on the other hand, is projected to register a significant CAGR from 2018 to 2030 owing to rising demand for cost-effective and efficient solutions from various sectors such as hospitality, healthcare & life sciences, retail & e-commerce among others across emerging countries such as China and India among others.
The Middle East & Africa market was valued at USD X million in 2017.
Growth Factors:
- Increasing demand for energy-efficient devices: A digital thermostat can help save energy and money by controlling the temperature of a home or office. As a result, there is an increasing demand for these devices, especially in developed countries where energy conservation is becoming increasingly important.
- Rising awareness about the benefits of using digital thermostats: With more people becoming aware of the benefits of using a digital thermostat – such as increased comfort and savings on energy bills – sales are expected to continue to grow in the coming years.
- Advances in technology that make digital thermostats more efficient and user-friendly: In recent years, there have been many advances in technology that have made digital thermostats more efficient and user-friendly. This is helping to drive growth in this market as consumers become increasingly interested in upgrading their old analog models with newer, smarter ones.
Scope Of The Report
Report Attributes
Report Details
Report Title
Digital Thermostats Market Research Report
By Type
Wired, Wireless, Others
By Application
Residential, Commercial
By Companies
Nest, Honeywell, EcoBee, Schneider Electric, Emerson, LUX/GEO, Carrier, Energate, Tado GmbH, Control4, Nest
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
223
Number of Tables & Figures
157
Customization Available
Yes, the report can be customized as per your need.
Global Digital Thermostats Market Report Segments:
The global Digital Thermostats market is segmented on the basis of:
Types
Wired, Wireless, Others
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Residential, Commercial
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Nest
- Honeywell
- EcoBee
- Schneider Electric
- Emerson
- LUX/GEO
- Carrier
- Energate
- Tado GmbH
- Control4
- Nest
Highlights of The Digital Thermostats Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Wired
- Wireless
- Others
- By Application:
- Residential
- Commercial
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Digital Thermostats Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Digital thermostats are a type of home automation device that allows you to control your heating and cooling system from a remote location. They typically have an LCD screen and allow you to set temperature thresholds, schedule automatic turns on/off, and receive real-time alerts when the temperature goes above or below your desired level.
Some of the key players operating in the digital thermostats market are Nest, Honeywell, EcoBee, Schneider Electric, Emerson, LUX/GEO, Carrier, Energate, Tado GmbH, Control4, Nest.
The digital thermostats market is expected to grow at a compound annual growth rate of 6.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Digital Thermostats Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Digital Thermostats Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Digital Thermostats Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Digital Thermostats Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Digital Thermostats Market Size & Forecast, 2020-2028
4.5.1 Digital Thermostats Market Size and Y-o-Y Growth
4.5.2 Digital Thermostats Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 Wired
5.2.2 Wireless
5.2.3 Others
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Residential
6.2.2 Commercial
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Digital Thermostats Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Digital Thermostats Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 Wired
9.6.2 Wireless
9.6.3 Others
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Residential
9.10.2 Commercial
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 Wired
10.6.2 Wireless
10.6.3 Others
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Residential
10.10.2 Commercial
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 Wired
11.6.2 Wireless
11.6.3 Others
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Residential
11.10.2 Commercial
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 Wired
12.6.2 Wireless
12.6.3 Others
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Residential
12.10.2 Commercial
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 Wired
13.6.2 Wireless
13.6.3 Others
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Residential
13.10.2 Commercial
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Digital Thermostats Market: Competitive Dashboard
14.2 Global Digital Thermostats Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Nest
14.3.2 Honeywell
14.3.3 EcoBee
14.3.4 Schneider Electric
14.3.5 Emerson
14.3.6 LUX/GEO
14.3.7 Carrier
14.3.8 Energate
14.3.9 Tado GmbH
14.3.10 Control4
14.3.11 Nest
