Electronic Thermostat Market To Register Substantial Expansion By 2027

Electronic Thermostat: Introduction

  • Electronic thermostats an instrument used to maintain the devices that detect temperature of an electronic device to maintain the temperature near a desired set point
  • The electronic thermostat control the temperature by switching on/off the cooling or heating system or device, or by regulating the heat transfer flow as required.
  • These instruments are majorly being used in residential buildings to save the energy consumption. According to Energy Star If a residential building has thermostat installed that 50$ can be saved per year on their energy bills
  • Furthermore, the electronic thermostat use home area network or internet connection for connectivity

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Rise in Demand for Energy Efficient Devices

  • Large commercial buildings are incorporated with different types of building management systems that facilitate the control of multiple HVAC systems. These building management systems (BMSs) are not preferred in smaller commercial and residential buildings due to their complexity and cost.
  • An electronic thermostat can communicate through the Internet or an intranet via a wireless or wired network. Additionally, smart commercial thermostats can transmit, record, and collect data that standard programmable thermostats are unable to capture. These devices have the ability to capture data at frequent intervals. Rise in demand for energy-efficient devices across the global present significant opportunity in the electronic thermostats market.
  • Electronic thermostat has a potential for growth in various applications such as industrial buildings, office buildings, retail, hospitality, and health care. Increase in demand for energy-saving devices, rise in adoption of electronic thermostats, and advanced features for energy saving provide an impetus for the adoption of electronic thermostat across the world.
  • The above mentioned factors are putting a positive impact and are expected to propel the growth of global electronic thermostat market throughout the forecast period.

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Inclination towards Mobility to Offer Lucrative Opportunities

  • Mobility is an emerging trend in the global smart home market and is anticipated to create new opportunities for the growth of global electronic thermostat market. In the modern era, mobility is an important factor that enables people to be connected with the devices at home. Electronic thermostats have gained traction in the past couple of years.
  • These devices represent the most recent evolution in thermostat technologies. These allow customers to adjust schedules and track energy usage through a mobile application from home or remote location. Direct-install (DI) programs across the U.S. provide customers with a specific thermostat model and installation at no cost.

Asia Pacific to Lead Global Market

  • In terms of region, the global Electronic Thermostat market can be split into: North America, Europe, Asia Pacific, Middle East & Africa, and South America
  • Electronic Thermostat market in Asia Pacific is anticipated to expand at the maximum CAGR during the forecast period.
  • This growth can be attributed to inclination towards modernization and urbanization, developed infrastructure, and rising economy across the region.
  • The North America and Europe is anticipated to be the dominant regions in the global market. Whereas, in Middle East & Africa and South America, the market is estimated to show sluggish growth during the forecast period.

Key Players in Global Market

The global Electronic Thermostat market is highly fragmented in 2018. Prominent players operating in the global market are focusing on technological developments and expansions to meet the growing demand for Electronic Thermostat. Moreover, manufacturers are entering partnerships for the development of innovative products and gain higher profit margins.

Key players operating in the global Electronic Thermostat market include:

  • Omron Corporation
  • Honeywell
  • OJ Electronics A/S
  • Nest Labs
  • Ecobee
  • Emerson Electric Co.

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