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Utility thermostat market revenue is poised to cross $500 million by 2025. The introduction of various programs which offer discounts or other incentives toward installation of the devices will boost the product demand. The distribution channel allows customers to make additional energy savings by participating in a summer demand - response program and eases pressure on the electric grid. In addition, the increasing consumer awareness to pay for enhanced monitoring solutions coupled with the rising penetration of smart home devices and home automation systems will augment the industry growth.
Smart thermostat market will witness a rapid surge on account of its diverse applicability & product versatility across various smart home assistants including Amazon Echo & Google Home. These devices are accessible through apps and allow the consumers to remotely control the device from their smart phones. The increasing adoption of home automation systems has led the industry manufacturers & participants to shift their focus toward expansion and innovation toward advanced devices. Cost-effective specifications of the product coupled with increasing investment toward the development of smart homes will positively influence the product demand.
Remote visibility & control, easy communication capabilities and the ability to integrate with other energy consuming systems, are some of the key characteristics encouraging the product adoption across commercial application. Simple, intuitive interface and compact design makes it suitable for hotels, condominiums and schools. The introduction of stringent building emission norms and growing investments toward the deployment of sustainable building infrastructure will stimulate the market growth.
Global Thermostat Market value is set to cross USD 6000 million by 2025, as reported in the latest study by Global Market Insights, Inc. Rapid upsurge in demand for smart home automation and energy efficient devices will positively influence the business landscape. Increasing inclination toward advanced & IoT enabled solutions coupled with rising consumer awareness pertaining to climate change will significantly increase the product penetration. Furthermore, regulatory restructuring across the residential and industrial establishments along with the introduction of sustainable building standards and codes will stimulate the market growth. Rapid upsurge in demand for smart home automation and energy efficient devices will positively influence the business landscape. Furthermore, increasing inclination toward advanced & IoT enabled solutions coupled with rising consumer awareness pertaining to climate change will significantly increase the product penetration.
Easy communication capabilities, compatibility with other energy systems and remote control & visibility, are some of the essential parameters encouraging the product demand across commercial application. Compact design and simple, intuitive interface make it suitable for condominiums, schools and hotels. Increasing investments pertaining to sustainable building infrastructure along with the enforcement of stringent emission norms will foster the thermostat market.
U.S. thermostat market is projected to surpass the annual installation of 24 million units by 2025. Stipulation of stringent regulatory mandates along with increasing infrastructure investments toward the refurbishment of residential sector will foster the industry growth. For instance, as stated by the Building Technologies Office 75% of U.S. infrastructure will be new or refurbished by 2035. In addition, increasing penetration of ZigBee and Near Field Communication smart home automation devices coupled with the rising weather-related disasters will complement the business outlook.
Europe market will witness growth on account of increasing construction and commercial activities of smart homes along with extensive growth of energy saving data centres. Furthermore, introduction of stringent energy efficiency standards and emission compliances to ensure smarter energy consumption will complement the industry outlook. For instance, EU Energy Efficiency Directive sets 30% energy savings target by 2030.