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Thermostat Market Share
Some of the key market players operating across the thermostat business landscape are:
- Trane
- Legrand
- Schneider Electric
- Nortek Global HVAC
- Radio Thermostat Company of America,
- COMPUTIME LIMITED
- Johnson Controls
- Danfoss
- Carrier Corporation
- Emerson Electric Co
- Sensata Technologies, Inc
- Trafag
- Venstar Inc
- tado GmbH
- Lennox International Inc
- Ecobee.
Major manufacturers across Asia Pacific, the U.S., and the Middle East & Africa are inclined toward mergers & acquisitions, strategic collaborations, partnerships, and joint ventures to further gain a competitive advantage in the market.
What is the thermostat market worth?
The market size of thermostat reached USD 5.6 billion in 2023 and is estimated to witness 13.1% CAGR during 2024 to 2032, driven by the increasing preference for smart and connected thermostats.
How big is the Asia Pacific thermostat market?
Asia Pacific thermostat industry is poised to register 13% growth rate between 2023 and 2032 driven by the surging demand for thermostats and the burgeoning and volatile energy prices in the region.
Who are the major players operating in the thermostat business landscape?
Trane, Legrand, Schneider Electric, Nortek Global HVAC, Radio Thermostat Company of America, COMPUTIME LIMITED, Johnson Controls, Danfoss, Emerson Electric Co., Sensata Technologies, Inc., Trafag, Venstar Inc., and Ecobee are among the leading firms operating in the industry.
Why are smart thermostats gaining traction?
Smart thermostat industry generated USD 2.8 billion in 2022 and is poised to gain momentum from 2023-2032 attributed to the rising advancements in technology, increased awareness of energy efficiency, and the growing adoption of smart home automation.