Home > Industrial Machinery > HVAC > Thermostat Market

Thermostat Market Size

Report ID: GMI3116
Published Date: Jul 2023
Report Format: PDF

Download Free Sample

Thermostat Market Size

Thermostat Market size was valued at USD 5.6 billion in 2023 and is projected to grow at a CAGR of 13.1% from 2024 to 2032, attributed to the shift towards smart and connected thermostats. The ability to control and monitor thermostats through mobile apps and voice assistants has gained popularity among homeowners, leading to increased demand for smart thermostats. Energy efficiency regulations and the growing emphasis on sustainability have driven the adoption of energy-saving thermostats.

To get key market trends

Download Free Sample

The thermostat industry is currently in a development phase, with a relatively small number of companies introducing these products to the general public. However, the market faces challenges in terms of elevated production costs due to increased investments in research and development (R&D) to comply with global environmental standards and achieve better resilience and performance in the future. Manufacturers have been investing in emission control technologies and developing user-friendly application programming interfaces (APIs) to meet the demands of an increasingly stringent regulatory environment.

Thermostat Market Report Attributes
Report Attribute	Details
Base Year:	2023
Thermostat Market Size in 2023:	USD 5.6 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	13.1%
2032 Value Projection:	USD 16.5 Billion
Historical Data for:	2019 to 2023
No. of Pages:	500
Tables, Charts & Figures:	1,353
Segments covered:	Product, Distribution Channel, Mode of Operation, Application
Growth Drivers:	Increasing demand for energy efficient devices Growing investments toward smart homes Rapid urbanization and industrialization
Pitfalls & Challenges:	High capital, installation & maintenance costs

Learn more about the key segments shaping this market

Download Free Sample

These efforts aim to ensure compliance with environmental regulations and facilitate ease of use for consumers. However, smart thermostats have emerged as a competitive alternative to programmable thermostats. The thermostat market participants can circumvent these obstacles by enhancing their value proposition and providing comprehensive maintenance solutions.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

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.

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.

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.

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.