The global — thermostat market has lately been growing at a remarkable pace, characterized by the robust development of sustainable cooling and heating technologies coupled with the enhancement of building codes and standards across the industrial and residential establishments. Surging demand for smart and energy efficient home automation devices will positively stimulate the product adoption. As consumer awareness with regards to climate change depicts an increase, in tandem with the growing acceptance of advanced IoT enabled solutions, the demand for thermostats is expected to travel a notch further.
Key characteristics that are expected to encourage the adoption of this product across commercial applications include its easy communication capabilities, remote visibility and control, and the ability of integrating with various energy consuming systems. A compact design when coupled with simple and intuitive interface, makes the product suitable for schools, condominiums and hotels. Growing investments in the deployment of sustainable building infrastructure, along with the introduction of stringent building emission norms, will also augment the thermostat market in the years to come.
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In the context of the product spectrum, it is pivotal to mention that smart thermostat market is expected to witness a rapid surge due to the product versatility and diverse applicability across a number of smart home assistants, which includes Google Home and Amazon Echo. These devices allows consumers to control the device remotely since they are accessible through smart phone apps. With an increase in the adoption of home automation systems, industry participants and manufacturers have shifted their focus towards innovation and expansion of advanced devices.
Growing investments towards the development of smart homes, coupled with the cost-effective specifications of the product will thus propel the overall thermostat market in the years to come.
The capability of thermostat has thus proved to be quite useful across a series of verticals, widening the application scope of the global thermostat market, a gist of which is given below:
Thermostat industry trends from residential applications
The residential sector is forecast to emerge as one of the most lucrative application avenues for the global thermostat market. Undeniably, this growth can be credited towards the rising investments in the development of smart homes. Smart homes are witnessing an increased demand due to the fact that they allow home appliances to effectively communicate and perform certain daily tasks without human intervention.
Such systems will ideally allow for the control of household elements via a mobile application, along with the creation of specific automated behavioral patterns. The prevalence of smart homes will thus irrefutably drive the demand for thermostats, in order to boost automation and enhance independent solutions. This would categorically impel the global thermostat market from the residential sector.
Thermostat industry trends from commercial applications
A recent report suggests that there is a massive upsurge in the demand for higher education through 2040 across the globe. The report also anticipates that around 600 million students will be enrolled in universities by that point from around the world. The statistics presented by the report reveals that the total number of students enrolling for higher education is forecast to reach around 380 million by 2030, 472 million by 2035, and by 2040, it would reach over 594 million.
Such a massive surge in the demand for education is certain to steer the educational infrastructure. The deployment of thermostat devices in dorms and classrooms is thus bound to increase, further catapulting the global thermostat market from the commercial landscape. Not to mention, the thermostat industry will also receive momentum from the extensive surge in the construction of office buildings and retail structures across the globe.
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Supported by a huge application terrain, the thermostat market is estimated to traverse along a highly profitable remuneration graph in the coming years. According to estimates, the valuation of the overall thermostat market would cross US$6 billion by 2025.
Name: Arun Hegde
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Organization: Global Market Insights, Inc.
Release ID: 506594