Digital Thermostat Market Report: Trends, Forecast and Competitive Analysis to 2030

Digital Thermostat Trends and Forecast

The future of the global digital thermostat market looks promising with opportunities in the commercial, residential, and industrial markets. The global digital thermostat market is expected to reach an estimated $17.8 billion by 2030 with a CAGR of 21.1% from 2024 to 2030. The major drivers for this market are growing adoption of smart home technologies, rising energy prices, and increasing urbanization and economic expansion.

A more than 150-page report is developed to help in your business decisions.

Digital Thermostat by Segment

The study includes a forecast for the global digital thermostat by installation type, product type, technology, end use, and region.

Digital Thermostat Market by Installation Type [Shipment Analysis by Value from 2018 to 2030]:

• New Installation
• Retrofit Installation

Digital Thermostat Market by Product Type [Shipment Analysis by Value from 2018 to 2030]:

• Connected Smart Thermostat
• Learning Smart Thermostat
• Standalone Smart Thermostat

Digital Thermostat Market by Technology [Shipment Analysis by Value from 2018 to 2030]:

• Wired
• Wireless

Digital Thermostat Market by End Use [Shipment Analysis by Value from 2018 to 2030]:

• Commercial
• Residential
• Industrial

Digital Thermostat Market by Region [Shipment Analysis by Value from 2018 to 2030]:

• North America
• Europe
• Asia Pacific
• The Rest of the World

List of Digital Thermostat Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies digital thermostat companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the digital thermostat companies profiled in this report include-

• Nest
• Honeywell
• Ecobee
• Schneider Electric
• Lennox International
• Emerson
• Carrier
• Control4
• Tado
• Energate

Digital Thermostat Market Insights

Lucintel forecasts that wireless will remain the larger segment over the forecast period due to the increasing demand for convenience and the growing adoption of smart home technologies.

North America will remain the largest region over the forecast period due to the early adoption of smart home technologies and the high demand for energy efficiency.

Features of the Global Digital Thermostat Market

Market Size Estimates: Digital thermostat market size estimation in terms of value ($B).

Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.

Segmentation Analysis: Digital thermostat market size by various segments, such as by installation type, product type, technology, end use, and region in terms of value ($B).

Regional Analysis: Digital thermostat market breakdown by North America, Europe, Asia Pacific, and Rest of the World.

Growth Opportunities: Analysis of growth opportunities in different installation type, product type, technology, end use, and regions for the digital thermostat market.

Strategic Analysis: This includes M&A, new product development, and competitive landscape of the digital thermostat market.

Analysis of competitive intensity of the industry based on Porter's Five Forces model.

FAQ

Q.1 What is the digital thermostat market size?

Answer: The global digital thermostat market is expected to reach an estimated $17.8 billion by 2030.

Q.2 What is the growth forecast for digital thermostat market?

Answer: The global digital thermostat market is expected to grow with a CAGR of 21.1% from 2024 to 2030.

Q.3 What are the major drivers influencing the growth of the digital thermostat market?

Answer: The major drivers for this market are growing adoption of smart home technologies, rising energy prices, and increasing urbanization and economic expansion.

Q4. What are the major segments for digital thermostat market?

Answer: The future of the global digital thermostat market looks promising with opportunities in the commercial, residential, and industrial markets.

Q5. Who are the key digital thermostat market companies?

Answer: Some of the key digital thermostat companies are as follows:

• Nest
• Honeywell
• Ecobee
• Schneider Electric
• Lennox International
• Emerson
• Carrier
• Control4
• Tado
• Energate

Q6. Which digital thermostat market segment will be the largest in future?

Answer: Lucintel forecasts that wireless will remain the larger segment over the forecast period due to the increasing demand for convenience and the growing adoption of smart home technologies.

Q7. In digital thermostat market, which region is expected to be the largest in next 5 years?

Answer: North America will remain the largest region over the forecast period due to the early adoption of smart home technologies and the high demand for energy efficiency.

Q.8 Do we receive customization in this report?

Answer: Yes, Lucintel provides 10% customization without any additional cost.

This report answers following 11 key questions:

• Q.1. What are some of the most promising, high-growth opportunities for the digital thermostat market by installation type (new installation and retrofit installation), product type (connected smart thermostat, learning smart thermostat, and standalone smart thermostat), technology (wired and wireless), end use (commercial, residential, and industrial), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
• Q.2. Which segments will grow at a faster pace and why?
• Q.3. Which region will grow at a faster pace and why?
• Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
• Q.5. What are the business risks and competitive threats in this market?
• Q.6. What are the emerging trends in this market and the reasons behind them?
• Q.7. What are some of the changing demands of customers in the market?
• Q.8. What are the new developments in the market? Which companies are leading these developments?
• Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
• Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
• Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?