PUBLISHER: Guidehouse Insights | PRODUCT CODE: 1074012
PUBLISHER: Guidehouse Insights | PRODUCT CODE: 1074012
The traditional role of thermostats has been to provide comfort and convenience by automating temperature management. Recent enhancements incorporated into advanced thermostats support additional sensors, AI, and communications capabilities. As energy prices rise and as society moves toward reducing power use for environmental reasons, priorities are shifting to managing power usage, comfort, and convenience. Advanced thermostats excel at all three. Their effectiveness and capabilities are such that in coming years, they will shift from being a device the homeowner specifies to an instrument by which utility and homeowners collaboratively manage peak power loads.
This evolution will not take place uniformly because the current adoption of thermostats varies significantly by region. Besides climate-based variations in heating and cooling needs, individual cultures have ingrained customs and mores on the nature of heating-and sometimes cooling-that should be recognized and respected. Relationships between utilities and homeowners also affect collaboration.
This Guidehouse Insights report looks at the growth of advanced thermostats in all regions in the coming decade. It leverages Guidehouse Insights reports based on the Global Building Stock Database for 4Q21 and applies information associated with advanced thermostats, consumer buying behavior, and information from vendors. Guidehouse Insights estimates the advanced thermostat market will grow at a compound annual growth rate (CAGR) of 8.4% from $3.4 billion in 2022 to $6.9 billion by 2031. Most of the growth will be in the Asia Pacific market and is associated with the substantial growth in China for multifamily homes. The North American Market will grow at a CAGR of 1.7% from $1.6 billion in 2022 to 1.9 billion in 2031.