Thermostats Statistics 2024 By Shipments, Region, Companies, Market Revenue and Prices

Thermostats Statistics 2024 By Shipments, Region, Companies, Market Revenue and Prices

Introduction

Thermostats Statistics: Thermostats are a popular device that allows for temperature control and is commonly used by every household worldwide. Since the technological advancement, the thermostat market has already started evolving, offering various advanced features and benefits. As the demand for wireless devices has increased, the market for the latest smart thermostats industry is also trending because of its wireless connectivity segment. These thermostat statistics will help you understand different segments of the thermostat market effectively.

Editor’s Choice

thermostat-market-2023-203

(Source: gminsights.com)

  • The global thermostat market is expected to reach USD 16.5 million by the end of 2032, with an annual growth of 12.8% CAGR from 2023 to 2032.
  • During the same forecasted period, the annual growth in the Asia Pacific region is estimated to be 14% CAGR.
  • Revenue contributed by the North American region accounted for the highest share, around 42% in 2023.
  • The North American region will experience thermostat market growth of 53% share from 2021 to 2026.
  • The market size of thermostats in the United States of America is expected to reach above $1.72 billion by 2024.
  • As of 2024, the global thermostat market valuation is predicted to approach $5.34 billion, and the annual growth rate is expected to grow by 20.10% CAGR from 2024 to 2029.
  • The size of the smart thermostat market worldwide is expected to reach around $4.9 billion by 2024.
  • The largest segment was achieved by smart thermostat products, with a 35% market share.
  • The residential segment has the largest market share, around 48% in 2023.
  • Based on deployment, the wireless thermostats generated a revenue share of 65%.

Facts About Thermostats

  • The thermostat industry’s key market players are Trane, Legrand, Schneider Electric, Nortek Global HVAC, and Radio Thermostat Company of America.
  • In 2024, smart thermostats will reduce energy consumption for cooling and heating by 8% to 15%.
  • Thermostats have helped save an average of 10% on heating bills claimed by homeowners who installed this device in 2023.
  • After implementing smart thermostat controls, large commercial buildings in California have reduced their HVAC energy consumption by 27%, resulting in an annual cost savings of $65,000 in recent years.
  • Some thermostats also include learning capabilities that reduce peak energy demand by 15%, with the HVAC energy usage of 12% to 23%.
  • Thermostats have improved energy efficiency, which was claimed by 67% of global users in 2023.

What is a Thermostat?

This device allows temperature regulation automatically or manually when it reaches a certain point. This includes a contact-type temperature sensor consisting of a bi-metallic aluminum, nickel, copper, and tungsten strip.

Types and Benefits of Thermostats

different-types-of-home-thermostats

(Source: constellation.com)

  • There are three types of thermostats available in the global market: manual thermostats, programmable thermostats, and smart thermostats.
  • The benefits of manual thermostats are that many options are available and user-friendly. Some examples are LUX Manual Thermostat, Honeywell Aube Manual Thermostat, etc.
  • Programmable thermostats are segmented into seven-day models, 5+2 models, and 5-1-1 models.
  • Benefits include allowing users to pre-set a schedule, helping eliminate guesswork, and offering multi-zone climate control.
  • The benefits of smart thermostats are that they are easy to program, energy efficient, controllable from anywhere, and provide data on energy usage.

General Thermostats Statistics

  • Based on products, other segments of the thermostat market have accounted for 13.8% of CAGR from 2023 to 2032.
  • The commercial segment will reach a CAGR above 11.5% from 2023 to 2032.
  • According to ZION Market Research, the demand for Wi-Fi thermostats will be around $3,500 million by 2025.
  • The Wi-Fi thermostat market will grow at a CAGR of 30% from 2019 to 2025.