Electronic Thermostat: Introduction
- Electronic thermostats an instrument used to maintain the devices that detect temperature of an electronic device to maintain the temperature near a desired set point
- The electronic thermostat control the temperature by switching on/off the cooling or heating system or device, or by regulating the heat transfer flow as required.
- These instruments are majorly being used in residential buildings to save the energy consumption. According to Energy Star If a residential building has thermostat installed that 50$ can be saved per year on their energy bills
- Furthermore, the electronic thermostat use home area network or internet connection for connectivity
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Rise in Demand for Energy Efficient Devices
- Large commercial buildings are incorporated with different types of building management systems that facilitate the control of multiple HVAC systems. These building management systems (BMSs) are not preferred in smaller commercial and residential buildings due to their complexity and cost.
- An electronic thermostat can communicate through the Internet or an intranet via a wireless or wired network. Additionally, smart commercial thermostats can transmit, record, and collect data that standard programmable thermostats are unable to capture. These devices have the ability to capture data at frequent intervals. Rise in demand for energy-efficient devices across the global present significant opportunity in the electronic thermostats market.
- Electronic thermostat has a potential for growth in various applications such as industrial buildings, office buildings, retail, hospitality, and health care. Increase in demand for energy-saving devices, rise in adoption of electronic thermostats, and advanced features for energy saving provide an impetus for the adoption of electronic thermostat across the world.
- The above mentioned factors are putting a positive impact and are expected to propel the growth of global electronic thermostat market throughout the forecast period.
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Inclination towards Mobility to Offer Lucrative Opportunities
- Mobility is an emerging trend in the global smart home market and is anticipated to create new opportunities for the growth of global electronic thermostat market. In the modern era, mobility is an important factor that enables people to be connected with the devices at home. Electronic thermostats have gained traction in the past couple of years.
- These devices represent the most recent evolution in thermostat technologies. These allow customers to adjust schedules and track energy usage through a mobile application from home or remote location. Direct-install (DI) programs across the U.S. provide customers with a specific thermostat model and installation at no cost.
Asia Pacific to Lead Global Market
- In terms of region, the global Electronic Thermostat market can be split into: North America, Europe, Asia Pacific, Middle East & Africa, and South America
- Electronic Thermostat market in Asia Pacific is anticipated to expand at the maximum CAGR during the forecast period.
- This growth can be attributed to inclination towards modernization and urbanization, developed infrastructure, and rising economy across the region.
- The North America and Europe is anticipated to be the dominant regions in the global market. Whereas, in Middle East & Africa and South America, the market is estimated to show sluggish growth during the forecast period.
Key Players in Global Market
The global Electronic Thermostat market is highly fragmented in 2018. Prominent players operating in the global market are focusing on technological developments and expansions to meet the growing demand for Electronic Thermostat. Moreover, manufacturers are entering partnerships for the development of innovative products and gain higher profit margins.
Key players operating in the global Electronic Thermostat market include:
- Omron Corporation
- THERMOWATT spa
- OJ Electronics A/S
- WAKO ELECTRONICS Co., Ltd.
- Nest Labs
- Emerson Electric Co.
Global Electronic Thermostat Market: Research Scope
Global Electronic Thermostat Market, by Type
- Manual Thermostat
- Programmable Thermostat
- Electronic thermostat
Global Electronic Thermostat Market, by Connectivity
Global Electronic Thermostat Market, by End-Use Industry
Global Electronic Thermostat Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest Of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.