About Low Voltage Thermostats
Low voltage thermostats are used in HVAC systems, which use electricity, gas, or oil and are more efficient in controlling the flow of electric current. These thermostats operate at 24 V and are mainly used in water heating systems and electric unitary systems. The increase in the demand for HVAC equipment for residential and commercial purposes is expected to boost the market for low voltage thermostats. There are a wide range of products offered by vendors as per the consumers' requirements.
Technavio’s analysts forecast the global low voltage thermostats market to grow at a CAGR of 13.18% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global low voltage thermostats market for 2017-2021. To calculate the market size, the report considers the demand for low voltage thermostats.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Low Voltage Thermostats Market 2017-2021
Technavio recognizes the following companies as the key players in the global low voltage thermostats market: Carrier, Emerson, Honeywell International, and Schneider Electric
Other Prominent Vendors in the market are: climote, Computime, EcoFactor, GridPoint, Ingersoll Rand-Trane, LUX PRODUCTS, Nest Labs, Quby, Radio Thermostat Company of America, Robertshaw Climate, Smart Wi-Fi Thermostats by ecobee, and Tado.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Growing number of smart homes. Smart homes are gaining popularity globally as consumers give higher preference to comfort and convenience. Smart homes use electronic communication devices such as smartphones or tablets to connect domestic appliances like air conditioning units, lighting systems, television, computer, heating systems, security devices, and cameras. The global smart homes market is expected to grow exponentially during the forecast period due to the increase in the adoption of smart devices. These devices can be controlled remotely and can report their own maintenance needs, which makes it more convenient for the consumer.”
According to the report, one of the major drivers for this market is Growth of commercial building sector. The commercial sector has witnessed significant growth with the increase in the construction of office buildings, data centers, and healthcare facilities.
Further, the report states that one of the major factors hindering the growth of this market is High initial prices affect the demand for smart thermostats. One of the primary challenges faced by the consumers is the high initial cost of smart thermostats. These thermostats are more expensive than traditional thermostats. The lack of awareness about the benefits of smart thermostats can also hamper the demand for low voltage thermostats. Most smart thermostat manufacturers like Nest Labs, Honeywell International, and ecobee offer devices that are do-it-yourself (DIY) type; however, many consumers find it difficult to install the thermostats themselves, thereby needing to hire professionals, who charge heavily for their services.
Carrier, Emerson, Honeywell International, Schneider Electric, climote, Computime, EcoFactor, GridPoint, Ingersoll Rand-Trane, LUX PRODUCTS, Nest Labs, Quby, Radio Thermostat Company of America, Robertshaw Climate, Smart Wi-Fi Thermostats by ecobee, and Tado.