In this market research report, Technavio covers the market outlook and growth prospects of the global low voltage thermostats market for 2017-2021. The market is further categorized into two types, which are traditional thermostats and smart thermostats. The traditional thermostats accounted for close to 64% of the market share in 2016.
“The global low voltage thermostats market is expected to grow significantly during the forecast period owing to the growing construction of energy-efficient buildings. Energy-efficient HVAC systems are used for heating and cooling purposes to achieve higher energy efficiencies in commercial and residential buildings. Therefore, the growth in residential and commercial construction is expected to drive the demand for HVAC equipment, thereby driving the demand for low voltage thermostats during the forecast period,” says Anju Ajaykumar, a lead unit operations research expert from Technavio.
Technavio’s research analysts segment the global low voltage thermostats market into the following regions, of which the top three are discussed in detail below:
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Low voltage thermostats market in North America
The growing residential construction market in North America combined with the government regulations on energy efficient systems for homes is expected to propel the demand for low-voltage thermostats in North America. The countries of North America are encouraging the use of energy-efficient equipment for commercial and residential purposes to conserve energy. For instance, in 2017, the state of New Jersey, US, passed an energy policy legislation that aims at equipping nearly 500,000 new homes in New Jersey with smart thermostats by 2023.
“Such initiatives by governments toward the adoption of smart thermostats are expected to drive the growth of the low voltage thermostats market during the forecast period. The growth in the residential construction market in the US is one of the key factors for the increasing adoption of low voltage thermostats,” says Anju.
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Low voltage thermostats market in Europe
The low voltage thermostats market in Europe is expected to grow significantly during the forecast period owing to the rising commercial construction sector as well as stringent emission regulations in the European Union (EU). The increase in the demand for energy-efficient thermostats is the propelling factor for the growth of the low-voltage thermostats market.
The EU has imposed many environmental regulations in its member countries, such as maintaining the global temperature rise below 2°C, reducing greenhouse gas (GHG) emissions to 20% below the 1990 levels and by 30% in the event of an international agreement being reached, which mandate the adoption of energy-efficient practices.
Low voltage thermostats market in APAC
The adoption of low voltage thermostats market in APAC is expected to witness exponential growth during the forecast period due to the growing population, climatic conditions, increasing urbanization, and demographic changes.
The growing commercial construction sector is the driving factor for the growth of the low voltage thermostats market in countries like China, Japan, and India. The construction of data centers and other commercial and residential buildings is expected to drive the demand for energy efficient HVAC systems, thereby driving the growth of the low voltage thermostats market.
The top vendors in the global low voltage thermostats market as highlighted in this market research analysis are:
- Honeywell International
- Schneider Electric
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