The hazardous location thermostats market registered a CAGR of 7.72% during the forecast period, (2021 - 2026).
- In the last few years, the rapid technological advancements and the growing number of industries (especially from petrochemical plants to oil refineries and from grain elevators to pulp and paper mills) have led to the robust demand of the hazardous location thermostats market.
- Thermostats are the devices/components of a control system, which senses and maintains the system at a constant temperature by switching the devices on or off, as and when needed. It serves as a control unit for heating or cooling the system or as a component of heaters or air conditioners.
- The ongoing rapid technological advancement, increasing applications in the various industrial sectors, and growing safety measures are some of the major drivers stimulating the growth of this market.
- However, the high cost of installation is one of the major factors restraining the hazardous location thermostats market.
Key Market Trends
Growing Safety Measures across Industries to Drive the Market Growth
- Various industries, like oil and gas, and mining, are witnessing an increase in the production of materials, owing to the greater consumption of resources across the world.
- In these booming industries, factors, like ever-higher quotas, productivity, and profits, are prioritized over employee safety. Oil rig injuries are often due to the fast-paced nature of the oil business, improperly trained workers, and a lack of proper safety equipment in case of fire. When these elements are combined, they can create a condition for accidents, which is driving the market forward.
- Crosspoint temperature is one of the methods for the determination of susceptibility of the coal samples. A thermostat is used in this method to control the temperature of the furnace. Usually, a linear heating rate is maintained, and can lead to furnace damage or a fire incident if not done so. Thus, this is a major factor driving the market.
Asia-Pacific to Witness a Significant CAGR
- The Asia-Pacific region is expected to witness a high growth, owing to the technological advancements and reduction in the cost of the product in the region and adoption of the thermostats in various industry verticals.
- Additionally, the Asia-Pacific region is home to some of the major developing economies, like Japan, China, and India. The region presents a huge potential for the vendors of thermostats.
- Moreover, the rapid growth in the manufacturing sector and the growing energy demand in this region may attract new investments and growth in various industries, such as mining, manufacturing, and energy, leading to a positive demand for thermostats in the region.
The hazardous location thermostats market is moderately competitive, due to the presence of many key players established in national and international boundaries. The market appears to be moderately concentrated with the key players adopting strategies, like product innovation and merger and acquisition. Some of the major players in the market are Pentair Ltd, Johnson Controls Inc., R. Stahl Inc., and Honeywell International Inc., among others.
- Stego Elektrotechnik GmbH launched hazardous area thermostat, REx 011, for the regulation of heaters within control and switch cabinets, as well as measuring equipment located in areas with explosion hazard, underground mines, and mines susceptible to firedamp.
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Rapid Technological Developments
4.3.2 Increasing Applications in the Industrial Sector and Reducing Costs
4.3.3 Growing Safety Measures
4.4 Market Restraints
4.4.1 High Cost of Installation
4.5 Industry Attractiveness - Porter s Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Type
5.1.1 Line-voltage Thermostats
5.1.2 Low-voltage Thermostats
5.2 By Class
5.2.1 Class I
5.2.2 Class II
5.2.3 Class III
5.3 By Hazardous Zone
5.3.1 Zone 0
5.3.2 Zone 1
5.3.3 Zone 2
5.4 By Application
5.4.1 Oil Refineries
5.4.2 Petrochemical Plants
5.4.3 Pulp and Paper Mills
5.4.4 Coal Mines
5.4.5 Other Applications
5.5 By Geography
5.5.1 North America
5.5.4 Latin America
5.5.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Pentair Ltd
6.1.2 Johnson Controls Inc.
6.1.3 R. Stahl Inc.
6.1.4 Honeywell International Inc.
6.1.5 Emerson Industrial Automation
6.1.6 Watlow Electric Manufacturing Company
6.1.7 Tempco Electric Heater Corporation
6.1.8 Stego Elektrotechnik GmbH
6.1.9 SSHC Inc.
6.1.10 Schneider Electric SA
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS