The hazardous location thermostats market was valued at USD 0.73 billion in 2019, and it is expected to reach USD 1.14 billion by 2024, registering a CAGR of 7.72% during the forecast period, (2022 – 2031).
– In the last few years, the rapid technological advancements and the growing number of industries especially from petrochemical plants to oil refineries, from grain elevators to pulp and paper mills have led to the robust demand for 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 a component of heaters or air conditioners.
– With 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
Scope of the Report
Hazardous location thermostats are used in places where fire or explosion hazards may exist due to flammable gases, they are specially designed for hazardous location temperature control i.e. it controls the heating, cooling, or ventilation systems with an adjustable knob for easy and convenient adjustments.
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Key Market Trends
Growing Safety Measures Across Industries to Drive the Market Growth
– Various industries across the world like oil and gas, mining are witnessing an increase in the production of materials owing to the greater consumption of resources across the world.
– However, behind the scenes of such booming growth of the industry, is difficult and dangerous work. Ever-higher quotas, productivity, and profits are prioritized over employee safety. Oil rig injuries are often due to three factors, 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 method 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, which if not maintained can lead to furnace damage or a fire incident, this is a major factor driving the market.
Asia-Pacific to Witness a Significant CAGR
– Asia Pacific region is expected to witness 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.
– Also, 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 will attract new investments and growth in various industries such as mining, manufacturing, and energy industries, leading to positive demand for thermostats in the region.
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Competitive Landscape
The hazardous location thermostats market is moderately competitive due to the presence of many players established in national and international boundaries. The market appears to be moderately concentrated with the key players adopting strategies like product innovation and mergers and acquisition. Some of the major players in the market are Pentair Ltd., Johnson Controls, Inc., R. Stahl, Inc., 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
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