The North America hazardous location thermostats market size was valued at USD 192.3 million in 2020 and is anticipated to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to technological innovation with high usage in the industrial sector.
Thermostat is a device which senses the temperature of a physical system and to maintain the temperature of a system it performs various actions. These are used in the systems that cools or heats to a set-point temperature. Thermostats are used in air conditioners, water heaters, building heating, medical and scientific incubators, central heating, ovens, heating, ventilation, and air conditioning (HVAC) systems, and refrigerators. Thermostats are widely used in various industries due to its accuracy with temperature.
Thermostats specially designed for hazardous location temperature control is known as hazardous location thermostat which helps in controlling the cooling, heating, or ventilation systems. It has an adjustable knob for convenient and easy adjustments or changes. Thermostats comprise roughly 50% of the overall electricity demand in the US. Pipeline construction projects in North America are projected to generate demand for the hazardous location thermostats.
Market Trends, Drivers, Restraints, and Opportunities
- Growing application in industrial sector due to technological advancement is expected to propel the market in the coming years.
- Rapid growth of the mining industry is major factor fueling the market during the forecast period.
- Rising safety measures in the industries is boosting the market.
- High cost of installation and maintenance is projected to restrict the market expansion.
- R&D investment and technological advancement with development of internet of things is estimated to create lucrative opportunities for the market players.
Scope of the Report
The report on the North America hazardous location thermostats market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Hazardous Location Thermostats Market - North America Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Types (Low-voltage Thermostats and Line-voltage Thermostats), and Applications (Coal Mines, Petrochemical Plants, Grain Elevators, Oil Refineries, Pulp and Paper Millers, and Others)
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Country
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The US, Canada, and Rest of North America
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Emerson Industrial Automation, Pentair Ltd., Schneider Electric S.A., Honeywell International, Inc., Johnson Controls, Inc., Watlow Electric Manufacturing Company, and R. Stahl, Inc.
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Market Segment Insights:
The low-voltage thermostats segment is projected to account for a key market share
Based on types, the North America hazardous location thermostats market is bifurcated into low-voltage thermostats and line-voltage thermostats. The low-voltage thermostat segment is expected to constitute a key share of the market during the forecast period owing to technological innovation and rising use as a temperature control solution. On the other hand, the line-voltage thermostat segment is anticipated to expand at a rapid pace during the forecast period due to growing investment toward development of sustainable cooling and heating technologies.
The oil refineries and coal mines segment is projected to hold a large market share
In terms of applications, the North America hazardous location thermostats market is segregated into coal mines, petrochemical plants, grain elevators, oil refineries, pulp and paper millers, and others. The oil refineries and coal mines segment is expected to represent a key share of the market in the coming years due to rise in the manufacturing of materials owing to high consumption of resources. In industries injuries are often due to lack of proper safety equipment and inappropriately trained workers which create accidental conditions, this in turn drives the market.
The US is expected to dominate the market
On the basis of regions, the North America hazardous location thermostats market is classified as United States, Canada, and Rest of North America. The market of US is anticipated to expand at an impressive CAGR during the forecast period. The regional market growth can be attributed to rising investment and growth in the manufacturing sector of the United States. Growing demand from various industries including oil & gas, mining is driving the market in United States.
Segments
Segments Covered in the Report
The North America hazardous location thermostats market has been segmented on the basis of
Type
- Low-voltage Thermostats
- Line-voltage Thermostats
Application
- Coal Mines
- Petrochemical Plants
- Grain Elevators
- Oil Refineries
- Pulp and Paper Millers
- Others
Country
- United States
- Canada
- Rest of North America
Key Players
- Emerson Industrial Automation
- Pentair Ltd.
- Schneider Electric S.A.
- Honeywell International, Inc.
- Johnson Controls, Inc.
- Watlow Electric Manufacturing Company
- R. Stahl, Inc.
Competitive Landscape
Key players competing in the North America hazardous location thermostats market include Emerson Industrial Automation, Pentair Ltd., Schneider Electric S.A., Honeywell International, Inc., Johnson Controls, Inc., Watlow Electric Manufacturing Company, and R. Stahl, Inc. Some of these players are engaged in several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
For instance, In March 2020, Emerson Industrial Automation was named as 2020 Energy Star Partner of the year for their Sensi smart thermostat suite. Company collaborated with HVAC to develop a smart thermostat to save up to 23% of HVAC energy consumption.
