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Global Hazardous Location Thermostats Market Analysis & Trends - Industry Forecast to 2028

Global Hazardous Location Thermostats Market Analysis & Trends - Industry Forecast to 2028

  • July 2021
  • 168 pages
  • ID: 6127589
  • Format: PDF
  • Accuray Research LLP

Summary

Table of Contents

Hazardous Location Thermostats: Market Size

From $710.70 million in 2020, the global Hazardous Location Thermostats market is projected to reach $1364.97 million by 2028. Based on our analysis the market is expected to grow at a CAGR of 8.5% from 2020 - 2028 timeframe.


Some of the prominent trends that the market is witnessing include, usage in crosspoint temperature, increase in accident prone conditions and rise in the production of materials owing to greater consumption.

Global Hazardous Location Thermostats Market: Market Dynamics

In the recent years, the rapid technological advancements and the rising number of industries have led to the robust demand of the hazardous location thermostats market. Thermostats are the components/devices of a control system, that senses and maintains the system at a constant temperature by toggling 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.

Hazardous location thermostats are utilized in industries from petrochemical plants to oil refineries and from grain elevators to pulp and paper mills, coal mines, munition plants, etc.

On the other hand, the high cost of installation is likely to obstruct the profit boundaries. In addition, rising safety measures and increasing applications in industrial sector will further boost the hazardous location thermostats market.

Impact of COVID-19 on Hazardous Location Thermostats

In 2020, COVID-19 had a negative effect on the hazardous location thermostats market, resulting in reduced shipments of thermostats and the revenues generated from them. As a result, a drop was observed in the growth trend of the market and this trend is expected to discontinue in the upcoming years as the demand is expected to rise due to the growing concern for energy efficiency. The COVID-19 pandemic had a substantial impact on the value chain of the hazardous location thermostats market. Countries like the US, South Korea, China and Japan, which have been adversely affected by the pandemic, are those which account for a significant share of the global hazardous location thermostats manufacturing. The industrial, and commercial verticals are witnessing a low demand, which is expected to continue for the short term due to the global slowdown.

By Application

Oil Refineries Segment Dominate the Market in 2020

The oil refineries segment made huge revenue in 2020 and growing its prominence during the forecast period. The oil refineries segment is expected to represent a vital share of the market in the coming years as well, due to increase in the manufacturing of materials owing to greater consumption of resources. In industries, injuries are often due to lack of proper safety equipment and improperly trained workers which increase accidental opportunities, which in turn drives the market.

By Geography

Asia Pacific Region is Leading in the Global Market Place

Asia Pacific is likely to have a huge demand in the forecast period owing to the technological advancements and decline 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 India, China and Japan. The region presents a huge potential for the vendors of thermostats.

List of the Key Players Profiled in the Market Include:

• ABB Group
• Emerson Electric Company
• Heatrex
• Honeywell International, Inc.
• Indeeco
• Johnson Controls, Inc.
• Pentair PLC
• Proliphix
• R. Stahl AG
• Schneider Electric SA
• SSHC, Inc.
• STEGO Elektrotechnik GmbH
• Tempco Electric Heater Corporation
• Watlow Electric Manufacturing Company

List of the Regions/Countries Profiled in the Market Include:

North America
• US
• Canada
• Mexico
Europe
• Germany
• U.K
• Italy
• France
• Spain
• Rest of Europe
Asia Pacific
• China
• Japan
• India
• Australia
• New Zealand
• Rest of Asia Pacific
Middle East
• Saudi Arabia
• UAE
• Rest of Middle East
Latin America
• Argentina
• Brazil
• Rest of Latin America
Rest of the World (RoW)
• South Africa
• Others

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