NA Hazardous Location Thermostats Market Size (2024 - 2029)

The North America hazardous location thermostats market is anticipated to experience growth driven by improving economic conditions, increased investments in shale gas exploration, and expansion in the manufacturing sector. The mining industry is expected to significantly contribute to the market's expansion, supported by federal strategies to secure critical mineral supplies. Additionally, the American Energy Renaissance has led to heightened oil and gas production activities, further boosting the demand for hazardous location thermostats. Ongoing pipeline construction projects are also projected to create substantial demand. However, the impact of the coronavirus pandemic on mining sites may temporarily reduce the usage of these thermostats in the region.

Market Size of NA Hazardous Location Thermostats Industry

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North America Hazardous Location Thermostats Market
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 7.20 %
Market Concentration Low

Major Players

NA Hazardous Location Thermostats Market Major Players

*Disclaimer: Major Players sorted in no particular order

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North America Hazardous Location Thermostats Market Analysis

The North America hazardous location thermostats market is projected to grow at a CAGR of 7.20% during the forecast period 2020 to 2025. Improving economic conditions after the recession of 2008 and increasing investments in shale gas exploration along with growth in the manufacturing sector will drive the market for thermostats market for hazardous location in North America.

  • The mining industry is expected to fuel the market for hazarlous location thermostats. For instance, in 2019 the Trump adminsitration sought after a federal strategy to ensure a reliable supply of critical minerals. This stragey led the US department to locate the domestic supplies of critical minerals, start the production of these minerals, and gain permints for the expediton of mineral projects.
  • Recently, the largest oil and gas industries in the United States launched an American Energy Renaissance, leading to new natural gas finds and expansion of oil production from reserves that were once deemed unavailable.
  • For instance, ExxonMobil, one of the leading oil producers in the country, announced its plans to increase the production activity in the Permian Basin of West Texas, by producing more than 1 million barrels per day (BPD) of oil-equivalent by as early as 2024. This is equivalent to an increase of nearly 80 percent compared to the present production capacity. Similarly, Chevron is expected to increase its net oil-equivalent production to reach 600,000 BPD by 2020 and 900,000 BPD by 2023. Such increasing oilfield activity is expected to drive the demand for hazardous location thermostat adoption.
  • Pipeline construction projects, such as Keystone XL Pipeline by TransCanada, Permian Basin to Cushing Pipeline by Plains All American Pipeline LP, and the Cactus II Pipeline in Texas, are some of the ongoing projects. Such projects are expected to create a considerable demand for haxardous location thermostats.
  • Mining sites in Canada, the US and around the world have become hotspots for the spread of coronavirus, and approximately 4,000 mine workers in 18 countries have tested positive, according to a report by an international coalition of non-profit groups. New Mexico's Chino copper mine was forced to close indefinitely after a mid-April outbreak when a number of its workers tested positive. Such instances are expected to decrease the usage of hazardous location thermostats in the region, till the virus becomes inactive.

North America Hazardous Location Thermostats Industry Segmentation

Hazardous location thermostats are specially designed for hazardous location temperature control i.e., to control the heating, cooling or ventilation systems with an adjustable set point knob for easy and convenient set point adjustments. Thermostats are the devices/components of a control system that sense and maintain a system at a constant temperature by switching the devices on or off as and when needed. They serve as a control unit for heating or cooling the system or a component part of a heater or air conditioners.

By Type
Line-voltage thermostats
Low-voltage thermostats
Class
Class I
Class II
Class III
Division
Division 1
Division 2
Zone
Zone 0
Zone 1
Zone 2
Application
Oil refineries
Petrochemical plants
Pulp and paper millers
Coal mines
Grain elevators
Others
Country
United States
Canada
Others
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NA Hazardous Location Thermostats Market Size Summary

The North America hazardous location thermostats market is poised for significant growth, driven by improving economic conditions and increased investments in sectors such as shale gas exploration and manufacturing. The mining industry is a key contributor to this market expansion, supported by federal strategies to secure critical mineral supplies and the resurgence of oil and gas production activities. Major companies like ExxonMobil and Chevron are ramping up production in regions like the Permian Basin, which is expected to boost the demand for hazardous location thermostats. Additionally, ongoing pipeline construction projects, including the Keystone XL and Cactus II Pipelines, are anticipated to create substantial demand for these thermostats. However, the COVID-19 pandemic has posed challenges, with mining sites experiencing outbreaks that could temporarily reduce thermostat usage.

The market is characterized by a high degree of fragmentation, with several major players holding significant shares. These companies are actively seeking to expand their customer base through strategic collaborations and initiatives aimed at enhancing market share and profitability. Innovations such as Emerson's Sensi smart thermostat, which optimizes HVAC energy consumption, highlight the industry's focus on integrating advanced technology to improve safety and efficiency. The prioritization of productivity and profit in industries like oil and gas, coupled with the need for safety equipment to prevent accidents, further propels the market for hazardous location thermostats.

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NA Hazardous Location Thermostats Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Introduction

    2. 1.2 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.2.1 Bargaining Power of Suppliers

      2. 1.2.2 Bargaining Power of Buyers

      3. 1.2.3 Threat of New Entrants

      4. 1.2.4 Threat of Substitutes

      5. 1.2.5 Intensity of Competitive Rivalry

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Technology Snapshot

    5. 1.5 Market Drivers

      1. 1.5.1 Rapid Technological Developments

      2. 1.5.2 Increasing Applications in the Industrial Sector and Reducing Costs

      3. 1.5.3 Growing Safety Measures

    6. 1.6 Market Restraints

      1. 1.6.1 Regulations & Compliance

      2. 1.6.2 High Cost of Installation

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type

      1. 2.1.1 Line-voltage thermostats

      2. 2.1.2 Low-voltage thermostats

    2. 2.2 Class

      1. 2.2.1 Class I

      2. 2.2.2 Class II

      3. 2.2.3 Class III

    3. 2.3 Division

      1. 2.3.1 Division 1

      2. 2.3.2 Division 2

    4. 2.4 Zone

      1. 2.4.1 Zone 0

      2. 2.4.2 Zone 1

      3. 2.4.3 Zone 2

    5. 2.5 Application

      1. 2.5.1 Oil refineries

      2. 2.5.2 Petrochemical plants

      3. 2.5.3 Pulp and paper millers

      4. 2.5.4 Coal mines

      5. 2.5.5 Grain elevators

      6. 2.5.6 Others

    6. 2.6 Country

      1. 2.6.1 United States

      2. 2.6.2 Canada

      3. 2.6.3 Others

NA Hazardous Location Thermostats Market Size FAQs

The NA Hazardous Location Thermostats Market is projected to register a CAGR of 7.20% during the forecast period (2024-2029)

Pentair Ltd, Johnson Controls, Inc., R. Stahl, Inc., Honeywell International, Inc. and Emerson Industrial Automation are the major companies operating in the NA Hazardous Location Thermostats Market.

North America Hazardous Location Thermostats Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)