North America Hazardous Location Thermostats Market - Growth, Trends, Forecasts (2022 - 2027)

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.

Key Highlights

• 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.

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.

Competitive Landscape

North America Hazardous Location Thermostats Market is highly fragmented. In terms of market share, few of the major players currently dominate the market. These major players with prominent shares in the market are focusing on expanding their customer base across multiple countries. These companies are leveraging strategic collaborative initiatives to increase their market shares and profitability.

• March 2020- Emerson was named the 2020 Energy Star Partner of the year for its Sensi smart thermostat suite. The comany partnered with HVAC to develop a smart thermostat which helps users to savr upto 23% of HVAC energy consumption by adjusting the temprature using remote acess, flexible scheduling ang geofencing.

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