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

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 Market Trends

This section covers the major market trends shaping the North America Hazardous Location Thermostats Market according to our research experts:

Growing Safety Measures across Industries to Drive the Market Growth

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.