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(MoneyNewsWire.Net, September 30, 2017 ) The global Hazardous Location Thermostats Market is estimated to be worth USD 0.587 billion in 2016 and is projected to grow at a CAGR of 7.69% during the forecast period to reach USD 0.850 billion by 2021.
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In the past few years, the rapid technological innovation and the growing number of industries especially from petrochemical plants to oil refineries, from grain elevators to pulp and paper mills have led to robust demand for hazardous location thermostats market. Thermostats are the devices/components of a control system, which senses and maintains a system at a constant temperature by switching the devices on or off as and when needed. It serves as a control unit for heating or cooling the system or a component of heaters or air conditioners. These hazardous location thermostats are specially designed for hazardous location temperature control i.e. it controls the heating, cooling, or ventilation systems with an adjustable knob for easy and convenient adjustments.
The hazardous location thermostats market is broadly segmented on basis of types, class, divisions, hazardous zones, applications and geography. Based on their types, the hazardous location thermostats market has been segmented into line-voltage thermostats and low-voltage thermostats. Further, the different zones are zone 0, zone 1 and zone 2 whereas, the classes are divided into class I, class II and class III. These different zones and classes identify the physical characteristics of the hazardous materials present, whereas the thermostats used here, are for temperature control of heaters or low-temperature alarms in enclosures that are used in explosion-hazardous areas such as in oil refineries, grain elevators, ammunition plants, hospital operating rooms, coalmines and other hazardous explosion-prone locations.
Some of the market players mentioned in the report are
Pentair Ltd.,
Johnson Controls, Inc.,
Stahl, Inc.,
Honeywell International, Inc.,
Watlow Electric Manufacturing Company,
Schneider Electric SA
Emerson Industrial Automation.
Drivers
Rapid technological advancements, the increasing applications in the industrial sector and the growing safety measures are some of the major drivers stimulating the growth of this segment.
Challenges
The cost of installation is one of the major challenges faced by the global hazardous location thermostats market.
What the report offers :
Market definition for the global hazardous location thermostats market, along with identification of key drivers and restraints.
Market analysis for the global hazardous location thermostats market, with region-specific assessments.
Identification of factors instrumental in changing the market scenario, offering prospective opportunities and identifying key companies that can influence the market on the global and regional fronts.
Extensively researched competitive landscape section with profiles of major companies along with their strategic initiatives and market share.
Identification and analysis of the macro and micro factors that affect the global hazardous location thermostats market on both global and regional scale.
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
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