The hazardous location air conditioner market is estimated to grow at a CAGR of 3.12% to reach a market size of US$3,471.045 million in 2024 from US$2,886.553 million in 2018. Hazardous location air conditioners are cooling equipment that is used in high-risk locations to provide safety and reliability by handling volatile flammable liquids and gases. These air conditioners are deployed across different hazardous material storage sites such as chemical and petrochemical sites, oil refineries, paint, and varnish manufacturing plants and offshore drilling sites. The rising global energy demand has led to the establishment of oil and gas factories and coal industries. As the working environment is hazardous in these areas, the growth of these industries has augmented the demand for hazardous location air conditioners. Stringent government regulations regarding the workers’ safety in dangerous working conditions are also fuelling the demand for these machines and equipment. Growing aerospace and defense industry will propel the growth of hazardous location air conditioners market in the coming years owing to rising demand for air conditioning systems for tent cooling, guard booths and towers, research facilities, rocket launch locations, and missile silos among others.
By product type, central air conditioners hold the largest market share of global hazardous location air conditioners market due to a continuous rise in the use of these systems in various companies and organizations. The Middle East accounts for the largest market share geographically owing to the presence of oil and gas industries in the region. APAC region is projected to witness the fastest market growth due to rapid industrialization, increasing energy demand, and high demand for integrated control systems in industrial buildings. Furthermore, growing infrastructure activity in the region, particularly the construction of private educational institutions and universities, will boost the demand for central air conditioners in the region, thereby propelling the regional market growth. However, factors such as high installation costs and lack of skilled personnel will restrain the growth of the global hazardous location air conditioner market during the forecast period.
The hazardous location air conditioner market segmented based on product type, location, industry vertical, and geography. By product type, the market has been segmented into central air conditioners, ductless split systems, dehumidifiers, packaged terminal air conditioners (PTAC), and others. By location, the market has been segmented into Class I and Class II, which are further divided into Division I and Division II. By industry vertical, the market has been classified into chemical, oil and gas, mining, food and beverage, construction, manufacturing, and others.
The Hazardous Location Air Conditioner Market – Forecasts from 2019 to 2024 is an exhaustive study that aims to present the key market trends through various chapters focusing on different aspects of the market. The study provides a detailed market overview through the market dynamics sections which detail key market, drivers, restraints, and opportunities in the current market. The report analyzes key opportunity regional markets, and the current technology penetration through lifecycle analysis. The report also analyzes the market through comprehensive market segmentation by product type, location, industry vertical, and geography.
Regional analysis has been provided with detailed analysis and forecast for the period 2018 to 2024. The global market has been broken down into North America, South America, Europe, Middle East and Africa, and the Asia Pacific regions. The report also analyzes 15 countries across these regions with thorough analysis and forecast along with prevailing market trends and opportunities which each of these countries present for the manufacturers.
Major players in the hazardous location air conditioner market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last year. The company profiles section details the business overview, financial performance for the past three years, key products and services being offered along with the recent developments of these important players in the hazardous location air conditioners market.