The hazardous location air conditioners market is evaluated at US$2,976.613 million for the year 2019 growing at a CAGR of 2.90% reaching the market size of US$3,634.834 million by the year 2026.
Hazardous location air conditioners are specifically made for and used in locations that are vulnerable to explosions or have chances of catching fire, in order to reduce temperature and make the operating area safe from hazards. The rising demand for energy around the world is leading to the growth of the energy sector which is expected to surge the demand for hazardous location air conditioners during the forecast period. Furthermore, the growth of the mining industry and the increasing concerns regarding the workers’ safety that work in hazardous locations are some of the prominent factors anticipated to augment the growth of hazardous location air conditioners in the coming years.
The recent outbreak of the novel coronavirus disease had a positive impact on the hazardous location air conditioners market. The pandemic led to a halt in the operations of various end-use industries like oil and gas, mining, construction, manufacturing, among others which led to a decline in the demand for hazardous location air conditioners and consequently harmed the market growth.
Growing mining industry and government regulations for workers’ safety
The mining industry has been growing and mine production has been increasing in various areas. According to National Mining Association, the United States, the mine production of industrial garnet has increased from 77,200 Mt crude in 2015 to 110,000 Mt crude in 2020. The production of talc and pyrophyllite has increased from 615 thousand Mt in 2015 to 753 thousand Mt in 2020. With the growth in the industry, the employment in the mining industry has been increasing and a higher number of people work in the mining industry now. As per National Mining Association, the number of people employed in the mining industry has increased from 81.1 thousand in 2000 to 247.0 thousand in 2020 in Australia. In Indonesia, it has increased from 451.9 thousand in 2000 to 1,352.2 thousand in 2020, witnessing a growth of 199.22% over the time period. The growth in the mining industry is leading to an increased demand for hazardous location air conditioners as well which is anticipated to propel the market growth during the forecast period.
The governments of various countries have been implementing and updating various regulations to protect the mining workers from the hazards of the mining environment. In April 2021, the government of the British Columbia province of Canada updated its Health, Safety and Reclamation Code for Mines to strengthen the protection of the mining workers. The government added revisions like modernizing the requirements for atmospheric detection in underground mines, among many other revisions. Furthermore, owing to the various measures taken by the U.S. government for workers’ safety, the reported mining fatalities in the United States have decreased from 72 in 2010 to 24 in 2019, as per NMA. The focus of governments on providing safety to the mining workers is leading to rising adoption of hazardous location air conditioners which is also expected to contribute to the market growth in the coming years.
|Market size value in 2019||US$2,976.613 million|
|Market size value in 2026||US$3,634.834 million|
|Growth Rate||CAGR of 2.90% from 2019 to 2026|
|Forecast Unit (Value)||USD Million|
|Segments covered||Product type, Location, Industry Vertical, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Ice Qube, Inc.,EIC Solutions, Inc., Specific Systems, Thermal Edge, Friedrich, Scientific Systems, LLC, Safe Air Technology, XP Climate Control, LLC, AERO CONDITIONER COMPANY, LLC, nVent|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the hazardous location air conditioner market size by 2026?
A1. The global hazardous location air conditioners market is expected to reach a market size of US$3,634.834 million by 2026.
Q2. What is the size of the global hazardous location air conditioner market?
A2. Hazardous Location Air Conditioner market was valued at US$2,976.613 million in 2019.
Q3. What are the growth prospects for the hazardous location air conditioner market?
A3. The hazardous location air conditioner market is expected to grow at a CAGR of 2.90% over the forecast period.
Q4. What factors are anticipated to drive the hazardous location air conditioner market growth?
A4. The growing aerospace and defense industry will propel the growth of the hazardous location air conditioners market in the coming years.
Q5. Who are the major players in the hazardous location air conditioner market?
A5. Prominent/major key market players in the global hazardous location air conditioners market include Ice Qube, Inc., EIC Solutions, Inc., Specific Systems, and Thermal Edge among others.
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of End-Users
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Hazardous Location Air Conditioners Market Analysis, by Product Type
5.2. Central Air Conditioners
5.3. Ductless Split Systems
5.5. Packaged Terminal Air Conditioners (PTAC)
6. Hazardous Location Air Conditioners Market Analysis, by Location
6.2. Class I
6.3. Class II
7. Hazardous Location Air Conditioners Market Analysis, by End-User
7.3. Oil and Gas
7.5. Food and Beverage
8. Hazardous Location Air Conditioners Market Analysis, by Geography
8.2. North America
8.3. South America
8.5. Middle East and Africa
8.5.1. Saudi Arabia
8.6. Asia Pacific
8.6.4. South Korea
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
10.1. Specific Systems
10.2. EIC Solutions, Inc.
10.3. XP Climate Control, LLC
10.4. Thermal Edge
10.7. Scientific Systems, LLC
10.8. Safe Air Technology
10.9. Ice Qube, Inc.
10.10. Aero Conditioner Company LLC
EIC Solutions, Inc.
XP Climate Control, LLC
Scientific Systems, LLC
Safe Air Technology
Ice Qube, Inc.
Aero Conditioner Company LLC
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