Thermon manufactures electric heat tracing and process heating products for industrial facilities. Its core offerings include electric cables, steam systems, and monitoring software designed to maintain temperatures in pipes and vessels to prevent freezing or clogging. The company also sells industrial heaters, boilers, and filtration equipment under brands like Ruffneck and Vapor Power. Thermon serves customers in the chemical, power generation, food and beverage, and rail sectors, and has significantly diversified its revenue base away from oil and gas. The business model relies heavily on recurring revenue from maintenance, repair, and upgrades for its existing installed base. Thermon also generates revenue from large capital projects, where it prioritizes design and supply contracts over full installation to improve margins. The company’s growth strategy centers on diversification into new markets, decarbonization through electrification, and digitization via its Genesis control platform. Thermon is expanding into liquid load banks for data center cooling and medium voltage heaters for industrial electrification. Acquisitions like F.A.T.I. and Vapor Power have expanded the company’s product portfolio and geographic manufacturing capacity in Europe and North America.