The deployment of electrical circuits and equipment in potentially explosive or hazardous areas has been one of the primary concerns for the past many decades. Aided by the increasing awareness regarding intrinsic safety in many manufacturing facilities, including chemical plants, oil refineries, paint manufacturers, and textile mills, the global hazardous area sensors market has received a significant boost over the past few years. According to a report by Transparency Market Research (TMR), the global hazardous area sensors market is expected to rise at a 4.6% CAGR from 2015 to 2023, reaching a value of US$6.7 bn by 2023 from US$4.5 bn in 2014.
Government Policies to Promote Use of Hazardous Area Sensors
Government regulations play a vital role in the growth of the market. Stringent regulations and policies governing hazardous area certified products are compelling companies to make use of hazardous area sensors. Governments of countries such as Austria, Canada, France, Germany, the U.S., the Netherlands, the U.K., and Switzerland are proactive in setting up ratings, standards, and certification for sensor safety. Moreover, the increasing interest in coal gas and shale gas is leading to growing explorations for gas beds and subsequently to increasing adoption of these sensors, thereby fuelling the market’s growth.
Rapid Industrialization to Fuel Demand for Hazardous Area Sensors in Asia Pacific
Geographically, Asia Pacific was the leading contributor in terms of revenue in 2014, accounting for a share of more than 35% in the market. The rising awareness regarding intrinsic safety in most industry verticals and robust economic growth along with rapid industrialization in countries such as India, China, and South Korea are driving the Asia Pacific market. Due to the aforementioned reasons, Asia Pacific is estimated to retain its leadership until 2023. The hazardous area sensors market in Rest of the World (RoW) is expected to exhibit a significant CAGR over the forecast period owing to rapidly growing industries such as oil and gas, mining, and metal.
On the basis of application, the oil and gas sector will continue to be the leading revenue generator throughout the forecast period. The growth of this segment can be attributed to the growing demand for coal gas and shale gas coupled with increasing exploration for new gas wells.
Browse Full Global Hazardous Area Sensors Market Report with TOC:http://www.mrrse.com/hazardous-area-sensors-market
Companies to Adopt Product Innovation as Key Strategy to Increase Visibility in Market
With an increasing focus on product innovation and development, the leading players in the global hazardous area sensors market such as ABB Group, Honeywell International Inc., and Siemens AG are aggressively trying to survive stiff competition. Other prominent players in the market are Eaton Corporation Plc, Endress and Hauser, Mettler-Toledo International Inc., Neo Monitors AS, Servomex Group, Ltd., and Yokogawa Electric Corporation. Companies are increasingly trying to devise improved products with better security features in order to overcome challenges related to security threats. Despite the presence of a large number of suppliers providing raw materials to manufacturers, the number of players operating in this market is limited.