Albany, New York, October 05, 2016: Market Research Reports Search Engine (MRRSE) has recently announced the addition of a new study on the global hazardous area sensors market. The report provides a comprehensive assessment of this market on the basis of its current and past performance. The study, titled “Hazardous Area Sensors Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023,” is published by Transparency Market Research (TMR).
According to the report, the global market for hazardous area sensors, which was valued at US$4.5 bn in 2014, is estimated to present an opportunity worth US$6.7 bn by 2023, expanding at a CAGR of 4.60% between 2015 and 2023.
The growing emphasis on intrinsic safety is fueling the demand for hazardous area sensors across the world. The increasing implementation of government regulations pertaining to safety in volatile zones is also influencing the deployment of these sensors significantly. However, the maturation of this market, coupled with the economic slowdown in a number of developed nations, is likely to reflect negatively on its growth in the coming years, states the research report.
In this research study, the worldwide market for hazardous area sensors has been assessed on the basis of the product type, application, and the geography. By the type of product, the market has been classified into gas sensing, current sensing, pressure sensing, temperature sensing, and voltage sensing. Among these, the gas sensing segment acquired the leading position in 2014.
Based on application, the market has been categorized into pharmaceutical, healthcare, chemical, mining and metal, grain storage, power, fertilizer, oil and gas, waste and sewage management, and various other application areas. Of these, the oil and gas segment is likely to lead the demand for hazardous area sensors over the forecast period, notes the market study.
Geographically, the report has identified Europe, Asia Pacific, North America, and the Rest of the World as the prime segments of the global market for hazardous area sensors. In terms of revenue, Asia Pacific has been the leading contributor to this market and is predicted to remain so throughout the forecast period.
Eaton Corp. Plc, Servomex Group Ltd., Honeywell International Inc., Neo Monitors AS, Mettler-Toledo International Inc., ABB Group, Endress and Hauser, SICK AG, Siemens AG, and Yokogawa Electric Corp. are some of the leading manufacturers of hazardous area sensors across the world, states the research report.
Browse Full Global Hazardous Area Sensors Market Report with TOC:http://www.mrrse.com/hazardous-area-sensors-market
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