The rising emphasis on intrinsic safety, especially in the developing economies, has presented an opportunity-rich market for the manufacturers of hazardous area sensors. The recent enforcement of various regulations concerning the safety of people in volatile zones in emerging economies in ASIA Pacific is also reflecting positively on the application these sensors across the world.
Browse the full Global Hazardous Area Sensors Market Report:http://www.mrrse.com/hazardous-area-sensors-market
According to a recently published report by Transparency Market Research (TMR), the global hazardous area sensors market held an opportunity worth US$4.5 bn in 2014. Analysts predict the market to rise at a CAGR of 4.60% during the period 2015 from 2023 and reach US$6.7 bn by the end of 2023.
Asia Pacific to Remain Dominant in Global Hazardous Area Sensors Market
Asia Pacific, among all, led the global market for hazardous area sensors in 2014 with a share of more than 35%. The improving economic condition in countries such as South Korea and India, together with the robust rise in various industrial sectors, has been driving this market in this Asia Pacific over the past few years. With the growing prominence of intrinsic safety across various industry verticals, the regional market is likely to remain dominant in the coming years.
Here is a snapshot of the performance of other geographical segments of this market:
North America stood second in the worldwide hazardous area sensors market in 2014. The significant rise of several industries, such as shale gas exploration, waste and sewage management, and medical and healthcare has been boosting this regional market noticeably in the recent past. Owing to its maturation, analysts expect the North America hazardous area sensors market to witness moderate growth in the years to come. “The increasing need to replace existing hazardous area sensors and to upgrade legacy systems will emerge as the key growth driver of this regional market,” says an analyst.
Similar to North America, Europe also demonstrates a mature hazardous area sensors market, registering slow growth. Here also, the rising trend of replacing the existing sensors will drive the market in the coming years. The enforcement of strict regulations pertaining to employees’ safety will surface as another driving force behind the growth of this region market.
Rest of the World
Despite holding a nominal share in 2014, the market for hazardous area sensors spread across the Rest of the World is likely to report an impressive rise over the next few years. The growing demand for these sensors in the metal and mining as well as the oil and gas industries is likely to be the predominant growth driver in the Rest of the World. The increasing importance of intrinsic safety in the industrial sector in several economies, Brazil and South Africa, is also projected to boost the demand for hazardous area sensors in this geographical segment in the near future.
Browse the full Press Release of Global Hazardous Area Sensors Market at http://www.mrrse.com/global-hazardous-area-sensors-market
At the forefront of the global market for hazardous area sensors are companies such as Eaton Corp. Plc., Honeywell International Inc., Servomex Group Ltd., Mettler-Toledo International Inc., Neo Monitors AS, Endress and Hauser, ABB Group, Siemens AG, SICK AG, and Yokogawa Electric Corp.