Key Takeaways Form Global Hazardous Area Sensors Market Offered in new Research Forecasted through 2023

An up-to-date research report 2018 has been disclosed by Market Research Reports Search Engine (MRRSE) highlighting the title “Hazardous Area Sensors Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023” which provides an outlook for current market value as well as the expected forecast including Rate on Investment (ROI) together with the growing CAGR near 4.6% during 2017-2025. The report studies the Hazardous Area Sensors Market worldwide, especially in North America, China, Europe, Southeast Asia, Japan and India, with production, size, growth, revenue, consumption, import and export in these regions.

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The deployment of electrical equipment in potentially hazardous or explosive areas has been a major concern since the beginning of the 20th century. Supported by the need to achieve accuracy and safety in volatile zones and the implementation of government regulations globally, the market for hazardous area sensors has received a significant boost over the years. Fueled by the growing importance of intrinsic safety in many manufacturing facilities, including oil refineries, textile mills, chemical plants, and paint manufacturers, the global market for hazardous area sensors is poised to expand at a 4.6% CAGR during the forecast period of 2015 to 2023, rising from a value of US$4.5 bn to US$6.7 bn therein.

Despite the fact that hazardous area sensing has existed for a considerable period of time, the number of players dealing with hazardous area sensors are limited. There are, however, a comparatively higher number of suppliers providing raw material to manufacturers.

Developed Markets to Register Sluggish Growth as Developing Regions Surge Ahead

The global market for hazardous area sensors has been geographically segmented into Asia Pacific, North America, Europe, and Rest of the World. Asia Pacific has been the leading revenue generator in the hazardous area sensors market with a share of more than 35% in 2014. The region is expected to retain its lead throughout the forecast period owing to high economic growth in countries such as India and South Korea. In addition, the rapid growth of various industrial sectors and the increasing importance attributed to intrinsic safety in most industry verticals have been instrumental in driving the hazardous area sensors market in Asia Pacific.

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North America has been just as significant a market as APAC, fueled by the replacement of existing hazardous area sensors and the constant upgrade of legacy systems. The growth in certain sectors, such as shale gas exploration, waste and sewage management, and healthcare, is also likely to boost the hazardous area sensors market in North America. The regional market, along with Europe, is considered to be rather mature and is thus estimated to exhibit sluggish growth over the next few years.

Despite holding a minimum share in 2014, the hazardous area sensors market in the Rest of the World is anticipated to register the fastest growth rate from 2015 to 2023. This segment is projected to be fueled by the oil and gas as well as the mining and metal industries. Several countries in RoW, such as Brazil and South Africa, have been emphasizing on intrinsic safety in the industrial sector. As an increasing number of countries follow this trend, the hazardous area sensors market is likely to receive an impetus during the forecast period.

The report also provides breakdown and assessment of various factors impacting the market growth, which are suitably described as market drivers, restraints, and opportunities. These factors determine various existing trends and their impact on market growth. Overall, taking into consideration the various factors affecting the hazardous area sensors market, the report includes a holistic analysis of the global hazardous area sensors market, and provides an estimate of growth for the forecast period 2015 to 2023.

Some of the leading players in the market Yokogawa Electric Corporation (Japan), ABB Group (Switzerland), Siemens AG (Germany), SICK AG (Germany), Endress and Hauser (Switzerland), ABB Group (Switzerland), Mettler-Toledo International, Inc. (U.S.), Neo Monitors AS (Norway), Honeywell International, Inc. (U.S.), Servomex Group Ltd. (U.K.) and Eaton Corporation Plc (U.S.) among others.

The market has been segmented as follows:

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Hazardous Area Sensors Market – By Types:

Gas Sensing
Electrochemical
Optical
Ionization Based
Solid State
Magnetic & Related
Optical Fiber
Acoustic & Related
Pressure Sensing
Resonant Solid State
Piezoresistive Strain Gauge
Piezoelectric
Capacitive
Fiber Optic
Others
Current Sensing
Hall Effect IC Sensor
Resistor
Fiber Optic Current Sensor
Rogowski Coil
Others
Voltage Sensing
Closed Loop Hall Effect Technology
Electronic
Others
Temperature Sensors
Resistance Temperature Detectors
Thermocouple
Fiber Optic
Others
Hazardous Area Sensors Market - By Application Industry:

Power
Oil & Gas
Mining & Metal
Grain Storage
Healthcare
Chemical
Pharmaceutical
Waste & Sewage Management
Fertilizer
Others
Hazardous Area Sensors Market - By Geography:

North America
The U.S.
Others
Europe
The U.K.
Germany
Others
Asia Pacific
China
India
Japan
Rest of Asia Pacific (APAC)
Rest of the World (RoW)
South America
Middle-East & Africa (MEA)

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