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Hazardous Area Equipment Market 2019 Global Leaders Overview: Eaton, Rockwell Automation, E2S Warning Signals, Emerson Electric, Siemens AG, PATLITE
Market Research Future
Hazardous Area Equipment Global Market - Overview
Hazardous area equipment refers to the devices to be used to safeguard living and financial losses in the hazards environment. There are numerous dangerous elements scattered around especially in industries such as Oil & Gas, Chemical & Pharmaceutical, Energy & Power, and Mining. These elements can result in accidents, injuries, sickness and sometimes in death itself. Most of the accidents are caused by human error and hence, safeguarding human lives is an utmost priority in any manufacturing unit or industry.
Hazardous area equipment devices are designed to limit the risks for accident or injury at certain points. Developments in global safety standards and technologies have made hazardous area equipment powerful tools to increase production. These safety technologies reduce unscheduled downtime and mean time to repair (MTTR) keeping workers safe and streamlining the lockout and tag-out procedures.
Resultantly, an increasing number of companies are adopting these safety systems. The high adoption of hazardous area equipment systems is a key driving force that defines the growing market landscape of machine safety. Besides technological advancements that have brought about improvements in safety devices such as safety light curtains with the integrated digital indicators have escalated the market growth globally.
Recognizing the ascending graph of the growth the market is climbing today; Market Research Future (MRFR) in its recently published study report confirms that the global Hazardous Area Equipment Market will touch a valuation of approximately 8.48 Bn. USD by 2023, registering about 7.2% CAGR throughout the forecast period (2017 and 2023).
The development of the Fourth Industrial Revolution (4.0) is a potential growth opportunity for the market. Besides, the availability of a range of safety devices and components offering futuristic features at competitive prices is fostering the market growth. Simultaneously, the stringent government policies & regulations towards hazardous area encourage the market growth.
On the flip side, factors such as the lack of technical incompetence in workers along with the initial investment associated with the implementation of safety systems are hampering the market growth. However, well-spread awareness about the importance of the hazardous area equipment and safety measures is estimated to support the market growth over the assessment period.
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Key Players
The prominent players in the Hazardous Area Equipment system Market are –Siemens AG (Germany), NHP Electric Engineering Products (Australia), Honeywell International Inc. (US), PATLITE Corporation (US), Eaton Corporation Plc (US), Rockwell Automation (US), E2S Warning Signals (US), ABB Ltd. (Switzerland), R.STAHL AG (Germany) and Emerson Electric Co. (US) among others.
Hazardous Area Equipment Global Market - Segmentation
The Hazardous Area Equipment Market can be segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Product: Lighting Products, Sensors, Fire Alarms/Call Points, Cable Glands & Accessories, Process Instruments, Industrial Controls, Motors, Strobe Beacons, Visual & Audible Combination Units and others.
Segmentation by Connectivity Service: Wired, Wireless.
Segmentation by End-User: Automotive & aerospace, Pulp & Paper, Steel & Metal, Oil & Gas, Chemical & Pharmaceutical, Food & Beverages, Energy & Power, Mining among others
Segmentation by Regions: Geographical regions - North America, Europe, Asia Pacific and Rest of the World.
Hazardous Area Equipment Global Market - Regional Analysis
North America is dominating the global hazardous area equipment market with the largest market share due to rapid development in the manufacturing sector is gaining demand in hazardous area equipment market in these region, and is expected to gain growth by 2023. Global hazardous area equipment market in European market is expected to grow at a substantial high CAGR during 2016 to 2023 due to various kind of equipment which are used in hazardous areas that can cause threat or explosion. The Asia Pacific market for hazardous area equipment market is expected to grow at a considerable CAGR (2016-2023).
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Intended Audience
Raw material providers
Original equipment manufacturers
Semiconductor component suppliers
Hazardous area equipment distributors
Software solution providers
Connectivity Service providers for hazardous equipment
Research institutes and organizations
Technology standards organizations
Technology investors
Research institutes,
System Integrators
Research/Consultancy firms
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