Press release
Hazard Control Market Key Players Analysis - Schneider Electric, Siemens AG, Emerson Electric Co., ABB Ltd., Rockwell Automation, Inc.
Hazard Control Market
According to the latest research by InsightAce Analytic, the global Hazard Control market is valued at US$ 1.69 Bn in 2022, and it is expected to reach US$ 2.73 Bn by 2031, with a CAGR of 5.7% during a forecast period of 2023-2031.
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The global demand for hazard control products is expected to rise significantly due to the generation of hazardous waste from industrial activities. Rapid economic expansion in emerging markets is driving increased requirements for housing, transportation, energy, and healthcare infrastructure, all of which are anticipated to substantially influence the adoption of hazard control systems. The growing energy demands across various sectors, particularly for nuclear fuel, chemicals, coal, and petroleum, in both developed and developing countries, are key factors propelling market growth. Additionally, as conventional energy resources become increasingly limited, the adoption of alternative energy generation methods is gaining traction worldwide. Furthermore, stringent government regulations coupled with the chemical and oil industries' shift towards unconventional processing technologies are contributing to the heightened need for effective hazard control solutions.
List of Prominent Players in the Hazard Control Market:
• Schneider Electric
• Siemens AG
• Emerson Electric Co.
• ABB Ltd.
• Rockwell Automation, Inc.
• Eaton
• Ametek
• Magnetek Inc.
• Mitsubishi Electric
• BEI Sensors
• Bosch Rexroth AG
• BARTEC Group
Market Dynamics:
Drivers-
To reduce catastrophic events that result in significant human casualties, governments worldwide have intensified their focus on workplace safety across risky areas. Owing to this, businesses are now subject to stringent regulations that must be adhered to to protect the well-being of site workers. The consumption of hazardous area systems is anticipated to be significantly impacted by this development on a global level.
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Challenges:
Hazardous area equipment and systems typically involve high costs, including significant installation expenses. Due to these elevated costs and relatively narrow profit margins, many companies opt against adopting such technologies as a cost-saving measure. In response, manufacturers are focused on developing more cost-effective solutions to promote wider adoption across diverse industrial sectors.
Regional Trends:
The North American market for hazardous area equipment is expected to be highly lucrative, driven primarily by the region's growing chemical manufacturing industry. Additionally, the expanding pharmaceutical and energy sectors are projected to further enhance market opportunities in the near future. Increasing emphasis on workplace safety, coupled with stringent regulatory frameworks, is also anticipated to support the rising adoption of hazardous area equipment across the region.
Recent Developments:
• In Sept 2022, Siemens introduced Fire Safety Digital Services, a range of digital and managed services that were first in the industry and connected fire safety systems to the cloud, allowing organizations to transition from a reactive, compliance-driven approach to total protection through intelligent safety. By embracing digital services in operation, event management, and maintenance, clients enhanced hazard detection and prevention, made better risk-control decisions, safeguarded business continuity, and offered a safe environment for people and assets.
• In April 2020, ABB Ability Augmented Field Procedures were designed to increase worker safety and effectiveness for the energy sector. The company has developed cutting-edge augmentation technology to digitise the field operator experience and improve communication between field and control room operations.
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Segmentation of Hazard Control Market-
By Product-
• Motors
• Servo Valves
• Sensors and Actuators
• Drives
• Others
By Protection-
• Flameproof
• Intrinsic Safety
• Others
By Industry-
• Oil & Gas
• Metals and Mining
• Chemicals and Pharmaceuticals
• Mills (Flour and Grain)
• Packaging
• Aerospace and Defense
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
Read Overview Report- https://www.insightaceanalytic.com/report/hazard-control-market/1951
About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
Contact us:
InsightAce Analytic Pvt. Ltd.
Visit: www.insightaceanalytic.com
Tel : +1 607 400-7072
Asia: +91 79 72967118
info@insightaceanalytic.com
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