Press release
Product Innovation by Leading Companies Restricts Opportunities for New Entrants in Global Hazardous Area Sensors Market
Transparency Market Research (TMR), forecasts the global hazardous area sensors market to reach US$6.7 bn by the end of 2023. The market stood at US$4.5bn in 2015 and is expected to report a CAGR of 4.6% between 2016 and 2023.
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Q: How has the competitive landscape of the global hazardous area sensors market developed over the past few years?
A: Despite hazardous area sensing being around for a considerable period of time, the number of companies providing hazardous area sensors is limited. However, the number of raw material suppliers is higher than manufacturers. Since companies such as ABB Group, Honeywell International Inc., and Siemens AG, hold dominant share in the market, they present a huge barrier to new entrants. These established companies enjoy a stronghold in the market and are persistently focusing on advanced technologies to outshine prevailing competition.
Product innovation and development is a key strategy adopted by the leading market players to gain competitive advantage. These companies are increasingly investing in research and development activities to expand their product portfolio and thus market share. A case in point is the expansion of wing union/hammer union pressure sensors by Honeywell International with the inclusion of IEC Ex/ATEX certified Model 343 to its already diverse portfolio in April 2016.
Venturing in the market will thus require high investment, which is consequently limiting the entry of new entrants to an extent. Therefore, the vendor landscape of the global hazardous area sensors market will continue to be led by a handful of companies. However, rivalry amongst key players is likely to intensify with time.
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Q: Which regions will prove most lucrative for hazardous area sensors manufacturers?
A: According to TMR, the global hazardous area sensors market is spread across Asia Pacific, Europe, North America, and Rest of the World. Among these regions, Asia Pacific emerged as the leading revenue generator, accounting for over 35% of the global market in 2014. The region is expected to remain the leading segment through the next few years due to the high economic growth exhibited by emerging economies such as South Korea and India.
Additionally, the rapid expansion witnessed in various industries in the region will fuel the need for better safety across the industrial verticals. This factor is expected to be instrumental in fuelling demand for hazardous area sensors from Asia Pacific.
North America has been just as important for hazardous area sensors manufacturers as Asia Pacific. Demand from North America is majorly influenced by the need of replacing the existing sensors and the demand for constant upgrades of legacy systems. However, despite holding insignificant share in the market, Rest of the World (RoW) is projected to exhibit a higher CAGR between 2015 and 2023. Demand witnessed in RoW is expected to be fuelled by the rising opportunities in countries such as South Africa and Brazil.
Transparency Market Research (TMR) is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.
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