Hazardous Area Sensors Market is Increasing Importance Attributed to Intrinsic Safety in Most Industry Verticals
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.
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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.
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.
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.
Increased Use of Hazardous Area Sensors in Oil and Gas Industry
The prominent applications of hazardous area sensors include oil and gas, power, mining and metal, healthcare, grain storage, chemical, waste and sewage management, pharmaceutical, and fertilizer.
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The use of hazardous area sensors in the oil and gas sector has been significantly high and over the forecast period from 2015 to 2023, this application segment is expected to lead the overall hazardous area sensors market.
The rising demand for shale gas and coal gas, coupled with increasing exploration for new gas fields, has been positively impacting the market.
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