Hazardous Area Sensor Market To Intensify As Governments Strict Safety Regulations over Workplace
The global hazardous area sensors market is characterized by the
presence of a few large and experienced players such as Honeywell
International Inc., ABB Group, and Siemens AG, which presents a huge
barrier to new entrants. These established players already have a
stronghold on the global market, with stiff competition between
them.Honeywell International, for instance, expanded its portfolio of
hammer union/wing union pressure sensors in April 2016 with the
addition of the IEC Ex/ATEX certified Model 343 to its already
existing 435 and 437 models.
Concept of “Intrinsic Safety” Gains Prominence
The rising importance of intrinsic safety has positively influenced
the growth of the hazardous area sensors market. Intrinsic safety is
a globally recognized and widely accepted technique of low-energy
signaling at a hazardous location, thereby preventing the occurrence
of explosions. The acceptance of this concept in present-day
manufacturing facilities in oil refineries, textile mills, paint
manufacturers, and chemical plants has strongly driven the market and
the impact is anticipated to be high toward the end of the forecast
period.
“In addition to the growing prominence of intrinsic safety, the
implementation of stringent government legislations across the globe
has compelled companies to make use of hazardous area sensors,” the
author of the study observes. Countries such as the U.S., the U.K.,
Germany, Canada, France, Austria, Switzerland, and the Netherlands
have set up specific standards, certifications, and ratings for
sensor safety.
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On the flip side, economic slowdown in several countries and the high
cost of upgrading legacy systems while installing modern sensors are
likely to hamper the growth of the global hazardous sensors market.
Surging Application of Hazardous Area Sensors in Shale Gas
Exploration and Extraction
The global market for hazardous area sensors is anticipated to
register an increase in value from US$4.5 bn in 2014 to US$6.7 bn by
2023 at a 4.6% CAGR therein. By application, the oil and gas industry
has led the overall hazardous area sensors market with a share of
almost 22% in 2014. “Fueled by the growing application of these
sensors in the exploration and extraction of shale gas, this segment
is likely to retain its lead through 2023,” the analyst predicts.
By type of sensors, gas sensing was the key revenue generator in
2014, driven by the rising application of gas sensing hazardous area
sensors in various industry verticals. Geographically, Asia Pacific
has been the leading contributor in terms of revenue and is projected
to remain so throughout the forecast period. “This can be
attributed to the rising awareness levels on intrinsic safety and
rapid economic and industrial growth,” the TMR analyst states.
This review is based on the findings of a TMR report titled
“Hazardous Area Sensors Market: Global Industry Analysis, Size,
Share, Growth, Trends, and Forecast 2015 – 2023.”
Hazardous Area Sensors Market - By Types
Gas Sensing, Pressure Sensing, Current Sensing, Voltage Sensing And
Temperature Sensors.
Hazardous Area Sensors Market - By Application Industry
Power ,Oil & Gas, Mining & Metal, Grain Storage, Healthcare,
Chemical, Pharmaceutical,Waste & Sewage Management, Fertilizer,
Others
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