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Albany, New york, June 12, 2019 (GLOBE NEWSWIRE) -- A recent report by Transparency Market Research states the competitive scenario of global hazardous area sensors market. According to the report, the market is dominated by the presence of few large enterprises such as ABB Group, Seimens AG, and Honewell International Inc. These businesses are huge barriers to the new entrants in the global hazardous area sensors market. In order to keep the top position in the market, these players are adopting strategies such as product innovations and development, mergers, partnerships, and collaborations. Some of the players are acquiring various medium and small scale businesses in order to expand their production capacity and resource banks. These strategies are providing a much needed competitive edge over their rivals. Some other prominent players of global hazardous area sensors market are Neo Monitors AS, Sick AG, ABB Group, Yokogawa Electric Corporation, Endress and Hauser, and Servomex Group.
According to the experts at Transparency Market Research, the global hazardous area sensors market is anticipated to rise from US$4.7 bn in 2014 to US$6.7 bn by the end of 2023. During the forecast period, the market is likely to exhibit a 4.6% of CAGR during the forecast of 2015 to 2023.
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The major revenue generating segment of the global hazardous area sensors market is pegged to be the gas sensor under the type of sensor category. This growth is the result of application of gas sensors in multiple industries. The growth is also attributed to the growth of mining and oil & gas industries, where gas leakage occurs more often. The leakage can be of highly combustible gases such as methane, which prove to be disastrous in mines. It is because of these safety concerns, the gas sensor segment shall lead the global hazardous area sensor market.
Geographically, Asia Pacific region is likely to witness the highest growth of hazardous area sensors market. The growth is the result of growing economies such as India and China. Also rapid industrialization of the in the countries is also adding to the growth of Asia Pacific region in the global hazardous area sensor market. In addition, the growing importance of safety measures in various industries in the region is also one of the key factor that is helping the Asia Pacific region to lead the global hazardous area sensor market.
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Intrinsic Safety to Drive the Growth for Global Hazardous Area Sensors Market
Recently, the growing importance of intrinsic safety has become a prime growth factor for the global hazardous area sensors market. The fact that these intrinsic security measures are low-energy signaling devices which can prevent explosions is also promoting the growth of global hazardous area sensors market. Also stringent government regulations for security concerns in various verticals of the business is also a major factor that is promoting the growth of global hazardous area sensors market.
The growth of the market is also attributed to rising industrialization in various regions across the globe. Mining is one of the industry where hazardous area sensors are required the most. Owing to these factors, the global hazardous area sensors market is experiencing a consistent growth in the forecast period of 2015 to 2023.
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Economic Slowdown Can Hinder the Growth of the Market
Despite of many benefits offered by the hazardous area sensor devices, as a result of economic slowdown may hamper the growth of global hazardous area sensors market during the forecast period. However, major technological innovations by the businesses in order to provide latest safety and security devices, the global hazardous area sensors market is likely to maintain its growing pace in the forecast period of 2015 to 2023.
The study presented here is based on a report by Transparency Market Research (TMR), titled, “Hazardous Area Sensors Market (Types - Gas Sensing (Electrochemical, Optical, Ionization Based, Solid State, Magnetic & Related, Optical Fiber, Acoustic & Related), Pressure Sensing (Resonant Solid State, Piezoresistive Strain Gauge, Piezoelectric, Capacitive, Fiber Optic), Current Sensing (Hall Effect IC Sensor, Resistor, Fiber Optic Current Sensor, Rogowski Coil), Voltage Sensing (Closed Loop Hall Effect Technology, Electronic), Temperature Sensors (Resistance Temperature Detectors, Thermocouple, Fiber Optic)) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”
The global hazardous area sensors market is segmented on the basis of:
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