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    Hazardous Area Sensors Market Report

    Hazardous Area Sensors Market Report
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    Hazardous Area Sensors Market Trends, Dynamics & Market Insights
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    Impact of COVID-19 on Hazardous Area Sensors Market

    Covid-19 has impacted the market dynamics, competition, and global...

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    Impact of COVID-19 on Hazardous Area Sensors Market

    Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.

    Note: The summary below might not have included insights on covid impact since we have large number of reports.

    Market Insights

    The Hazardous Area Sensors Market is estimated to grow from USD 5.1 billion in 2020 to USD 6.2 billion by 2026 at a healthy CAGR of 3.3% during the forecast period.

    Figure: Hazardous Area Sensors Market Size, 2020-2026 (USD Billion)

    Hazardous-Area-Sensors-Market-Forecast

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    What is hazardous area sensor?

    Hazardous area sensors help in monitoring the health and performance of rotating machines operating in hazardous and explosive atmospheres. These sensors are widely employed in hazardous prone areas in numerous industries like oil & gas, energy & power, mining, and chemical, which helps to pro-vide an indication in extreme situations.

    Key Players

    Key players operating in the hazardous area sensors market are-

    • ABB Group (Switzerland)
    • Eaton Corporation PLC (Ireland)
    • Endress+Hauser AG (Switzerland)
    • Honeywell International, Inc. (US)
    • Mettler-Toledo International, Inc. (US)
    • NEO Monitors AS (US)
    • SICK AG (Germany)
    • Siemens AG (Germany)
    • Yokogawa Electric Corporation (Japan).

    Market Dynamics

    The rising focus on increasing safety measures in industries, especially cooling and process industries, is creating a surging need for flame-and explosion-proof hazardous area equipment such as sensors, which is a key driver augmenting the industry growth. In addition, increasing accidents and mishaps in industrial operations further bolster the product demand in extremely hazardous environments. However, manufacturing hazardous devices which can operate in wide areas and noise pollution is likely to hinder the industry growth.

    Segments' Analysis

    End-Use Trends

    Based on end-use, the hazardous area sensors market is classified into oil & gas, chemical & pharmaceutical, food & beverages, energy & power, mining, and others. The oil & gas segment held a significant market share in 2020 and is estimated to register a healthy CAGR during the forecast timeline. This is mainly attributed to the rising need for high-performance hazardous area equipment which can operate efficiently in a variety of challenging environments is further driving the demand for these products in the oil & gas industry, which boosts the segment growth.

    Regional Trends

    By region, the Asia-Pacific market held a significant share in 2020 and is expected to grow at a substantial CAGR in the following years. This is mainly ascribed to the rising adoption of industrial automation in developing countries such as India & China which boosts the regional demand. Moreover, strong oil & gas, chemical, and mining sectors in the region propels the growth. Also, as per IBEF, ONGC (India) is investing USD 2.73 billion on drilling oil & gas wells from 2018 to 2019, further proliferating the regional market growth.

    COVID-19 Impact on Hazardous Area Sensors Market

    The COVID-19 outbreak has moderately affected the hazardous area sensors industry. Rising coronavirus cases across the globe resulted in stringent social distance and lockdown norms across the globe, which led to supply chain disruption, thus affecting the product demand. The coronavirus pandemic has significantly affected the oil & gas, chemical, energy & power, and mining, which witnessed a halt in operations due to limited workforce and stringent lockdown, which further affected the product demand.

    Critical Questions Answered in the Report

    • What are the key trends in the hazardous area sensors market?
    • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
    • What is the impact of COVID-19 on the hazardous area sensors market?
    • What are the key strategies adopted by the major vendors to lead in the hazardous area sensors market?
    • What is the market share of the top vendors?

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    Target Audience

    Here is the list of the group of customers that the Hazardous area sensor market hopes to have the greatest opportunity to convert-

    • Hazardous area sensors vendors
    • Hazardous area sensors retailers
    • Oil & gas companies
    • Mining companies

    Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    The hazardous area sensors market size is expected to reach USD 6.2 billion in the foreseeable future.

    ABB Group (Switzerland), Eaton Corporation PLC (Ireland), Endress+Hauser AG (Switzerland), Honeywell International, Inc. (US), Mettler-Toledo International, Inc. (US), NEO Monitors AS (US), SICK AG (Germany), Siemens AG (Germany), and Yokogawa Electric Corporation (Japan) are among the key players in the hazardous area sensors market.

    The hazardous area sensors market is expected to witness an impressive growth of 3.3% CAGR in the coming years.

    The oil & gas segment is expected to register a healthy CAGR in the hazardous area sensors market in the coming years.

    Asia-pacific is expected to grow at a substantial CAGR in the hazardous area sensors market during the next five years.

    Hazardous area sensors vendors, Hazardous area sensors retailers, Oil & gas companies, Mining companies are the target audience in the hazardous area sensors market.

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