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Hazardous Area Sensors Market Report
Hazardous Area Sensors Market Trends, Dynamics & 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.
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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 operating in the hazardous area sensors market are-
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.
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.
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.
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.
Here is the list of the group of customers that the Hazardous area sensor market hopes to have the greatest opportunity to convert-
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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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