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World Markets for Sensors in the Chemicals and Petrochemicals Industries
Frost & Sullivan, July 2008
This research service titled World Market for Sensors in the Chemicals and Petrochemicals Industries provides comprehensive information about the growth of sensors in the chemical and petrochemical segments and geographical analysis by region. In this research, expert analysts thoroughly examine the following sensor markets: temperature, flow meters, level, and pressure.
This analysis is available through our Sensors & Instrumentation Growth Partnership Services program. With continuous access to intelligence and resources from all seven perspectives of the Complex Business Universe, the Growth Partnership Services program ensures that you and your Growth Team™ are able to maintain a 360 Degree Perspective of the market. This comprehensive, objective information allows your company to mitigate risk, identify new opportunities, and drive effective strategies for growth.
Market Overview
Need for Production and Energy Efficiencies Drives the Market for Sensors in the Chemicals and Petrochemicals Industry
Growth in the global chemicals and petrochemicals industry is expected to prop up the sensors market, since the industry will be keen to automate its processes in order to offer end-to-end solutions. Automation and related products such as sensors will not only offer complete solutions but also enable facilities’ commissioning of new Greenfield facilities in emerging economies. 'Further, they will aid the better utilization of assets, reduction of maintenance cost, enhancement of process monitoring, and provision of a faster return on investment,' says the analyst of this research service.
Due to the intense competition and high energy prices, sensors are also greatly valued for their ability to improve energy conservation and process efficiency, while helping to meet increasingly stringent regulations regarding environment protection and public safety. Apart from these product advantages, automation and sensor suppliers will have to offer the right solutions to meet the critical requirements of consumers in the end-user industry. Many customers look to sensor suppliers to offer solutions to their production challenges, compelling suppliers to develop the necessary skills and knowledge. They should also provide complete solutions and continue to invest in customer service programs. Their offer of engineering expertise will be a critical differentiating factor in this highly competitive market.
Industrial Development Bodes Well for the Sensors Market
The rising affluence of consumers in Asian countries such as India and China and regions such as Latin America and Eastern Europe is increasing private consumption. This economic growth is, in turn, triggering greater investments in chemical projects. Industrial development has been further encouraged by a surge in foreign direct investment (FDI), lower trade barriers, and initiation of Greenfield projects. The chemicals and petrochemicals industries have gained from these trends, consequently benefiting the sensors markets.
'The hike in demand for oil and chemicals has led to improved investments across the entire oil and gas value chain, including the upgrade and retrofits of existing facilities to boost process utilization,' notes the analyst. 'This demand is a global trend, with investments in new facilities for chemical manufacturing and refining in emerging economies such as Asia, Eastern Europe, and South America creating a huge corollary market for sensors.'
Market Sectors
Expert analysts thoroughly examine the following market sectors in this research:
- Temperature sensors
- Pressure sensors
- Flow sensors
- Level sensors
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