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Hazardous Area Sensors - Global Market Trajectory & Analytics

  • ID: 4806486
  • Report
  • April 2021
  • Region: Global
  • 192 pages
  • Global Industry Analysts, Inc
Global Hazardous Area Sensors Market to Reach $6.4 Billion by 2027

Amid the COVID-19 crisis, the global market for Hazardous Area Sensors estimated at US$5.2 Billion in the year 2020, is projected to reach a revised size of US$6.4 Billion by 2027, growing at a CAGR of 3.1% over the analysis period 2020-2027. Power, one of the segments analyzed in the report, is projected to record a 4% CAGR and reach US$1.1 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Oil & Gas segment is readjusted to a revised 3.6% CAGR for the next 7-year period.



The U.S. Market is Estimated at $1.4 Billion, While China is Forecast to Grow at 5.8% CAGR

The Hazardous Area Sensors market in the U.S. is estimated at US$1.4 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.3 Billion by the year 2027 trailing a CAGR of 5.8% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 0.8% and 2.3% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 1.5% CAGR.

Mining & Metal Segment to Record 2.7% CAGR

In the global Mining & Metal segment, USA, Canada, Japan, China and Europe will drive the 2.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$540.3 Million in the year 2020 will reach a projected size of US$630.4 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$888.6 Million by the year 2027, while Latin America will expand at a 3.5% CAGR through the analysis period.

Select Competitors (Total 42 Featured):
  • ABB Group
  • Eaton Corporation PLC
  • Endress+Hauser AG
  • Honeywell International, Inc.
  • Mettler-Toledo International, Inc.
  • NEO Monitors AS
  • SICK AG
  • Siemens AG
  • Yokogawa Electric Corporation
Note: Product cover images may vary from those shown
I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW
  • Influencer Market Insights
  • World Market Trajectories
  • Significance of Intrinsic Safety as a Protection Technique for Equipment in Hazardous Areas Continues to Grow
  • Hazardous Area Sensors: Focus of Industry Participants on Preventing Accidents in Hazardous Areas Drives Market Growth
  • Impact of Covid-19 and a Looming Global Recession
2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS
  • Strict Workplace Safety Regulations Translate into Growth Opportunities for Hazardous Area Sensor Market
  • Rising Significance of Position Sensors in Hazardous Areas
  • Sensor Safety Rating: A Critical Requirement in Hazardous Areas
  • Gas Sensors/Detectors for Effective Monitoring of Hazardous Areas
  • Explosion-Proof Hydrogen Sensor: Ensuring Safety of Electrical Equipment in Risk-Prone Areas
  • Methane Gas Sensor: Monitoring and Detecting Methane Gas in Air
  • Infrared Sensors Emerges As the Preferred Option for Detection of Methane Gas
  • High Significance of Hazardous Gas Detection Sensors in Coal Mines
  • Specifying Temperature Sensors to Appropriate Standards: Essential to Ensure Safety of Hazardous Areas
  • ISCTH Intrinsically Safe DC Current Sensors
  • Chemical Industry: High Risk Facilities with Exposure to Hazardous Gases Necessitate Hazardous Area Sensors
  • STable Growth Outlook for Chemical Industry to Benefit Hazardous Area Sensors Market
  • Exhibit 1: Chemical Industry Growth Worldwide - Percentage Growth of Chemical Production Volume for the Years 2019 through 2023
  • Hazardous Operations and High Operating Costs of Oil & Gas Industry Implies Higher Focus on Safety, Drives Hazardous Area Sensors Market
  • Increasing Importance of Sensors for Hazardous Gas Detection in Oil & Gas and Petrochemical Industries
  • Sensors Find Use in Detection of Hydrogen Sulphide in Oil & Gas Exploration & Production Operations
  • Increase in Oil & Gas Industry Activity Raises Demand for Safety of Facilities, Driving Demand for Hazardous Area Sensors
  • Exhibit 2: Growing Investments in Oil & Gas Exploration: Capital Expenditure in US$ Million for the Years 2019, 2021, 2023, 2025
  • Operational Risks of Electric Power Industry Translate into Growth for Hazardous Area Sensors
  • Concerns over Growing Hazards at Coal-Fired Power Plants Drives Demand for Sensors
  • Gas Detection Sensors Vital for Detection of Hazardous Gases in Power Plants
  • Hazardous Gas Detection Based on IoT in Power Plants
  • Despite Collapse of Coal-Fired Power Generation Globally in Recent Years, Emergence of New Capacities in China and India Sustain Growth
  • Exhibit 3: Global Coal-Fired Power Generation Capacity in GW for the Years 2018, 2020, 2022 and 2024
  • CO2 Sensors: Providing Safety to High Risk Nuclear Power Applications
  • A Long List of Accidents at Nuclear Power Plants Raises Importance of Hazardous Area Sensors
  • IoT Sensors Emerge to Play a Critical Part in Ensuring Safety in Industrial Environments
  • Siemens Develops New Detection Technology for Protecting Pumps against Dry Running in Hazardous Areas
  • PRODUCT OVERVIEW
  • What is a Hazardous Area?
  • Classification of Hazardous Areas
  • Protection Techniques & Methods Used to Reduce Incidents in Hazardous Locations
  • Hazardous Area Sensors
  • Specifics to Consider for Sensors in Hazardous Environments
4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS
  • UNITED STATES
  • CANADA
  • JAPAN
  • CHINA
  • EUROPE
  • FRANCE
  • GERMANY
  • ITALY
  • UNITED KINGDOM
  • SPAIN
  • RUSSIA
  • REST OF EUROPE
  • ASIA-PACIFIC
  • AUSTRALIA
  • INDIA
  • SOUTH KOREA
  • REST OF ASIA-PACIFIC
  • LATIN AMERICA
  • ARGENTINA
  • BRAZIL
  • MEXICO
  • REST OF LATIN AMERICA
  • MIDDLE EAST
  • IRAN
  • ISRAEL
  • SAUDI ARABIA
  • UNITED ARAB EMIRATES
  • REST OF MIDDLE EAST
  • AFRICA
IV. COMPETITION
  • Total Companies Profiled: 42
Note: Product cover images may vary from those shown
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