Press Release

Oil and Gas Industry to Account for Largest Share in Asia Pacific Hazard Control Systems Market During Forecast Period

Growing concern for safety of human resources and increasing environmental concerns are expected to propel the growth of the Asia Pacific hazard control systems market during the forecast period

According to TechSci Research report, Asia Pacific Hazard Control Systems Market By Protection, By Type, By End Use, By Country, Competition, Forecast & Opportunities, 2024, the Asia-Pacific hazard control systems market is expected to grow at a steady pace over the next 5 years on account of the increasing industrialization and urbanization coupled with extremely stringent industrial safety norms in the region. Growing economies such as China, India, and Japan are anticipated to drive the hazard control systems market in Asia-Pacific region over the coming years owing to the surge in demand for hazard control systems in these countries. Moreover, growing requirement for wireless infrastructure to monitor safety in various plants is positively influencing the demand for hazard control systems, thereby driving the Asia-Pacific hazard control systems market. However, high capital cost requirements might hamper the growth of Asia-Pacific hazard control systems market in the coming years.

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Asia-Pacific hazard control systems market can be segmented based on protection type, type, end use and region. On basis of type, the market can be segmented into motors, servo valves, sensors and actuators, drives & others. The motors segment dominated the market in terms of largest market share until 2018 on account of its multiple applications in equipment like industrial fans, blowers, and pumps. Moreover, motors can also operate in harsh working environments such as wet and dangerous environments, potentially explosive atmospheres as well as highly corrosive environments. The servo valves segment is expected to register an impressive CAGR during the forecast period which can be attributed to rising applications in the oil & gas and chemicals and pharmaceuticals industries.

Mitsubishi Electric, Siemens, Rockwell Automation, Schneider Electric, Eaton, Ametek Inc., Emerson Electric, Bartec, Bosch Rexroth, ABB. etc. are some of the leading players operating in Asia-Pacific hazard control systems market. The companies operating in the market are using strategies such as product launches, mergers and collaborations to boost their share and expand their presence in the market.

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“In terms of end use, the Asia-Pacific hazard control systems market is categorized into oil & gas, metal and mining, chemicals and pharmaceuticals, mills, packaging, aerospace and defense & others. Among these, the oil & gas industry is expected to account for the largest share of the hazard control market during the forecast period on account of stringent safety norms across all major oil & gas producing countries in the region. Furthermore, because of rising incidents such as the oil spills, the industries are focusing more on safety, environmental protection, and concern for human safety.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Asia Pacific Hazard Control Systems Market By Protection, By Type, By End Use, By Country, Competition, Forecast & Opportunities, 2024 has evaluated the future growth potential of Asia-Pacific hazard control systems market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in Asia-Pacific hazard control systems market.

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