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.
Contact
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