Hazard Control System Market is Expected to Witness a Rapid Growth Through 2025
Stringent occupational
safety requirements, especially on construction sites is acting as a key growth
driver for global hazard control system market.
According
to TechSci Research report, “Global Hazard Control System Market By Protection Type (Fireproof/Explosion Proof,
Intrinsic Safety & Others), By Type (Motors, Servo Valves, Sensors and
Actuators, Drives & Others), By End Use (Oil & Gas, Metal and Mining,
Chemicals and Pharmaceuticals, Mills, Packaging, Aerospace and Defense &
Others), By Region, Forecast & Opportunities, 2025”, the market is anticipated to
undergo a significant CAGR during the forecast period. Key factors propelling
the growth of global hazard control system market are increasing urbanization
in growing economies, rapid industrial operations, and rising concern for human
resources safety. Moreover, stringent industrial safety norms, development of
unconventional hydrocarbons resources and growing awareness towards environmental
safety are also creating increasing need for hazard control systems. Apart from
this, the rising demand for energy by various industries has led to unconventional
oil & gas production which is another major factor fueling the growth of
global hazard control system market. With increasing construction activities,
especially in developing economies, the market is expected to grow
substantially over the forecast period.
Furthermore, the growing need for wireless
infrastructure to maintain/monitor safety in various plants is leading to high
adoption of hazard control systems. Also, rising demand for control valves from
oil and gas industry and enhancement of existing plants are providing lucrative
growth opportunities for global hazard control system market. In addition to
this, manufactures are undergoing extensive R&D activities and are
introducing technologically advanced, mechanically sound & energy efficient
hazard systems to meet the growing demand from various end user industries.
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Global
hazard control system market is segmented based on protection type, type, end
use and region. Based on protection type, the market can be segmented into fireproof/explosion
proof, intrinsic safety, and others. Among them, intrinsic safety is expected
to undergo high CAGR during the forecast period as they find wide application
throughout all industries and in all types of hazardous divisions. Moreover,
increasing industrial activities are also creating high demand for intrinsic
safety protection type.
Based
on type, the global hazard control system market can be categorized into motors,
servo valves, sensors and actuators, drives and others. Among them, the sensors
and actuator control systems are anticipated to witness fastest growth in the
global market during the forecast period on account of their increasing
application in various end use industries. Sensors and actuators are high in
demand particularly in countries like China and Japan.
Major players operating in the global hazard
control system market are ABB Group, AMETEK, Inc., BEI
Sensors, Bosch Rexroth AG, Eaton Corporation PLC, Emerson Electric Company,
Magnetek, Inc., Mitsubishi Electric Corporation, Rockwell Automation, Inc.,
Schneider Electric SA and Siemens AG. Leading companies are using new product
launches as their key growth strategy. Apart from this, they are also
undergoing mergers & acquisitions, partnerships and collaborations to
strengthen their position in global hazard control system market.
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“The growing urbanization and industrial activities in
countries like India, China and South Korea makes Asia Pacific a highly
profitable market for hazard control system manufactures. The region is
expected to dominate the global market in terms of revenue during the forecast
period. Moreover, the increasing demand for energy is also supporting the
growth of hazard control system market in Asia Pacific,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“Global
Hazard Control System Market By Protection Type (Fireproof/Explosion Proof,
Intrinsic Safety & Others), By Type (Motors, Servo Valves, Sensors and
Actuators, Drives & Others), By End Use (Oil & Gas, Metal and Mining,
Chemicals and Pharmaceuticals, Mills, Packaging, Aerospace and Defense &
Others), By Region, Forecast & Opportunities, 2025” has
evaluated the future growth potential of hazard control system 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 global hazard control system market.
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