The report, now available on ASDReports, "Hazard Control Market by Product (Motors, Servo Valves, Sensors and Actuators, Drives), Protection (Flameproof, Intrinsic Safety), Industry (Oil & Gas, Mining, Chemicals, Mills, Packaging), and Region - Global Forecast to 2022", The hazard control market is expected to grow from an estimated USD 1.22 Billion in 2017 to USD 1.63 Billion by 2022, at a CAGR of 5.83%, from 2017 to 2022. The global market is set to witness a significant growth due to stringent norms for industrial safety, development of unconventional hydrocarbon resources, growing environmental concerns, and growing concern for human resources safety in industries.
The motors segment is expected to hold the largest share of the hazard control market, by product type, during the forecast period.
The motors segment is expected to account for the largest share of the product type segment, followed by the servo valves and sensors and actuators segments. Motors are widely used across multiple applications in equipment such as industrial fans, blowers, and pumps. Motors are can operate in harsh working environments such as highly corrosive, dangerous environments, potentially explosive atmospheres, and wet environments.
The intrinsic safety segment is expected to hold the largest share of the hazard control market, by protection type, during the forecast period.
Intrinsically safe devices limit the available electrical energy to non-incendive levels to avoid sparks and hotspots from short circuits or failures which may lead to explosive atmospheres. Intrinsically safe devices find widespread application across all industries and in all types of hazardous division and zone classifications. The demand for intrinsically safe devices is highest in Asia Pacific due to increasing industrialization in the region.
The North American market is expected to hold the largest share of the hazard control market, by region, during the forecast period.
The North American market is driven by the development of unconventional hydrocarbon resources such as shale gas and tight oil. Revamping of the mining industry would also drive the growth of the hazard control market in the region. Asia Pacific is projected to be fastest-growing regional market due to increasing industrialization in emerging economies such as India and China. According to the IEA, China is expected to account for 280 billion cubic meters (bcm) of global natural gas demand by 2040. China will also overtake the US as the top oil consumer, by 2030, with net imports of 13 million barrels per day (mb/d), by 2040.
The demand for crude oil would be driven by the petrochemical and transportation sectors. In the transportation sector, diesel is expected to be the key driving factor till 2040.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the hazard control market. These include ABB (Switzerland), Eaton (Ireland), Emerson (US), Schneider Electric (France), and Siemens (Germany). The leading players are trying to understand the markets in developing economies and are adopting various strategies to increase their market shares.
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Source: ASDReports - Market Research
Date: Dec 18, 2017