The global hazardous area sensors market
is characterized by the presence of a few large and experienced players
such as Honeywell International Inc., ABB Group, and Siemens AG, which
presents a huge barrier to new entrants. These established players
already have a stronghold on the global market, with stiff competition
between them. Transparency Market Research identifies security threats
as the major challenge for all existing players and finds that companies
have been devising improved products with better security features.
“Product innovation and development is a
key strategy adopted by most leading market players,” the lead author of
the study finds. “In order to survive stiff competition in the
hazardous area sensors market, companies are involved in research and
development activities to create innovative products.”
Honeywell International, for instance,
expanded its portfolio of hammer union/wing union pressure sensors in
April 2016 with the addition of the IEC Ex/ATEX certified Model 343 to
its already existing 435 and 437 models.
Concept of “Intrinsic Safety” Gains Prominence
The rising importance of intrinsic safety
has positively influenced the growth of the hazardous area sensors
market, TMR states. Intrinsic safety is a globally recognized and widely
accepted technique of low-energy signaling at a hazardous location,
thereby preventing the occurrence of explosions. The acceptance of this
concept in present-day manufacturing facilities in oil refineries,
textile mills, paint manufacturers, and chemical plants has strongly
driven the market and the impact is anticipated to be high toward the
end of the forecast period.
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“In addition to the growing prominence of
intrinsic safety, the implementation of stringent government
legislations across the globe has compelled companies to make use of
hazardous area sensors,” the author of the study observes. Countries
such as the U.S., the U.K., Germany, Canada, France, Austria,
Switzerland, and the Netherlands have set up specific standards,
certifications, and ratings for sensor safety.
Surging Application of Hazardous Area Sensors in Shale Gas Exploration and Extraction
The global market for hazardous area
sensors is anticipated to register an increase in value from US$4.5 bn
in 2014 to US$6.7 bn by 2023 at a 4.6% CAGR therein. By application, the
oil and gas industry has led the overall hazardous area sensors market
with a share of almost 22% in 2014. “Fueled by the growing application
of these sensors in the exploration and extraction of shale gas, this
segment is likely to retain its lead through 2023,” the analyst
predicts.
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