Albany, NY -- (SBWIRE) -- 05/10/2017 -- A large share in the global hazardous area sensors is dictated by multinational players such as ABB Group, Honeywell International Inc., and Siemens AG. Since security threats are a major challenge for hazardous area sensors, launching innovative products with better security is the go-to strategy for all existing players, finds Transparency Market Research (TMR) in a new study. Continuous product innovation is increasing the competitive rivalry among players. "The competitive rivalry is expected to be unaffected by the entry of new players, as the large players have already acquired the majority of market shares," says TMR's lead analyst.

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Oil and Gas to Remain Leading Application Segment through 2023

The global hazardous area sensors market was valued at US$4.75 bn in 2015 and is poised to reach US$6.79 bn by 2023, rising at a CAGR of 4.6% between 2015 and 2023. Asia Pacific will continue to be the leading revenue generator until 2023, representing 39.5% of the overall market. The improving economic conditions coupled with the robust growth of various end-user industries is contributing to the growth of the region. The Rest of the World segment is likely to exhibit a CAGR of 5.5% during the same period. The increasing importance given to intrinsic safety by various industrial verticals is promoting the demand for hazardous area sensors in this region.

By application, oil and gas will continue to dominate the market until 2023, accounting for 20.6% of the overall market revenue. The rising demand for coal gas and shale gas is leading to the increasing exploration of new gas fields, which is positively influencing the growth of the segment. The grain storage segment is expected to expand at a 5.8% CAGR during the forecast period. The growth of the segment can be attributed to the increasing emphasis on the intrinsic safety of grain storage facilities and the rising awareness regarding the potential hazards of grain dust.

Strict Government Regulations Pertaining to Use of Hazardous Equipment to Fuel Growth Prospects

Coal mines, petrochemical processing plants, and oil refineries to a certain extent operate in the presence of combustible vapors and gases. Intrinsic safety ensures that under no circumstance will any equipment emit energy to cause an explosion. Thus, the growing importance of intrinsic safety in many present-day manufacturing facilities is driving the global hazardous area sensors market. Stringent government legislations and policies across the globe have compelled users of hazardous equipment to adhere to strict classification standards. This is likely to provide a significant push to the global market. Moreover, the flourishing growth of the shale gas industry is accelerating the demand for hazardous area sensors.

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Global Economic Slowdown to Impede Growth of Hazardous Area Sensors Market

The global market for hazardous area sensors is plagued by its own maturity. All technologies other than infrared technology have reached a stage where no significant technological developments can happen, thereby limiting the growth potential of the overall market. Furthermore, over the past few years, a sharp slowdown in developing economies is weighing down on trade and activity. Simultaneously, in advanced economies, repressed investment and productivity growth are hindering the momentum of recovery. This is resulting in the decline of oil and other commodity prices, which in turn is inhibiting the growth of the global hazardous area sensors market. Another factor adversely affecting the growth of the market is the high cost associated with upgrading legacy systems while mounting advanced sensors.