Hazardous Area Sensors Market (Types - Gas Sensing (Electrochemical, Optical, Ionization Based, Solid State, Magnetic & Related, Optical Fiber, Acoustic & Related), Pressure Sensing (Resonant Solid State, Piezoresistive Strain Gauge, Piezoelectric, Capacitive, Fiber Optic), Current Sensing (Hall Effect IC Sensor, Resistor, Fiber Optic Current Sensor, Rogowski Coil), Voltage Sensing (Closed Loop Hall Effect Technology, Electronic), Temperature Sensors (Resistance Temperature Detectors, Thermocouple, Fiber Optic)) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023

Albany, NY -- (SBWire) -- 01/06/2017 --The growing importance for 'Intrinsic Safety' across various industry verticals is primarily driving growth of the hazardous area sensors market. Additionally, increasing stringency of government legislations and policies across the globe, governing hazardous area certified products, have been compelling users of hazardous area equipment to adhere to strict classification standards and certifications. This in turn is also steadily boosting growth of the global hazardous area sensors market. Furthermore, the renewed interest in shale gas and 'coal gas' has led to growing explorations for gas beds which in turn has aided in increased application of hazardous area sensors. Considering the positive impacts of the factors mentioned previously, the hazardous area sensors market can be anticipated to grow steadily during the forecast period.The global market for hazardous area sensors is poised to expand at a 4.6% CAGR during the forecast period of 2015 to 2023, rising from a value of US$4.5 bn to US$6.7 bn therein.

On the basis of types, the hazardous area sensors market has been segmented into gas sensing, pressure sensing, current sensing, voltage sensing and temperature sensors. The market revenue for hazardous area sensors has been provided in terms of USD million, along with the CAGR for the forecast period from 2015 to 2023. Application industry covered under this report includes power, oil & gas, mining & metal, grain storage, healthcare, chemical, pharmaceutical, waste & sewage management, fertilizer among others. Each of these segments provide market size and forecast for the period 2015 - 2023, highlighting the key trends influencing and challenging factors for each segment. The regional market analysis gives in-depth analysis of the current trends in different regions including North America, Europe, Asia Pacific, and Rest of the World (RoW). South America and Middle-East & Africa are covered in ROW.

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To aid in strategic decision-making, the report also includes competitive profiling of leading players in the industry, their market share, various business strategies adopted by them, and recent developments. The key trends analysis provided in the report discusses the various technological advancements and sensor types available currently, with a focus on the future penetration of these products. The value chain analysis included in the report provides information on raw material suppliers, manufacturers, distributors and consumers. The market attractiveness analysis and Porter's five forces analysis included in the report provide insight into market dynamics, industry competition, and the most profitable segments in the hazardous area sensors market. The regulations section included in the report details the various regulations which are currently in effect across the globe. Additionally, the report also details the top players for each region and by each type, along with the top 10 suppliers of hazardous area sensors in each region.

The report also provides breakdown and assessment of various factors impacting the market growth, which are suitably described as market drivers, restraints, and opportunities. These factors determine various existing trends and their impact on market growth. Overall, taking into consideration the various factors affecting the hazardous area sensors market, the report includes a holistic analysis of the global hazardous area sensors market, and provides an estimate of growth for the forecast period 2015 to 2023.

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Some of the leading players in the market Yokogawa Electric Corporation (Japan), ABB Group (Switzerland), Siemens AG (Germany), SICK AG (Germany), Endress and Hauser (Switzerland), ABB Group (Switzerland), Mettler-Toledo International, Inc. (U.S.), Neo Monitors AS (Norway), Honeywell International, Inc. (U.S.), Servomex Group Ltd. (U.K.) and Eaton Corporation Plc (U.S.) among others.