The Oil & gas industry is expected to account for the largest share of the hazard control market during the forecast period. Safety norms have been made stringent across all major oil & gas producing regions, particularly North America and Europe. Incidents such as the Deepwater Horizon oil spill in the US Gulf of Mexico have driven a new focus on safety, environmental protection, and concern for human safety.
The global "Hazard Control Market" is projected to grow at a CAGR of 5.83%, from 2017 to 2022, to reach a market size of USD 1.63 Billion by 2022. This growth is attributed to stringent norms for industrial safety, increasing environmental concerns, and growing concerns for human safety in industries.
The hazard control market has been analyzed with respect to 5 regions, namely, North America, Europe, Asia Pacific, the Middle East & Africa, and South America. North America is projected to the largest market for hazard control, during the forecast period, due to increased activities in the unconventional oil & gas production sector in the region. The market in Asia Pacific is expected to grow at the highest CAGR, from 2017 to 2022.
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.
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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 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.
Target Audience:
- Component manufacturing companies
- Energy associations
- Government regulatory bodies
- Industrial manufacturing companies
- Environment monitoring bodies
Scope of the Report:
- By Protection Type
- Fireproof/Explosion Proof
- Intrinsic Safety
- Others
- By Product
- Motors
- Servo Valves
- Sensors and Actuators
- Drives
- Others
- By Industry
- Oil & Gas
- Metals and Mining
- Chemicals and Pharmaceuticals
- Mills (Flour and Grain)
- Packaging
- Aerospace and Defense
- Others
- By Region
- North America
- Asia Pacific
- Europe
- Middle East & Africa
- South America
The Leading Players in the hazard control market include ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Rockwell Automation (US), Eaton (Ireland), and Emerson Electric (US).
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