The Hazard Control market size will grow from USD 1.24 Billion in 2017 to USD 1.75 Billion by 2023, at an estimated CAGR of 5.89%. The base year considered for the study is 2017, and the market size is projected from 2018 to 2023.
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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 hazard control market has been segmented, by protection type, into flameproof/explosion proof, intrinsic safety, and others. The intrinsic safety segment is expected to be the largest and fastest-growing segment. Intrinsically safe devices find widespread application across all industries and in all types of hazardous division and zone classifications. Increasing industrialization in Asia Pacific will drive the demand for such devices during the forecast period.
By Market Players:
Schneider Electric , Siemens , Emerson , ABB , Rockwell , Eaton , Ametek , Magnetek , Mitsubishi Electric , BEI Sensors , Bosch Rexroth , Bartec
Motors , Servo Valves , Sensors & Actuators , Drives , Others
By Protection Type
Intrinsic Safety , Flameproof/Explosion Proof , Others
Oil & Gas , Metals & Mining , Chemicals & Pharmaceuticals , Mills (Flour & Grain) , Packaging
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