The hazard control market is expected to grow from an estimated USD 1.22 billion in 2017 to USD 1.63 billion by 2022, at a CAGR of 5.83%, from 2017 to 2022. The market in Asia Pacific is expected to be the fastest-growing hazard control market, closely followed by the North American market. 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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“The hazard control market is projected to grow at a CAGR of 5.83%, from 2017 to 2022.”
The hazard control market is expected to grow from an estimated USD 1.22 billion in 2017 to USD 1.63 billion by 2022, at a CAGR of 5.83%, from 2017 to 2022. The stringent industrial safety norms, increase in unconventional oil & gas production, and growing concerns for human and environmental safety are the major drivers of the hazard control market.
Stringent safety norms that mandate the use of hazard-proof equipment in dangerous industrial environments is driving the hazard control market. Regulatory compliance has assumed significant importance in light of harsh penalties for accidents that may be caused by the absence of adequate safety measures.
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2 Market Dynamics
2.1.1 Stringent Norms for Industrial Safety
2.1.2 Development of Unconventional Hydrocarbon Resources
2.1.3 Growing Environmental Concerns
2.1.4 Growing Concern for Human Safety in Industries
2.2.1 High Capital Cost Requirements
2.2.2 Lack of Efficient Government Monitoring for Industrial Safety in Developing Economies
2.3.1 Growth in the Manufacturing Sector in Asia Pacific
2.3.2 Increase in the Use of Sensitive Equipment
2.4.1 Approval From Regulatory and Certification Authorities
2.4.2 Ensuring Sync Between Different Components to Minimize Hazardous Occurrences
“The aerospace and defence industry market is expected to grow at the highest CAGR, from 2017 to 2022.”
The market for defence equipment is growing by leaps and bounds in view of the grave security challenges and complex nature of security-related incidents across the world. Geopolitical conflicts, incidences of terrorism, and the need to enhance deterrence capabilities are driving aerospace and defence equipment manufacturing.
Défense manufacturing involves hazards such as the risk of fire, contamination, radiation exposure, and explosion. Thus, the aerospace & defence segment of the hazard control market, by industry, is expected to grow at a fast pace.
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“Asia Pacific: The fastest-growing market for hazard control.”
The market in Asia Pacific is expected to be the fastest-growing hazard control market, closely followed by the North American market. The market in Asia Pacific is primarily driven by economies such as China, Japan, and India.
The governments in these countries are redoubling their focus on industrial safety, particularly in China, where frequent accidents are reported each year in coal mines and chemical factories.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
- By Company Type: Tier 1- 56%, Tier 2- 28%, Tier 3- 16%
- By Designation: C-Level- 25%, Manager Level- 35%, Others- 40%
- By Region: North America- 30%, Europe-25%, Asia Pacific- 20%, Middle East & Africa- 15%, South America- 10%
Note The tier of the companies is defined based on their total revenue as of 2016: Tier 1 = >USD 1 billion, Tier 2 = From USD 500 million to USD 1 billion, and Tier 3 = < USD 500 million.
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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The report defines, describes, and forecasts the global hazard control market by product, industry, protection type, and region. It also offers a detailed qualitative and quantitative analysis of the market.
The report provides a comprehensive review of the major market drivers, restraints, opportunities, challenges, and key issues. It also covers various important aspects of the market.