Hazard control mainly consists of necessary and effective steps to protect workers from workplace hazards, such as exposure to chemicals, other materials or substances, and noise or vibrations. Hazard control is widely accepted and practiced by various safety organizations. The global market for hazard control is expected to witness a steady growth in the coming years, mainly owing to the increased concerns related to environment and stringent safety norms being implemented across various industries.
Market overview
The global hazard control market which was valued at USD 1.17 Billion in 2016 is projected to grow at a CAGR of 5.83% during the forecast period 2017-2022, reaching a value of USD 1.63 Billion by 2022.
Among industries, the oil & gas industry is expected to hold the largest market share as well as witness the fastest growth in the coming years. This growth can be majorly contributed to the strict safety norms across all major oil & gas producing regions, especially North America and Europe and increased focus on safety, environmental protection, and concern for human safety due to incidents such as Deepwater Horizon oil spill in the US Gulf of Mexico.
Based on product, the motor segment held the largest market share in 2016, and is also likely to dominate the market in the coming years as well. However, the servo valves segment is projected to witness the highest growth over the forecast period, owing to the increasing applications in the oil & gas and chemicals and pharmaceuticals industries.
Based on protection type, the intrinsic safety segment is projected to dominate the market with the highest share, and also witness the fastest growth over the forecast period. This growth is mainly because of the widespread application of intrinsically safe devices and high demand from the APAC region due to growing industrialization.
How is the market progressing, geographically?
Among regions, North America is expected to hold the largest share for hazard control market during the forecast period, owing to the increased activities in the unconventional hydrocarbon resources such as shale gas and tight oil along with revamping of the mining industry in this region. However, the market in Asia Pacific is expected to grow at the highest CAGR between 2017 and 2022, mainly driven by the growing industrialization and urbanization in emerging economies, such as India and China and increasingly stringent industrial safety norms in this region. Countries such as China, India, and Japan are driving the hazard control market in Asia Pacific.
What is driving and restraining the market growth?
The major factors responsible for the growth of the global market for hazard control include:
- Strict norms for industrial safety
- Development of unconventional hydrocarbon resources
- Rising environmental concerns
- Increasing concerns for human safety in industries
In addition, increased use of sensitive equipment and growing manufacturing sector in Asia Pacific are expected to further create ample growth opportunities for this market.
On the flip side, high capital costs and lack of efficient government monitoring for industrial safety norms in developing economies are expected to hinder the growth of this market.
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Key players and strategies adopted for sustenance
The leading players operating in the global hazard control market include ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Rockwell Automation (US), Eaton (Ireland), and Emerson Electric (US). These companies are adopting various growth strategies in order to capture a larger market share as well as witness sustained growth. Among all the strategies, new product launches was the most commonly adopted strategy by the leading players, followed by contracts & agreements, mergers & acquisitions, and expansions.
