“The hazard control market is projected to grow at a CAGR of 5.83%, from 2022 to 2031.”
The Hazard Control Market is expected to grow from an estimated USD 1.22 billion in 2022 to USD 1.63 billion by 2031, at a CAGR of 5.83%, from 2022 to 2031. 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.
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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.
“The aerospace and defense industry market is expected to grow at the highest CAGR, from 2022 to 2031.”
The market for defense 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 defense equipment manufacturing. Defense manufacturing involves hazards such as the risk of fire, contamination, radiation exposure, and explosion. Thus, the aerospace & defense segment of the hazard control market, by industry, is expected to grow at a fast pace.
“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%
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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 = 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).
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.
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The report identifies and addresses key solutions operators for hazard control, which would help solutions providers review the growth in the demand for services.
The report helps solutions providers understand the pulse of the market and provides insights into drivers, restraints, and challenges.
The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.
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