PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1324373
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1324373
Hazard control Market Forecasts to 2030 - Global Analysis By Product (Sensors and Actuators, Drives, Motors, Servo Valves and Other Products), Protection Type, End User and By Geography
According to Stratistics MRC, the Global Hazard control Market is accounted for $37.9 billion in 2023 and is expected to reach $113.3 billion by 2030 growing at a CAGR of 16.9% during the forecast period. The term "hazard control" refers to a programme that includes all necessary measures to protect workers from exposure to a substance or system, as well as the necessary training and procedures to monitor worker exposure and their health to hazards such as chemicals, materials, or substances. Other types of hazards, such as noise and vibration, also need to be controlled within the industry. In order to rank the hazards and risks, risk assessment is also involved.
According to a study conducted in China, the government of China implemented GRC (governance, risk management and compliance management) solution in organizations to improve risk monitoring, segregation of Duties (SOD) management reporting, and continuous control monitoring (CCM).
Market Dynamics:
Driver:
Growing demand for hazard control
Large-scale urbanisation is taking place in developing nations, which is predicted to raise demand for transportation, healthcare, housing, and building materials. The expansion of hazard control systems is being fuelled by an increase in energy demand from various industries to meet their need for nuclear fuel, coal, chemicals, and petroleum. As a result of hazardous effluents emitted during industrial operations, the demand for hazard control is anticipated to increase over the forecast period.
Restraint:
Issues associated with hazard control
For the industry's expansion throughout the aforementioned anticipated time period, a lack of data standardisation and escalating concerns about cybersecurity and data privacy would likely serve as significant market restraints. Another factor that is anticipated to limit market growth is the complexity of the programme and problems with configuration and installation.
Opportunity:
Growing concerns regarding hazardous wastages
Demand for the market is anticipated to be driven by hazardous wastes generated during industrial operations. Massive growth is taking place in economies that are expanding, and this is likely to raise demand for housing, transportation, and energy. The market in developed and developing nations is being driven by the rising demand for energy from various sectors to meet their needs for nuclear fuel, chemicals, coal, and petroleum.
Threat:
High training costs
Utilising risk management software can be challenging. Employees must be trained to use them for this reason. Additionally, replacements for departing employees must also undergo training. This training is time-consuming and expensive. Information systems for risk management can be very expensive. They are frequently offered for sale as stand-alone programmes or as programmes that may be linked with the main business resource planning programme.
COVID-19 Impact:
The growth of the risk management industry is anticipated to be significantly impacted by the introduction of COVID-19. Due to a number of variables, including the development in work-from-home culture across enterprises and the increased danger of cyberattacks and other security issues, spending on the risk management software industry is predicted to increase in comparison to spending scheduled before this epidemic. Additionally, the pandemic has drastically altered peoples' daily lives, their places of employment, and their surroundings.
The sensors and actuators segment is expected to be the largest during the forecast period
The sensors and actuators segment is estimated to have a lucrative growth, due to increasing demand from the mining, oil & gas, chemical, and aerospace industries. In addition, concerns about human safety and security have grown globally as a result of globalisation, industrialization, and technological advancements. As a result, there is a greater need for sensors and actuators to ensure a secure environment.
The oil & gas segment is expected to have the highest CAGR during the forecast period
The oil & gas segment is anticipated to witness the fastest CAGR growth during the forecast period. Demand for hazard control in the Oil & Gas segment is anticipated to rise as a result of increased demand from the chemical and oil & gas industries as well as a focus on environmental protection. The adoption of unconventional processing techniques by the chemical and oil and gas industries, as well as governments' other controlling authorities' severe rules and regulations on industrial safety, are also expanding the world's demand for hazard control.
Region with Largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to the growing energy demand in developing nations. An additional factor driving the expansion of the global risk management market is the increasing awareness among businesses of the need to adopt appropriate security measures and information protection policies. Market growth is anticipated to be fueled by the exploitation of locally developed unconventional hydrocarbon resources including tight oil and shale gas.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period, owing to its contribution to environmental protection. Organisations can provide clients better services by including several modules for customers, employees, and administrators. Threats to the banking and financial sector include credit risks, frauds, liquidity risks, operational risks, and balance sheet changes. Over the course of the forecast period, this aspect is anticipated to fuel the expansion of the worldwide risk management market.
Key players in the market:
Some of the key players profiled in the Hazard control Market include: Mitsubishi Electric, Rockwell, BEI Sensors, Schneider Electric, Emerson, Ametek, Bosch Rexroth, Eaton, Magnetek, Siemens, ABB, Bartec and BEI Sensors.
Key Developments:
In May 2023, Mitsubishi Electric Corporation and Commsignia Ltd n announced today that they have agreed to form a strategic partnership to deliver Vehicle-to-Everything (V2X) technology combining Commsignia's V2X solution and Mitsubishi Electric's High-Definition Locator (HDL) technology in a V2X platform that will support the safety of autonomous-driving and advanced-driver-assistance systems (ADAS).
In May 2023, Mitsubishi Electric Corporation and MOVENSYS Inc jointly announced that they have entered into a business partnership to strengthen collaboration in their respective AC servo and motion control businesses.
Products Covered:
- Sensors and Actuators
- Drives
- Motors
- Servo Valves
- Other Products
Protection Types Covered:
- Intrinsic Safety
- Explosion Proof
End Users Covered:
- Oil & Gas
- Aerospace & Defense
- Mills
- Chemicals
- Pharmaceuticals
- Packaging
- Metals & Mining
- Other End Users
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options::
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Product Analysis
- 3.7 End User Analysis
- 3.8 Emerging Markets
- 3.9 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Hazard Control Market, By Product
- 5.1 Introduction
- 5.2 Sensors and Actuators
- 5.3 Drives
- 5.4 Motors
- 5.5 Servo Valves
- 5.6 Other Products
6 Global Hazard Control Market, By Protection Type
- 6.1 Introduction
- 6.2 Intrinsic Safety
- 6.3 Explosion Proof
7 Global Hazard Control Market, By End User
- 7.1 Introduction
- 7.2 Oil & Gas
- 7.3 Aerospace & Defense
- 7.4 Mills
- 7.5 Chemicals
- 7.6 Pharmaceuticals
- 7.7 Packaging
- 7.8 Metals & Mining
- 7.9 Other End Users
8 Global Hazard Control Market, By Geography
- 8.1 Introduction
- 8.2 North America
- 8.2.1 US
- 8.2.2 Canada
- 8.2.3 Mexico
- 8.3 Europe
- 8.3.1 Germany
- 8.3.2 UK
- 8.3.3 Italy
- 8.3.4 France
- 8.3.5 Spain
- 8.3.6 Rest of Europe
- 8.4 Asia Pacific
- 8.4.1 Japan
- 8.4.2 China
- 8.4.3 India
- 8.4.4 Australia
- 8.4.5 New Zealand
- 8.4.6 South Korea
- 8.4.7 Rest of Asia Pacific
- 8.5 South America
- 8.5.1 Argentina
- 8.5.2 Brazil
- 8.5.3 Chile
- 8.5.4 Rest of South America
- 8.6 Middle East & Africa
- 8.6.1 Saudi Arabia
- 8.6.2 UAE
- 8.6.3 Qatar
- 8.6.4 South Africa
- 8.6.5 Rest of Middle East & Africa
9 Key Developments
- 9.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 9.2 Acquisitions & Mergers
- 9.3 New Product Launch
- 9.4 Expansions
- 9.5 Other Key Strategies
10 Company Profiling
- 10.1 Mitsubishi Electric
- 10.2 Rockwell
- 10.3 BEI Sensors
- 10.4 Schneider Electric
- 10.5 Emerson
- 10.6 Ametek
- 10.7 Bosch Rexroth
- 10.8 Eaton
- 10.9 Magnetek
- 10.10 Siemens
- 10.11 ABB
- 10.12 Bartec
- 10.13 BEI Sensors
List of Tables
- Table 1 Global Hazard Control Market Outlook, By Region (2021-2030) ($MN)
- Table 2 Global Hazard Control Market Outlook, By Product (2021-2030) ($MN)
- Table 3 Global Hazard Control Market Outlook, By Sensors and Actuators (2021-2030) ($MN)
- Table 4 Global Hazard Control Market Outlook, By Drives (2021-2030) ($MN)
- Table 5 Global Hazard Control Market Outlook, By Motors (2021-2030) ($MN)
- Table 6 Global Hazard Control Market Outlook, By Servo Valves (2021-2030) ($MN)
- Table 7 Global Hazard Control Market Outlook, By Other Products (2021-2030) ($MN)
- Table 8 Global Hazard Control Market Outlook, By Protection Type (2021-2030) ($MN)
- Table 9 Global Hazard Control Market Outlook, By Intrinsic Safety (2021-2030) ($MN)
- Table 10 Global Hazard Control Market Outlook, By Explosion Proof (2021-2030) ($MN)
- Table 11 Global Hazard Control Market Outlook, By End User (2021-2030) ($MN)
- Table 12 Global Hazard Control Market Outlook, By Oil & Gas (2021-2030) ($MN)
- Table 13 Global Hazard Control Market Outlook, By Aerospace & Defense (2021-2030) ($MN)
- Table 14 Global Hazard Control Market Outlook, By Mills (2021-2030) ($MN)
- Table 15 Global Hazard Control Market Outlook, By Chemicals (2021-2030) ($MN)
- Table 16 Global Hazard Control Market Outlook, By Pharmaceuticals (2021-2030) ($MN)
- Table 17 Global Hazard Control Market Outlook, By Packaging (2021-2030) ($MN)
- Table 18 Global Hazard Control Market Outlook, By Metals & Mining (2021-2030) ($MN)
- Table 19 Global Hazard Control Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 20 North America Hazard Control Market Outlook, By Country (2021-2030) ($MN)
- Table 21 North America Hazard Control Market Outlook, By Product (2021-2030) ($MN)
- Table 22 North America Hazard Control Market Outlook, By Sensors and Actuators (2021-2030) ($MN)
- Table 23 North America Hazard Control Market Outlook, By Drives (2021-2030) ($MN)
- Table 24 North America Hazard Control Market Outlook, By Motors (2021-2030) ($MN)
- Table 25 North America Hazard Control Market Outlook, By Servo Valves (2021-2030) ($MN)
- Table 26 North America Hazard Control Market Outlook, By Other Products (2021-2030) ($MN)
- Table 27 North America Hazard Control Market Outlook, By Protection Type (2021-2030) ($MN)
- Table 28 North America Hazard Control Market Outlook, By Intrinsic Safety (2021-2030) ($MN)
- Table 29 North America Hazard Control Market Outlook, By Explosion Proof (2021-2030) ($MN)
- Table 30 North America Hazard Control Market Outlook, By End User (2021-2030) ($MN)
- Table 31 North America Hazard Control Market Outlook, By Oil & Gas (2021-2030) ($MN)
- Table 32 North America Hazard Control Market Outlook, By Aerospace & Defense (2021-2030) ($MN)
- Table 33 North America Hazard Control Market Outlook, By Mills (2021-2030) ($MN)
- Table 34 North America Hazard Control Market Outlook, By Chemicals (2021-2030) ($MN)
- Table 35 North America Hazard Control Market Outlook, By Pharmaceuticals (2021-2030) ($MN)
- Table 36 North America Hazard Control Market Outlook, By Packaging (2021-2030) ($MN)
- Table 37 North America Hazard Control Market Outlook, By Metals & Mining (2021-2030) ($MN)
- Table 38 North America Hazard Control Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 39 Europe Hazard Control Market Outlook, By Country (2021-2030) ($MN)
- Table 40 Europe Hazard Control Market Outlook, By Product (2021-2030) ($MN)
- Table 41 Europe Hazard Control Market Outlook, By Sensors and Actuators (2021-2030) ($MN)
- Table 42 Europe Hazard Control Market Outlook, By Drives (2021-2030) ($MN)
- Table 43 Europe Hazard Control Market Outlook, By Motors (2021-2030) ($MN)
- Table 44 Europe Hazard Control Market Outlook, By Servo Valves (2021-2030) ($MN)
- Table 45 Europe Hazard Control Market Outlook, By Other Products (2021-2030) ($MN)
- Table 46 Europe Hazard Control Market Outlook, By Protection Type (2021-2030) ($MN)
- Table 47 Europe Hazard Control Market Outlook, By Intrinsic Safety (2021-2030) ($MN)
- Table 48 Europe Hazard Control Market Outlook, By Explosion Proof (2021-2030) ($MN)
- Table 49 Europe Hazard Control Market Outlook, By End User (2021-2030) ($MN)
- Table 50 Europe Hazard Control Market Outlook, By Oil & Gas (2021-2030) ($MN)
- Table 51 Europe Hazard Control Market Outlook, By Aerospace & Defense (2021-2030) ($MN)
- Table 52 Europe Hazard Control Market Outlook, By Mills (2021-2030) ($MN)
- Table 53 Europe Hazard Control Market Outlook, By Chemicals (2021-2030) ($MN)
- Table 54 Europe Hazard Control Market Outlook, By Pharmaceuticals (2021-2030) ($MN)
- Table 55 Europe Hazard Control Market Outlook, By Packaging (2021-2030) ($MN)
- Table 56 Europe Hazard Control Market Outlook, By Metals & Mining (2021-2030) ($MN)
- Table 57 Europe Hazard Control Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 58 Asia Pacific Hazard Control Market Outlook, By Country (2021-2030) ($MN)
- Table 59 Asia Pacific Hazard Control Market Outlook, By Product (2021-2030) ($MN)
- Table 60 Asia Pacific Hazard Control Market Outlook, By Sensors and Actuators (2021-2030) ($MN)
- Table 61 Asia Pacific Hazard Control Market Outlook, By Drives (2021-2030) ($MN)
- Table 62 Asia Pacific Hazard Control Market Outlook, By Motors (2021-2030) ($MN)
- Table 63 Asia Pacific Hazard Control Market Outlook, By Servo Valves (2021-2030) ($MN)
- Table 64 Asia Pacific Hazard Control Market Outlook, By Other Products (2021-2030) ($MN)
- Table 65 Asia Pacific Hazard Control Market Outlook, By Protection Type (2021-2030) ($MN)
- Table 66 Asia Pacific Hazard Control Market Outlook, By Intrinsic Safety (2021-2030) ($MN)
- Table 67 Asia Pacific Hazard Control Market Outlook, By Explosion Proof (2021-2030) ($MN)
- Table 68 Asia Pacific Hazard Control Market Outlook, By End User (2021-2030) ($MN)
- Table 69 Asia Pacific Hazard Control Market Outlook, By Oil & Gas (2021-2030) ($MN)
- Table 70 Asia Pacific Hazard Control Market Outlook, By Aerospace & Defense (2021-2030) ($MN)
- Table 71 Asia Pacific Hazard Control Market Outlook, By Mills (2021-2030) ($MN)
- Table 72 Asia Pacific Hazard Control Market Outlook, By Chemicals (2021-2030) ($MN)
- Table 73 Asia Pacific Hazard Control Market Outlook, By Pharmaceuticals (2021-2030) ($MN)
- Table 74 Asia Pacific Hazard Control Market Outlook, By Packaging (2021-2030) ($MN)
- Table 75 Asia Pacific Hazard Control Market Outlook, By Metals & Mining (2021-2030) ($MN)
- Table 76 Asia Pacific Hazard Control Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 77 South America Hazard Control Market Outlook, By Country (2021-2030) ($MN)
- Table 78 South America Hazard Control Market Outlook, By Product (2021-2030) ($MN)
- Table 79 South America Hazard Control Market Outlook, By Sensors and Actuators (2021-2030) ($MN)
- Table 80 South America Hazard Control Market Outlook, By Drives (2021-2030) ($MN)
- Table 81 South America Hazard Control Market Outlook, By Motors (2021-2030) ($MN)
- Table 82 South America Hazard Control Market Outlook, By Servo Valves (2021-2030) ($MN)
- Table 83 South America Hazard Control Market Outlook, By Other Products (2021-2030) ($MN)
- Table 84 South America Hazard Control Market Outlook, By Protection Type (2021-2030) ($MN)
- Table 85 South America Hazard Control Market Outlook, By Intrinsic Safety (2021-2030) ($MN)
- Table 86 South America Hazard Control Market Outlook, By Explosion Proof (2021-2030) ($MN)
- Table 87 South America Hazard Control Market Outlook, By End User (2021-2030) ($MN)
- Table 88 South America Hazard Control Market Outlook, By Oil & Gas (2021-2030) ($MN)
- Table 89 South America Hazard Control Market Outlook, By Aerospace & Defense (2021-2030) ($MN)
- Table 90 South America Hazard Control Market Outlook, By Mills (2021-2030) ($MN)
- Table 91 South America Hazard Control Market Outlook, By Chemicals (2021-2030) ($MN)
- Table 92 South America Hazard Control Market Outlook, By Pharmaceuticals (2021-2030) ($MN)
- Table 93 South America Hazard Control Market Outlook, By Packaging (2021-2030) ($MN)
- Table 94 South America Hazard Control Market Outlook, By Metals & Mining (2021-2030) ($MN)
- Table 95 South America Hazard Control Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 96 Middle East & Africa Hazard Control Market Outlook, By Country (2021-2030) ($MN)
- Table 97 Middle East & Africa Hazard Control Market Outlook, By Product (2021-2030) ($MN)
- Table 98 Middle East & Africa Hazard Control Market Outlook, By Sensors and Actuators (2021-2030) ($MN)
- Table 99 Middle East & Africa Hazard Control Market Outlook, By Drives (2021-2030) ($MN)
- Table 100 Middle East & Africa Hazard Control Market Outlook, By Motors (2021-2030) ($MN)
- Table 101 Middle East & Africa Hazard Control Market Outlook, By Servo Valves (2021-2030) ($MN)
- Table 102 Middle East & Africa Hazard Control Market Outlook, By Other Products (2021-2030) ($MN)
- Table 103 Middle East & Africa Hazard Control Market Outlook, By Protection Type (2021-2030) ($MN)
- Table 104 Middle East & Africa Hazard Control Market Outlook, By Intrinsic Safety (2021-2030) ($MN)
- Table 105 Middle East & Africa Hazard Control Market Outlook, By Explosion Proof (2021-2030) ($MN)
- Table 106 Middle East & Africa Hazard Control Market Outlook, By End User (2021-2030) ($MN)
- Table 107 Middle East & Africa Hazard Control Market Outlook, By Oil & Gas (2021-2030) ($MN)
- Table 108 Middle East & Africa Hazard Control Market Outlook, By Aerospace & Defense (2021-2030) ($MN)
- Table 109 Middle East & Africa Hazard Control Market Outlook, By Mills (2021-2030) ($MN)
- Table 110 Middle East & Africa Hazard Control Market Outlook, By Chemicals (2021-2030) ($MN)
- Table 111 Middle East & Africa Hazard Control Market Outlook, By Pharmaceuticals (2021-2030) ($MN)
- Table 112 Middle East & Africa Hazard Control Market Outlook, By Packaging (2021-2030) ($MN)
- Table 113 Middle East & Africa Hazard Control Market Outlook, By Metals & Mining (2021-2030) ($MN)
- Table 114 Middle East & Africa Hazard Control Market Outlook, By Other End Users (2021-2030) ($MN)
