Hazardous Location Connectors Market to record USD 2.33 Bn growth -- Driven by rising industrial safety measures
NEW YORK, Sept. 12, 2022 /PRNewswire/ -- The "Hazardous Location Connectors Market by End-user and Geography - Forecast and Analysis 2022-2026" report has been added to Technavio's offering. The report expects the market size to grow by USD 2.33 billion between 2021 and 2026, expanding at a CAGR of 5.18% during the forecast period. The report considers various aspects such as the consumer base, adoption rate, average selling price, revenue generated by vendors, and various other factors to estimate the market size. Download Sample PDF Report
The global hazardous location connectors market is fragmented, with the presence of international and regional vendors offering different ranges of hazardous location connectors. Vendors compete in terms of price, brand image, quality, service, and technical expertise. However, pricing continues to be a major factor among vendors in the market.
Major vendors are adopting various strategies, such as new product launches, joint ventures, expansions, partnerships, and acquisitions, to increase their share in the global hazardous location connectors market, which is giving a high rivalry to local players. The need for moderate capital investments poses a challenge for regional and local vendors with limited resources to enter the market. Competition among the existing players is high, which is attributed to the presence of numerous players as well as the high growth potential of the market. The market is expected to grow owing to increasing E&P operations across the world and the rising demand for wastewater treatment activities, which, in turn, will boost the demand for hazardous location connectors during the forecast period.
The report identifies ABB Ltd., Adobe Inc., American Connectors, Amphenol Industrial Products Group, Atkore International Group Inc., Bulgin Ltd., Eaton Corp. Plc, Elcom International Pvt. Ltd, Emerson Electric Co., Freudenberg SE, TURCK India Automation Pvt. Ltd., HARTING Technology Group, Hubbell Inc., ITT BIW Connector Systems, Pepperl and Fuchs SE, R. Stahl AG, Sonepar Group, Steck Connections, WAGO GmbH and Co. KG, and Warom Technology Incorporated Co. as major market participants.
Although the rising industrial safety measures will offer immense growth opportunities, the lack of skilled human resources will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. Request Sample Report Here
The global hazardous location connectors market is segmented as below:
The oil and gas industry is the prime end-user in the market. Factors such as the growing global population, economic development, and the rising demand for crude oil are driving the growth of the segment.
North America will emerge as the key market, occupying 36% of the global market share. The increased production of oil, especially in countries such as the US and Canada is driving the growth of the regional market. In addition, rising industrial safety measures and increasing awareness among industry personnel will have a positive impact on the growth of the hazardous location connectors market in North America.
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our hazardous location connectors market report covers the following areas:
Hazardous Location Connectors Market 2022-2026: Vendor Analysis
We provide a detailed analysis of around 25 vendors operating in the hazardous location connectors market. Backed with competitive intelligence and benchmarking, our research report on the hazardous location connectors market is designed to provide entry support, customer profile, and M&As as well as go-to-market strategy support.
Hazardous Location Connectors Market 2022-2026: Key Highlights
Table Of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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