MOUNTAIN VIEW, CA--(BUSINESS WIRE)--The rising affluence of consumers in places like India, China, and Latin America has led to the increase in private consumption. In turn, this economic growth triggers a greater investment in chemical projects. Therefore, the chemicals and petrochemicals industries have gained from these trends, which have consequently benefited the sensors markets.
New analysis from Frost & Sullivan, World Market for Sensors in the Chemicals and Petrochemicals Industries, finds that the market earned revenues of $3.69 billion in 2007 and estimates this to reach $5.33 billion in 2014.
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"The hike in demand for oil and chemicals has led to an improvement in investments across the entire oil and gas value chain," states a Frost & Sullivan research analyst. "This increased demand is a global trend, with investments in new facilities for chemical manufacturing and refining in emerging economies such as Asia, Eastern Europe, and South America creating a huge corollary market for sensors."
Sensors will find many opportunities, as the global chemicals and petrochemicals enterprises quickly automate their processes in order to offer end-to-end solutions. Automation and related products like sensors will not only offer complete solutions, but also enable facilities to commission new Greenfield facilities in emerging economies.
"Further, they will aid better asset utilization, reduce maintenance costs, enhance process monitoring, and provide a faster return on investment," notes a Frost & Sullivan research analyst.
Due to the intense competition and high-energy prices, sensors improve energy conservation and process efficiency, while helping to meet increasingly stringent regulations in regards to environmental protection and public safety.
Apart from the product advantages, automation and sensor suppliers will have to offer the right solutions to meet the critical requirements of consumers in this end-user industry. Many customers look to sensor suppliers to offer solutions for their production challenges, and compel suppliers to develop the necessary skills and knowledge.
Suppliers should also provide complete solutions and continue to invest in customer service programs and their engineering expertise remains a critical differential factor in this highly competitive market.
World Market for Sensors in the Chemicals and Petrochemicals Industries is part of the Sensors & Instrumentation Growth Partnership Service program, which also includes research in the following markets: world MEMS sensors markets, world wireless sensors markets, and world industrial gas sensors detectors and analyzers market. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.
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