World markets
December 2008
News
Frost & Sullivan research report
Sensors gain from increased demand for chemicals and petrochemicals.
The rising affluence of consumers in places like India, China and Latin America has led to an increase in consumption. This has translated into greater investment in chemical and petrochemical projects, a trend that has supported growth in sensors markets.
New analysis from Frost & Sullivan (http://www.sensors.frost.com) finds that the global markets for sensors in the chemicals and petrochemicals industries earned revenues of $3,69 billion in 2007 and estimates this to reach $5,33 billion in 2014.
“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 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 in these industries 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 utilisation, reduce maintenance costs, enhance process monitoring, and provide a faster return on investment,” notes the analyst.
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 programmes and their engineering expertise remains a critical differential factor in this highly competitive market.
For more information contact Patrick Cairns, Frost & Sullivan, +27 (0)21 680 3274, [email protected], www.frost.com
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