Beware Of The Fifth Sense Rising In Emerging Markets
Thu, 10/23/2008 - 7:48am
Consumers in emerging markets have been instrumental in creating an upsurge in private consumption, according to Business Wire. Consequently, this has triggered more business ventures in the chemical and petrochemical markets, which are picking up pace to supply the extra demand. Of more note, sensors have been increasingly serving these growing processing markets. New analysis from Frost & Sullivan, dubbed "World Market for Sensors in the Chemicals and Petrochemicals Industries," indicates that the global sensor market garnered $3.69 billion in revenue in 2007 and approximates that it will escalate to $5.33 billion in 2014. A Frost & Sullivan research analyst says, "The hike in demand for oil and chemicals has led to an improvement in investments across the entire oil and gas value chain. "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." Moreover, the wire reports that as global chemical and petrochemical enterprises scramble to automate processes to provide end-to-end solutions, sensors will discover even more opportunities to shine. The research implies that automation and automation-related products (like sensors) will not only grant blanket solutions, but also permit plants to invest in new greenfield facilities in emerging economies. "Further, they will aid better asset utilization, reduce maintenance costs, enhance process monitoring and provide a faster ROI," explains another Frost & Sullivan research analyst. The article suggests that sensors' popularity in the chemical and petrochemical marketplace has been skyrocketing as a result of their ability to conserve more energy and enhance process efficiency, while contributing to more and more rigorous regulatory compliance. All of this data can additionally help to mitigate the impact of global competition and high energy prices, according to the analysis. The "World Market for Sensors in the Chemicals and Petrochemicals Industries" report is part of the Sensors & Instrumentation Growth Partnership Service program, which also includes research in the world micro electro-mechanical sensor market, wireless sensor market, and industrial gas sensor detection and analysis market. For more information, contact David Escalante of Frost & Sullivan corporate communications at email@example.com. Please include your full name, company name, title, telephone number, company e-mail address, company Web site, city, state and country as an overview will be sent to you via e-mail upon receipt of your information. * Photo courtesy of Banner Engineering Corp. It's a SureCross™ temperature and humidity sensor.