In 2022, North America Explosion Proof Equipment Market is anticipated to hold an 18.1% market share, with a CAGR of 3.2% for the market for explosion-proof equipment during the assessment period of 2022–2032. The global market for explosion-proof equipment will increase from US$7,272.9 million in 2022 to US$10,037.2 million in 2032. Over the forecast period from 2022 to 2032, the market is expected to expand at a CAGR of 3.3%, according to FMI.
However, in comparison to the rest of the globe, the alternative Zone system of hazardous site categorization is still relatively new in the United States, which is causing companies to replace outdated machinery. The country’s existing classification is based on class. However, as a result of globalisation, the government is incorporating laws into its systems to ensure that they are globally certified. These accreditations are now enabling the creation of a complete examination and testing procedure that addresses the requirements for various certifications.
Because of the existence of Article 505 in the NEC and the consistency in the ‘Zone’ standards, a US-based producer that sells zone-classified goods for overseas markets can now receive FM, frequently with little or no change. The presence of several pharmaceutical manufacturing units is projected to boost the region’s pharmaceutical sector. Companies are required to comply with FDA’s demanding criteria and to install explosion-proof machinery in factories and hazardous places, becoming elements that are likely to drive market expansion. Thus, due to the aforementioned reasons, North America is expected to possess an 18.1% market share in 2022, registering a CAGR of 3.2% for explosion proof equipment market in the assessment period 2022-2032
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Explosion Proof Equipment: Market Dynamics
For the last, some years explosion proof equipment companies have been coming out with newly designed materials for casing and with more advanced features which are becoming the new trend for the market of global explosion proof equipment market. The key growth drivers of the global explosion-proof equipment market are increased adoption of explosion-proof equipment in oil & gas industries, exploration of new mining sites which increases the need for explosion-proof equipment there, drastic rising demand for explosion proof equipment in the automation sector and also the newly formed safety regulations for hazardous areas are getting stiffer, are some of the growth drivers responsible for the growth of global explosion proof equipment market. On the other hand, staggering mineral and mining industries globally are becoming the key restraint for the global explosion proof equipment market.
Explosion Proof Equipment: Segmentation
Segmentation of the explosion proof equipment market is done based on protection type, flammable substances, explosive characteristics, applicable systems, by verticals & geography. Based on the protection type, segmentation of explosion-proof equipment is done as explosion proof/explosion containment, explosion prevention/limiting energy, and explosion segregation (isolation).
Based on flammable substances, explosion proof equipment is segmented as Class 1, Class 2, and Class 3. By area classification segmentation of the global explosion proof equipment market is done as Division I & Division II. Based on explosive character sticks, the global explosion proof equipment market is segmented as zone 0, zone 1, zone 2, zone 20, zone 21, and zone 22.
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Explosion Proof Equipment: Key Players
The key players in the global explosion proof equipment market are Adalet, Alloy Industry Co. Ltd., Eaton, S.C. UMEB SA, Warom Technology, Inc. Alloy Industry Co. Ltd. & others.
The report covers an exhaustive analysis on:
- Explosion Proof Equipment Market Segments
- Explosion Proof Equipment Market Dynamics
- Historical Actual Market Size, 2014 – 2015
- Explosion Proof Equipment Market Size & Forecast 2016 to 2026
- Supply & Demand Value Chain
- Explosion Proof Equipment Market Current Trends/Issues/Challenges
- Competition & Companies involved
- Technology
- Value Chain
- Explosion Proof Equipment Market Drivers and Restraints
The report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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