The explosion proof equipment market is forecast to experience a moderate growth of 3.4% CAGR over the estimated time period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of USD 10,160.5 million by 2033.
Explosion proof equipment is the most requested equipment by industrial facilities to lower the risks of electrical sparks in various tools and machines. Due to the strict laws pressed by governing bodies of several countries to keep workers and environmental safety in check, manufacturing industries are increasingly deploying explosion proof equipment. Thus, fueling the market expansion over the forecast period.
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Oil and gas service firms also depend upon explosion proof equipment to avoid any harmful situation, like exposure to flammable gases, exposure to harmful substances, and release of hydrocarbon. Furthermore, a substantial surge in the establishment of offshore oil production sites and heightened demand for energy are also boosting the adoption rate of explosion proof equipment.
Manufacturers are releasing automated products with signaling systems, spark-resistant devices, industrial monitors, and media converts that can operate in harsh conditions. These innovations are expected to boost overall sales in the forecast period.
Top Highlights from the FMI’s Analysis of the Explosion Proof Equipment Market:
- The United States is expected to acquire a 27.2% market share in 2023. The massive hold of the United States reflects lucrative opportunities for relevant businesses.
- In the year 2023, Germany is projected to have a 7.2% stake in the market. Since Germany is at the forefront of innovation. With the backdrop of intense competitiveness, manufacturers with better business strategies and market command are expected to thrive in the country.
- Japan’s share in the market is 5.5%. The country presents enterprises with attractive business opportunities for the assessment period.
- With a mere share of 0.5%, the explosion proof equipment industry in Australia appears to be at its nascent stage. However, the market offers expansion opportunities for businesses willing to take up the challenges associated with breaking new ground.
- With a slight difference in their pace, India and China are expected to observe market growth of 4.5% and 4.1%. The relatively higher growth rate in these countries reflects increasing investments by manufacturers over the next ten years.
- The Class 1 flammable substances segment is expected to gain an enormous market share of 40% in 2023.
- The Zone 1 explosive characteristics segment is expected to acquire a 27% value share in 2023.
Key Players in the News
- ARCHON Industries, Inc. revealed that it is introducing its new explosion-proof light called EX20-100 luminaire in August 2022. The light has been designed to constantly brighten distillation columns, tanks, process vessels, and other industrial products in hazardous and non-hazardous areas.
- Mitsubishi Heavy Industries, Ltd. (MHI), collaborating with ENEOS Corporation, announced in April 2022 that the development of a 2nd Gen EX ROVR has been completed. 2nd Gen EX ROVR is a plant inspection robot equipped with explosion-proof attributes. With the use of this robot, companies can boost work efficiency, enhance worker safety, and improve facility operating rates by executing round-the-clock inspections in areas with potentially explosive conditions.
- Pyroban reintroduced Ex Solutions Consulting to facilitate a surging number of manufacturers requiring help with Ex design and certification requirements or to fill a skills gap. The service assists manufacturers to transport explosion-proof products to market quickly, with minimal expenses.
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Key Segments Profiled in The Explosion Proof Equipment Industry Survey
By Protection Type:
- Explosion Proof/Explosion Containment
- Explosion Prevention/Limiting Energy
- Explosion Segregation
By Flammable Substances:
- Class 1
- Class 2
- Class 3
By Area Classification:
- Division I
- Division II
By Explosive Characteristics:
- Zone 0
- Zone 1
- Zone 2
- Zone 20
- Zone 21
- Zone 22
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets.
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