According to analysis by Future Market Insights (FMI), the global explosion proof equipment market is expected to grow at a moderate CAGR of 3.4% during the forecast period. The market size is projected to increase from USD 7,520.18 million in 2023 to USD 10,160.5 million by 2033.
Explosion proof equipment is highly sought after by industrial facilities to minimize the risks posed by electrical sparks in machinery. The market growth is driven by stringent regulations enforced by governments to ensure worker and environmental safety, leading to increased adoption of this equipment in manufacturing industries.
The oil and gas sector also relies heavily on explosion proof equipment to prevent dangerous situations like exposure to flammable gases and harmful substances, as well as hydrocarbon release. The rising number of offshore oil production sites and growing energy demand are further propelling the use of explosion proof equipment.
Manufacturers are introducing innovative products, including automated systems, spark-resistant devices, industrial monitors, and media converters, designed to function in harsh environments. These advancements are expected to drive market sales in the forecast period.
Key Takeaways Form the Market Study:
• The stalling of the mining and mineral sector may hinder the market growth.
• North America will continue to dominate the global market over the forecast period.
• In 2022, the explosion proof equipment market in Europe is expected to hold 15.3% of the overall market share.
• The Asia Pacific is predicted to undergo the highest growth rate during the forecast period.
• Based on characteristics, the zone 0 segment will be highly preferred during the assessment period.
• The cable glands segment will register high demand through 2022 to 2032.
Competitive Landscape:
The explosion-proof equipment market is highly fragmented owing to the presence of several local and international players. The manufacturers either offer their products directly or through different agencies, suppliers, distributors, and dealers. Also, these products are offered through online channels. A few key players operating in the explosion-proof equipment market are ABB Ltd, Cortem S.P.A, Emerson Electric, Pepperl+Fuchs SE, Honeywell International, Xylem, OMEGA Engineering, Spectec Thunderbird International, Motion Sensors, BARTEC Top Holding and Others
Key Companies Profiled
- Adalet
• Siemens
• Honeywell International Plc.
• Rockwell Automation Inc.
• ABB
• Eaton Corporation
• Emerson Electric Co.
• Waram Technology Inc.
• WorkSite Lighting
• Extronics Ltd.
• Allay Industry Co. Ltd.
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
Report Preview: https://www.futuremarketinsights.com/reports/explosion-proof-equipment-market
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 stands as 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. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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