According to a recently published report by Research Nester on “Explosion Proof Equipment Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the global explosion proof equipment market in terms of market segmentation by application system, by flammable substances, by end users and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global explosion proof equipment market was valued at 8.43 Billion in 2018 and is expected to cross USD 11.84 Billion by 2027. The market is anticipated to grow at a CAGR of around 5.6% during the forecast period i.e. 2019-2027 owing to increasing adoption of explosion proof equipment in the oil & gas industries, exploration of new mining sites that increases the need for explosion proof equipment, rising demand of the equipment in the automation sector and new safety regulations for the use of such equipment. The market is segmented by end users into chemical & petrochemical, pharmaceutical, energy & power, mining, food processing, oil & gas and others. The market is further segmented by application system into power supply, material handling, automation system, surveillance system, motor and others. On the basis of flammable substances, the market is segmented into class 1, class 2, and class 3.
North America is anticipated to have leading shares in the market on account of high adoption and production of ignition-proof automated solutions. The adoption of explosion-resistant devices in the Middle East region is expected to witness significant growth in the near future owing to the abundance of oil refineries in the region. Furthermore, the use of cost-effective equipment in Latin America region is expected to create huge opportunities in the market.
Application in Various Industries and Increasing Safety Concerns
Explosion protection equipment is used in various industries in order to protect the devices and products from the hazardous environment. With increasing industrial accidents and explosions in mining industry, the regulatory body, such as OSHA, have initiated in the implementation of strict regulations to ensure the safety of workers and to prevent the damage to the atmosphere. Moreover, safe handling of hazardous substances in the industries has been a great concern for the companies involved. Strict regulations have been made by the governmental agencies in various economies that are centered on the safe use of explosion-proof equipment. All the industries have restored their operations according to the changing regulations. These factors are anticipated to drive the growth of the market.
However, fluctuating costs and changing standards is expected to operate as a key restraint to the growth of the global explosion proof equipment market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global explosion proof equipment market which includes company profiling of Eaton Corporation Plc., Emerson Electric Co., General Electric Company, Rockwell Automation Inc., Siemens AG, Marechal Electric Group, R. STAHL AG, and Extronics Limited.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global explosion proof equipment market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.