Explosion is defined as an extreme increase in the energy of a system that can be nuclear or mechanical in an uncontrolled amount and results in increase in temperature and evacuation of gases. There are various sources that are responsible for explosion such as leakage of gases, nuclear reactions, dust, increased pressure and others. To prevent these explosions, various types of prevention measures are taken into account when the products are designed for mechanical, nuclear, electrical and chemical use and these devices are known as explosion proof. The explosion proof equipment are those equipment that have explosive material inside and have explosion prevention by varying operating energy. These equipments are used in various industries for the protection of various equipments and lives of many people.
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 are the factors that are contributing towards the growth of the market. In the last few years, the companies have designed some new materials for casing and with more advanced features.
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. The market is segmented by end users into chemical & petrochemical, pharmaceutical, energy & power, mining, food processing, oil & gas and others out of which, the mining segment is anticipated to have leading shares on account of majority of explosions taking place in underground mines and processing facilities caused by the accumulation of flammable and toxic gases and combustible dust. Mining remains the most hazardous occupation on account of maximum number of people exposed to the risk in the mining environment.
The market is further segmented by application system into power supply, material handling, automation system, surveillance system, motor and others out of which, automation system is anticipated to have significant growth on account of high cost of explosion proof automated products. On the basis of flammable substances, the market is segmented into class 1, class 2, and class 3. DOWNLOAD SAMPLE REPORT HERE
Explosion protection is governed by the regulatory bodies of the individual countries. Differences in the technical requirements in different countries along with related approvals for the explosion proof device increases the demand for such devices and brings vast opportunities for the global manufacturers particularly, related to high investment for approval testing and development. In the recent years, efforts have been made to embrace technical standards and implement uniform safety standards in parallel.
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, thus propelling the growth of the market.
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. This factor is anticipated to drive the growth of the market.
To manage the risks of explosion in the hazardous areas, the organizations have to make amendments in the standards that influence the designing and installation processes and ultimately affect the production and installation costs. Whenever there are changes in the regulations, either the product does not require any change or there are few changes in the product and this requires a test to be conducted that is based on new features. The whole new procedure must be followed in order to adhere to the standards. This factor makes it challenging for the companies to install such devices, thus affecting the growth of the market negatively.
Our-in depth analysis of the global explosion proof equipment market includes the following segments:
On the basis of regional analysis, the global explosion proof equipment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
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.
The global explosion proof equipment market is further classified on the basis of region as follows:
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