The current market trends are quantitatively analyzed and estimated from 2016 to 2022, which are provided to highlight the financial competency of the explosion proof equipment market.
Portland, OR -- (SBWIRE) -- 02/26/2018 -- Explosion proof equipment market is estimated to reach $8,217 million, registering a significant CAGR of 9.3% during 2016 to 2022. North America is expected to dominate the global market throughout the analysis period, registering a notable CAGR of 8.4%. Explosion protection equipment are used in different industry verticals to prevent ignition from dangerous substances that could lead to explosion.
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Explosion proof equipment are the products or devices designed and installed to prevent spark from causing an explosion. The adoption of spark-resistant products in the hazardous locations of processing facilities ensures increased safety, better productivity, and environment safety. Besides the explosion-protected products, the demand for explosion proof systems & solutions has increased. The integration of automation system, monitoring system among others ensures proper detection and tracking of the equipment as well as monitors the functioning of such equipment. Therefore, such components in addition to systems detect accidental explosions, leakage of harmful gases, or any other obstacles during production, which increases the security of the personnel, machinery, and surroundings.
Key Findings of the Explosion Proof Equipment Market:
- Asia-Pacific is projected to be the fastest growing region, in terms of revenue, registering a CAGR of 10.5% during 2016 to 2022.
- Oil & gas industry, being one of the most hazardous sectors, witnessed significant growth in 2014, and is anticipated to dominate the global market growing at the highest CAGR of 10.3%.
- Explosion prevention segment was the highest revenue contributor to the global market, accounting for around 46% share in the year 2014, and is expected to maintain its dominance throughout the forecast period.
- The automation system segment is expected to reach a substantial revenue of $1,598 million by 2022 due to the high cost of explosion proof automated products.
The key market players profiled in the report include ABB Group, Rockwell Automation Inc., R. Stahl AG, BARTEC Group, Adalet, Siemens AG, Intertek Group Plc, Pepperl + Fuchs GmbH, and Cooper Industries (Eaton).