The rising awareness to prevent the explosion, rising government initiatives for labor safety are driving the demand for the market.
Vancouver, BC -- (SBWIRE) -- 01/14/2021 -- The growing need to improve the safety of industrial premises and the escalating awareness to prevent explosions in various industrial verticals is expected to bolster the industry growth.
The Global Explosion Proof Equipment Market is predicted to reach a market valuation of USD 10.77 Billion by 2027, expanding at a CAGR of 5.5%, as per the recent study by Emergen Research. The explosion proof equipment market is anticipated to grow at a remarkable pace throughout the estimated timespan with the rising number of initiatives taken by governments for enhancing labor safety and prevention of explosions. The accelerating adoption of policies and regulations to augment protection in industrial sectors is further anticipated to boost the industry demand.
However, lack of standardization and higher costs associated with the security systems are anticipated to impede the market growth over the projected time frame. Moreover, the COVID-19 pandemic has also affected the market growth by causing hindrances in the production and distribution of various electronic goods, thereby halting the industry's progress.
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Key Highlights from the Report:
Throughout the projected timeframe, the prevention segment is predicted to contribute to an enormous market share, expanding at an annual growth rate of 5.8%. This can be ascribed to the fact that this is the most pertinent protection method for Zone 0 and for functions in Zone 1 or 2.
The gas explosion protection segment is forecast to be rapidly proliferating segment in the coming years owing to its extensive need in the protection of hazardous areas, such as Zone 0, Zone 1, and Zone 2.
Over the projected timeline, the Zone 0 segment is anticipated to expand at an exponential rate to gain a substantial market share. Zone 0 has an explosive atmosphere mixed with air and flammable substances for a more extended period of time. This augments the requirement for explosion proof equipment in the zone, thereby driving the market growth.
Based on application, the cable glands sub-segment is forecast to register a significant growth rate over the projected timeframe since they are extensively used for radical functions in managing cables due to their superior attributes.
Oil and Gas industry is predicted to account for a sizeable share of the industry owing to the augmenting requirement of explosion proof equipment in liquefied natural gas plants and oil refineries.
With the escalating production and processing of ferrous and nonferrous materials in the area, Europe is forecast to command the market growth during the projected timeline. The accelerating progress of the pharmaceutical, chemical, and oil & gas sectors in the region, are further adding traction to the regional expansion.
Honeywell International Inc., Rockwell Automation, Inc., ABB Ltd., Eaton Corporation Plc, Siemens AG, R Stahl AG, Hatch Transformers Inc., Pentair plc, Bartec GmbH, and Cortem S.p.A., among others, are the major companies in the global market.
Rockwell Automation Inc., in October 2020, announced it had gained a controlling share of Oylo, a private supplier of cybersecurity systems for industrial operations. With the market advancing at a rapid pace, acquiring Oylo has augmented the global distribution platform of Rockwell and enhanced its portfolio of cybersecurity services for the industrial market.
For the purpose of this report, Emergen Research has segmented the Global Explosion Proof Equipment Market on the basis of method, zone, protection type, application, end-use, and region:
Method Outlook (Revenue, USD Billion; 2017-2027)
Protection Type Outlook (Revenue, USD Billion; 2017-2027)
Gas Explosion Protection
Dust Explosion Protection
Zone Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
Junction Boxes & Enclosures
Material Handling Systems
Switches & Sockets
Panel Boards & Motor Starters
Surveillance & Monitoring Systems
End-Use Outlook (Revenue, USD Billion; 2017-2027)
Pharmaceuticals & Chemicals
Energy & Power
Oil & Gas
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Regional Outlook (Revenue, USD Billion; 2017-2027)
Rest of Europe
Rest of APAC
Rest of LATAM
Middle East & Africa
Rest of MEA
Key Objectives of the Explosion Proof Equipment Market Report:
Analysis and forecast of the Global Explosion Proof Equipment Market by segmentation of the market
Analysis of various macro and micro-economic factors influencing the growth of the market
Extensive SWOT analysis and Porter's Five Forces analysis to offer a detailed view of the competitive landscape
Insights into drivers, restraints, opportunities, limitations, threats, and challenges
Analysis of the key players operating in the industry
Strategic recommendations to the new entrants pertaining to entry-level barriers and to established players for formulating fruitful business plans
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About Emergen Research
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