Los Angeles, CA -- (SBWIRE) -- 09/24/2021 -- The global explosion-proof equipment market is anticipated to earn US$9.5 Bn in revenue by the end of 2026, according to a new report authored by QY Research. Between 2020 and 2026, it is expected to grow at a CAGR of 3.9%. In 2019, the global market revenue touched US$7.2 Bn. Titled "Global Explosion Proof Equipment Industry Research Report, Growth Trends and Competitive Analysis 2020-2026," the report shows how Eaton, Emerson, R. Stahl, and Siemens dominated the global explosion-proof equipment market.
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Need to Explore New Oil and Gas Resources to Help Expand Growth of Global Market
The global demand for explosion-proof equipment market is anticipated to improve on the back of the increasing exploration of new oil and gas resources and mines because of the rising energy need. The implementation of more stringent government regulations to handle and work with explosive or hazardous materials could add to the demand for explosion-proof equipment globally. The rise of machine-intensive industries such as defense and aerospace is expected to further augment the demand in the global explosion-proof equipment market.
High Percentage of Mining Fatalities to Increase Need for Explosion-proof Equipment
Based on type, the global explosion-proof equipment market is segmented into explosion-proof instrument, explosion-proof electrical equipment, explosion-proof lamp, and others. The report also segments the global explosion-proof equipment market based on application. The mining application segment of the global explosion-proof equipment market is expected to achieve strong growth in future. The need to reduce the number of mining deaths due to explosion disasters could create robust demand for explosion-proof equipment in the coming years.
North America to Create Profit-making Opportunities with Increase in Shale Gas Production
The demand for explosion-proof equipment and other safety systems is predicted to significantly increase in North America due to the implementation of tight workplace safety regulations by governments. Moreover, the oil and gas industry in the US and Canada could contribute to the growth of the North America explosion-proof equipment market because of the increase in shale gas exploration and production activities. Asia Pacific is expected to grow at a quick pace in the global explosion-proof equipment market. Aggressive industrialization growth and increasing interest in the mining industry could support the growth of the Asia Pacific explosion-proof equipment market.
Players to Acquire Explosion-proof Enclosure Suppliers and Marketers to Expand Business
Besides the market leaders mentioned earlier, Pepperl+Fuchs, Huaxia, ABB, Helon, GE, Shlmex, Toshiba, Bada Electric, BARTEC, Hengtong, WEG, Feice, Warom, Dianguang Technology, and Wolong are among the key players of the global explosion-proof equipment market included in the report. Players are expected to sign strategic acquisition deals with flameproof and explosion-proof enclosure manufacturers and marketers to strengthen their position in the global explosion-proof equipment market.
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