The latest research study “Explosion Proof Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global explosion proof equipment market size reached a value of US$ 9,464.0 Million in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 13,809.3 Million by 2027 exhibiting a CAGR of 6.20% during 2022-2027.
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Explosion proof equipment represent the electrical devices that prevent unwanted ignition of flammable substances by monitoring the use of proactive builds in hazardous locations. They are generally manufactured using silver, copper-aluminum alloys, stainless and galvanized steel, etc. Explosion proof equipment consist of flanged joints and conduit entries, which can operate under extreme external temperatures. Furthermore, they offer various beneficial properties, including durability and resistance to corrosion, humidity, solvents, moisture, and abrasive cleaning liquids. Consequently, explosion proof equipment find wide-ranging applications across several industries, such as oil and gas, pharmaceutical, mining, etc.
COVID-19Impact on Market: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Explosion Proof Equipment Market Trends and Drivers:
The growing number of offshore oil production sites and the escalating demand for energy sources are primarily driving the explosion proof equipment market. In line with this, the widespread product adoption to conduct day-to-day oil and gas extractions safely is further catalyzing the market growth.
Moreover, the launch of numerous favorable policies by government bodies across countries for preventing hazardous conditions, including exposure to flammable gases, the release of toxic hydrocarbons, contact with harmful substances, etc., and ensuring the safety of workers is acting as another significant growth-inducing factor.
Besides this, the rising investments in R&D activities aimed at developing equipment that provide remote solutions while performing tasks, such as rig tong controls, iron roughnecks, cement head pumps, etc., are also augmenting the global market.
Additionally, the introduction of automated product variants with signaling systems, spark-resistant devices, and industrial monitors is anticipated to fuel the explosion proof equipment market over the forecasted period.
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|Explosion Proof Equipment Market Report Scope|
|Market size value in 2021||US$ 9,464.0 Million|
|Market forecast in 2027||US$ 13,809.3 Million|
|Growth Rate||CAGR of 6.20% from 2022 to 2027|
|Base year for estimation||2021|
Global Explosion Proof Equipment Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Adalet, Bosch Rexroth AG (Robert Bosch GmbH), Eaton Corporation PLC, Emerson Electric Co., Excalibur Miretti Group LLC, Extronics Ltd, Honeywell International Inc., Johnson Controls, Parker Hannifin Corporation, Pepperl+Fuchs SE, Rockwell Automation Inc. and Siemens AG.
The report has segmented the market on the basis of region, protection method, applicable system and industry vertical.
Breakup by Protection Method:
- Explosion Prevention
- Explosion Containment
- Explosion Segregation
Breakup by Applicable System:
- Cable Glands
- Junction Boxes and Enclosures
- Lifting and Material Handling System
- Lighting System
- Automation System
- Surveillance and Monitoring System
- Signaling Devices
Market Breakup by Industry Vertical:
- Oil and Gas
- Food Processing
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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