According to a recently published report by Research Nester on “Global Explosion Proof Equipment Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the global explosion proof equipment market in terms of market segmentation by application system, by flammable substances, by end users and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
There is an increase in the adoption of explosion proof equipment in the oil & gas industries, exploration of new mining sites that increases the need for explosion proof equipment, rise in the demand of the equipment in the automation sector and new safety regulations for the use of such equipment have been made.
On account of these factors, the 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.
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.
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.
Safe handling of hazardous substances in the industries has been a great concern for the companies. Strict regulations have been made by the governmental agencies in various economies that are centered on the safe use of explosion-proof equipment. These factors are anticipated to drive the growth of the market.
Fluctuating Costs and Changing Standards
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. The whole new procedure has to be followed in order to adhere to the standards, thus affecting the growth of the market negatively.
This report also provides the existing competitive scenario of some of the key players of the global explosion proof equipment market which includes company profiling of Eaton Corporation Plc., Emerson Electric Co., General Electric Company, Rockwell Automation Inc., Siemens AG, Marechal Electric Group, R. STAHL AG, and Extronics Limited.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global explosion proof equipment market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.