Home / Press Release / Global Explosion Proof Equipment Market To Expand At A CAGR Of 7.3% Between 2018 And 2026

Global Explosion Proof Equipment Market To Expand At A CAGR Of 7.3% Between 2018 And 2026

According to a new market research report published by Credence Research, “Explosion Proof Equipment Market (by End-use Vertical (Oil & Gas, Industrial Manufacturing & Processing, Energy & Mining, Pharmaceuticals, and Other Verticals), by Applicable System Type (Material Handling Systems, Surveillance Systems, Power Supply Systems, Motors, Automation Systems, and Others), by Hazardous Zone (Zone 0, Zone 20, Zone 1, Zone 21, Zone 2, Zone 22), by Geography (North America, Europe, Asia Pacific, and Rest of the World)) - Growth, Future Prospects, and Competitive Landscape, 2018 -2026”, the global explosion proof equipment market  was valued at US$ 4.87 Bn and is expected to expand at a CAGR of 7.3% during the forecast from 2018 to 2026 .

Browse the full report at https://www.credenceresearch.com/report/explosion-proof-equipment-market

Market Insight

In industries such as mining, oil & gas, and industrial manufacturing & processing, personnel and equipment operate in hazardous environment that is conducive to explosion and fire accidents. Thus, overriding need to protect assets from explosion or fire accident has triggered demand for explosion proof equipment. In wake of rising incidences of explosions at mine sites, industrial accidents at workplace and consequent loss of assets, companies across industry verticals have recognized the need to deploy state-of-the-art safety solutions including explosion proof equipment. In addition, stringent regulations promoting occupational safety are driving demand for explosion proof equipment worldwide. With perpetually growing energy demands, lookout for new oil & shale reserves in economies like Mexico, Brazil, and the U.S. has magnified investments in oil exploration activities. This, in turn is driving demand for explosion proof equipment in these countries. All these factors will contribute towards a CAGR of 7.3% over the forecast period from 2018 to 2026.

Explosion Proof Equipment Market

Worldwide, explosion protection is governed by the legislatures of the individual countries. Differences in technical requirements across different countries coupled with requisite approvals for explosion proof devices make considerable demands on global manufacturers, particularly high investment for development and approval testing. Over the last few years, especially among major industrial economies, efforts have been made to embrace appropriate technical standards and implement uniform safety stands in parallel. Some of the major manufacturers profiled in the research report include R. Stahl, Adalet, Bartec GmbH, G.M. International SRL, Rae Systems (Honeywell International Inc.), Marechal Electric Group, Pepperl+Fuchs, Alloy Industry Co. Ltd, Siemens AG, Intertek Group, Extronics Limited, and Cordex Instruments among others.

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