The market for Explosion Proof Equipment Market is expected to reach USD$ XX in 2026.
The global explosion-proof equipment market is expected to expand at a CAGR of 7.3% during the forecast period from 2018 to 2026. The anticipated growth in demand for explosion-proof systems can be largely credited to their widespread adoption among the oil and gas, energy and mining, and industrial manufacturing verticals. Fire outbreaks, explosions, and resulting casualties and property loss have convinced companies in the aforementioned verticals to install automated solutions for end-to-end explosion control and prevention.
In addition, safety regulations favoring occupational safety and advancements in technology leading to replacement demand bode well for market growth. However, their bulky size and weight, high upfront cost, and difficult installation compared to intrinsically safe systems are factors limiting their adoption worldwide.
Industries such as oil and gas, industrial manufacturing and processing, and energy and mining are prone to explosions and fire outbreaks and hence represent major end-users of explosion-proof equipment. Demand for explosion-proof equipment was highest in the oil and gas sector out of all end-use segments.
Loss or damage to assets may lead to greater costs, and protecting personnel and other equipment has triggered the need for installing robust explosion-proof equipment across downstream, upstream, and midstream operational units in the oil and gas industry. With several upcoming oil and gas projects worldwide, demand for new explosion-proof system installations will remain steady in the oil and gas segment.
In terms of market value contribution, North America led worldwide sales of explosion-proof equipment in 2017, closely followed by Europe. The value contribution from these two economies was around two-thirds of the global market in the same year. Increasing shale gas exploration, coupled with government mandates promoting workplace safety, is driving the installation of safety systems, including explosion-proof equipment, across industrial facilities. On the other hand, Asia Pacific is estimated to register stronger growth over the forecast period on the back of rapid growth in industrialization and regulated demand from the mining sector.
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.
This research study provides qualitative as well as quantitative insights for each segment and sub-segment from 2016 to 2026, considering 2017 as the base year for the research. The CAGR (compound annual growth rate) for each segment and sub-segment is calculated for the forecast period from 2018 to 2026.
Key segments covered in the report are as follows:
The market for Explosion Proof Equipment Market is expected to reach USD$ XX in 2026.
The Explosion Proof Equipment Market is expected to see significant CAGR growth over the coming years, at 7.3%.
The report is forecasted from 2018 -2026.
The base year of this report is 2017.
Adalet, Bartec GmbH, G.M. International SRL, Rae Systems (Honeywell International Inc.), Marechal Electric Group, Pepperl+Fuchs. are some of the major players in the global market.