The global explosion proof equipment market 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 oil & gas, energy & mining, and industrial manufacturing verticals. Fire outbreaks, explosions and resulting causalities and property loss has convinced companies in 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 bodes well for the market growth. However, bulky size, weight, high upfront cost, and difficult installation as compared to intrinsically safe systems are factors limiting their adoption worldwide.
Market Synopsis
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"Regulated Demand from Oil & Gas Industry to Drive Growth Prospects"
Industries such as oil & gas, industrial manufacturing & processing, and energy & mining are prone to explosions, fire outbreaks and hence represent major end-users of explosion proof equipment. Amongst all end-use segments, demand for explosion proof equipment was highest across oil & gas sector. Loss/damage to assets may lead to greater cost and hence 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 & gas industry. With several upcoming oil & gas projects worldwide, demand for new explosion proof system installations will remain steady in the oil & gas segment.
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"North America to Dominate, Asia Pacific to Register Strong Growth"
In terms of market value contribution, North America led the explosion proof equipment sales worldwide closely followed by Europe in 2017. The value contribution from these two economies was around two-third of the global market in the same year. Increasing shale gas exploration coupled with government mandates promoting workplace safety are driving installations 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 mining sector.
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Key Players:
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.
Historical & Forecast Period
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. CAGR (Compounded Annual Growth Rate) for each segment and sub-segment is calculated for the forecast period from 2018 to 2026.
Report Scope by Segments
Key segments covered in the report are as follows:
| ATTRIBUTE |
DETAILS |
| Research Period |
2016-2026 |
| Base Year |
2017 |
| Forecast Period |
2018-2026 |
| Historical Year |
2016 |
| Unit |
USD Billion |
| Segmentation |
End-use Vertical Segment (2016–2026; US$ Bn)
• Pharmaceuticals
• Oil & Gas
• Industrial Manufacturing & Processing
• Mining & Energy
• Others (Power & Utility, etc.)
|
|
Applicable System Type Segment (2016–2026; US$ Bn)
• Material Handling Systems
• Surveillance Systems
• Power Supply Systems
• Motors
• Automation Systems
• Others
|
|
Hazardous Zone Segment (2016–2026; US$ Bn)
• Zone 0
• Zone 20
• Zone 1
• Zone 21
• Zone 2
• Zone 22
|
|
Geography Segment (2016–2026; US$ Bn)
• North America (U.S. and Rest of North America)
• Europe (U.K., Germany, France, and Rest of Europe)
• Asia Pacific (Japan, China, India, and Rest of Asia Pacific)
• Rest of World (Middle East & Africa (MEA), Latin America)
|
Key questions answered in this report
- What was the global market size for explosion proof equipment in 2016 & 2017?
- What is estimated forecast and market projections up to 2026?
- Which is largest regional market for explosion proof equipment?
- Which end-use vertical has the largest penetration of explosion proof equipment?
- Predominant trends shaping the global explosion proof equipment market worldwide?
- Which is the most attractive, promising, and less-explored end-use segment in the global explosion proof equipment market?
- Who are the leading manufacturers of explosion proof equipment worldwide?
- What are the key strategies adopted by the leading manufacturers in the global explosion proof equipment market?
