Global Electrical Explosion Proof Equipment Market 2017-2021
About Electrical Explosion Proof Equipment
Electrical explosions occur mostly due to sparks and high energy electrical arcs in industries. Electrical explosion proof equipment can prevent an imminent explosion or withstand explosions caused due to electrical sparks, arcs, or heat generated from any electrical apparatus. The global electrical explosion proof equipment market encompasses electrical explosion proof equipment used in both industrial and non-industrial applications.
Technavio’s analysts forecast the global electrical explosion proof equipment market to grow at a CAGR of 3.58% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global electrical explosion proof equipment market for 2017-2021. To calculate the market size, the report considers new installations, sales, retrofit, and replacement market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Electrical Explosion Proof Equipment Market 2017-2021
Technavio recognizes the following companies as the key players in the global electrical explosion proof equipment market: Eaton, Emerson, Pepperl+Fuchs, R. STAHL, and WEG.
Other Prominent Vendors in the market are: Atex System, China Helon Explosion-proof Electric, Miretti, BARTEC FEAM, and VIMEX.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is rising focus on explosion prevention. The increasing need to improve the safety in industrial areas has improved the adoption rate of explosion protection devices. The snowballing rise in the number of explosions has prompted industries to increasingly focus on explosion prevention. The need to contain an explosion and to eliminate situations that can create one have emerged as paramount priorities in industries.”
According to the report, one driver in the market is preventing loss of workhours due to potential hazards. Industrial hazard not only causes loss of life and resources but also the loss of workhours. The occurrence of a hazard in workplaces affects equipment and employees nearby. In the case of any damage to equipment, the related work remains stalled for an undesirable number of workhours. This, in turn, keeps other related processes on hold. This loss in the number of workhours affects the productivity in companies and incurs a loss in terms of output.
Further, the report states that one challenge in the market is fluctuating prices of raw materials. The fluctuating price of raw materials used for manufacturing electrical explosion proof equipment will remain a challenge hindering the growth of the market during the forecast period. Enclosures, encapsulations, and conduit and cable seals require materials such as iron, aluminum, and steel for their production. Prices of these raw materials keep fluctuating throughout the year. These variations can be a result of price wars between raw material suppliers or due to change in export and import regulations of the supplying nation.
Eaton, Emerson, Pepperl+Fuchs, R. STAHL, WEG, Atex System, China Helon Explosion-proof Electric, Miretti, BARTEC FEAM, and VIMEX.