In the wake of increasing industrial accidents and explosions in mines, regulatory bodies, such as OSHA and others, are initiating the implementation of stricter regulations to ensure worker safety and to also prevent damage to the atmosphere. The new discovery of oil and shale reserves in countries such as Brazil and Greenland, and huge investments in the U.S. towards shale gas exploration are expected to drive the market for explosion-proof equipment even further.
Preservation of the environment is a high priority concern and the governments are cognizant of this issue. This has resulted in the implementation of government regulations particularly in the oil and gas exploration industry. Although the major markets for explosion-proof equipment are the mining and oil & gas industries, they have also found applications in fields like aerospace, construction and other industries. Asia-Pacific and Latin America are expected to be high-growth regions with increasing industrialization and exploration of natural resources.
The global explosion-proof equipment market was valued at USD 4.13 billion in 2016 and is projected to reach USD 6.13 billion by 2021, at a CAGR of 8.23% during the forecast period from 2017 to 2022. Explosion protection equipment are used in a wide range of industry verticals to protect devices and products from various hazardous environments. Explosion-proof products are capable of containing an explosion. The term ‘explosion proof’ does not indicate that the product is capable of withstanding an internal explosion without allowing flames or hot gases to escape to trigger an explosion in the surrounding atmosphere.
The term explosion-proof is assigned to those only products, which are certified by national rating agencies, such as Factory Mutual or Underwriters Laboratories after meeting their specifications and passing their tests. Unless certified by one of these agencies, the product does not meet the explosion-proof requirements of the National Electrical Code. The global explosion-proof equipment market has been segmented on the basis of type of substances (class I, class II, class III), type of explosion-proof equipment (flameproof, pressurized, increased safety, intrinsic safety, oil-immersed, others), hazardous zone classification (zone 0, zone 20, zone 1, zone 21, zone 2), type of systems (power supply systems, material handling, motors, automation systems, surveillance systems, others), and geography (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa).
This report describes a detailed study of the Porter’s five forces analysis for the studied market. All the five major factors have been quantified using the internal key parameters governing each of them. It also covers the market landscape of these players, which includes the key growth strategies, geographical footprint, and competition analysis.
The report also considers key trends that are expected to impact the industry and profiles of leading suppliers of the explosion-proof equipment market. Some of the top companies mentioned in the report are R. STAHL, Marechal Electric Group, Adalet, BARTEC GmbH, RAE Systems, Pepperl+Fuchs, Alloy Industry Co. Ltd., Intertek Group, G.M. International SRL, Extronics Ltd, and among others.
Stricter regulations for handling hazardous areas and substances Growing energy requirements are driving the demand for exploration of new mines and oil and gas resources Opportunities in different industry sectors RESTRAINTS
Safety regulations vary across different geographies Slow economic activity directly affects the market Key Deliverables in the Study
Market analysis for the global explosion-proof equipment market, with region-specific assessments and competition analysis on a global and regional scale. Market definition along with the identification of key drivers and restraints. Identification of factors instrumental in changing the market scenario, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale. Extensively researched competitive landscape section with profiles of major companies along with their market share. Identification and analysis of the macro and micro factors that affect the global explosion-proof equipment market on both global and regional scale. A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information. A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market. Insights into the major countries/regions in which this industry is growing and also identify the regions that are still untapped