The Asia Pacific explosion proof equipment market was valued at US$ 2,815.21 million in 2023 and is expected to reach US$ 4,892.33 million by 2031; it is estimated to register a CAGR of 7.2% from 2023 to 2031.
Stringent Safety Regulations Boost Asia Pacific Explosion Proof Equipment Market
As offshore production and exploration activities continue to increase, the requirement for enhanced safety measures becomes critical. The rising number of offshore installations, such as oil rigs and platforms, requires the adoption of explosion-proof equipment to protect workers and assets. The offshore industry is exposed to stringent safety standards and regulations imposed by regulatory bodies. Compliance with these standards is essential, which is driving the demand for explosion-proof equipment that guarantees compliance with hazardous area classification and prevents accidents due to explosions or sparks. Various regions have their regulatory standards. Additionally, several global standards are applied. A few of them are mentioned below:
IEC/EN 60079-0: For use in explosive gas atmospheres (general rules)
IEC/EN 60079-1: Explosive atmospheres - Part 1: Equipment protection by flameproof enclosures “d”
IEC/EN 60079-7: Explosive atmospheres - Part 7: Equipment protection by increased safety “e”
IEC/EN 60079-31: Explosive atmospheres - Part 31: Equipment protection against ignition of dust by enclosure “t“
With the stringent regulatory standards, industries and businesses will need to upgrade the existing equipment to comply with new safety standards and regulations. This is expected to create a huge demand for explosion-proof equipment in the market.
Asia Pacific Explosion Proof Equipment Market Overview
The explosion-proof equipment market in APAC is segmented into India, Japan, Australia, South Korea, China, and the Rest of APAC. The demand for explosion-proof equipment is growing in the region due to rising projects in the oil & gas sector. For instance, as per the article published in NS Energy, India is anticipated to observe the operational commencement of 647 oil and gas projects between 2021 and 2025 as part of the government plan to create a gas-based economy. Similarly, according to Sinopec, the national oil company, the natural gas demand in China reached 395 bcm in 2022, an increase of 7% from 370 bcm in 2021. The oil & gas industry often requires workers to operate in hazardous locations, including areas where flammable liquids, gas vapors, or combustible dust exist in sufficient quantities; safety is the priority for workers and operators. Thus, explosion-proof equipment manufacturers produce and rigorously test explosion-proof assets to combat the high potential for ignition.
With the evolution of Industry 4.0 in APAC, the oil & gas industry has benefitted in terms of technological enhancements. Automating the oil rigs and smart exploration have been widely observed. Also, companies are significantly adopting technologies such as IoT, AI, advanced analytics, and robotics to enhance operational efficiencies, cut costs, and optimize manual processes. Thus, the growth in Industry 4.0 has positively transformed the oil & gas industry and helped implement explosion-proof equipment in the region. For instance, in January 2022, ABB India launched flameproof low-voltage motors for applications in potentially explosive environments such as the oil & gas industry. The flameproof low-voltage motors offer considerable benefits, comprising low vibration levels with increased reliability for an extended lifetime and reduced maintenance requirements for a lower cost of ownership. Furthermore, in APAC, the use of explosion-proof equipment is high in the water and wastewater industry. The investment in the industry is growing at a fast pace. For instance, according to the Eurasian development bank, Central Asia water and sanitation sector will need an investment of around US$ 12 billion from the year 2025 to 2030, which is US$ 2 billion per year. Water and wastewater treatment plants often have flammable or explosive gases like methane, hydrogen, and other volatile organic compounds. Explosion-proof equipment prevents ignition sources, reducing the risk of explosion in these hazardous environments. Therefore, the evolution of Industry 4.0 is supporting the growth of the explosion-proof equipment market in the region.
Asia Pacific Explosion Proof Equipment Market Revenue and Forecast to 2031 (US$ Million)
Asia Pacific Explosion Proof Equipment Market Segmentation
The Asia Pacific explosion proof equipment market is categorized into systems, protection method, industry, and country.
Based on systems, the Asia Pacific explosion proof equipment market is segmented into junction boxes and enclosures, lighting system, monitoring system, signaling devices, automation system, cable glands, HVAC systems, and others. the cable glands segment held the largest market share in 2023. The monitoring system segment is further sub segmented into cameras, data loggers, sensors, and others.
In terms of protection method, the Asia Pacific explosion proof equipment market is segmented into explosion prevention, explosion containment, and explosion segregation. The explosion prevention segment held the largest market share in 2023.
By industry, the Asia Pacific explosion proof equipment market is segmented into oil and gas, manufacturing, mining, chemical and petrochemical, energy and power, pharmaceutical, water and wastewater management, and others. The manufacturing segment held the largest market share in 2023.
By country, the Asia Pacific explosion proof equipment market is segmented into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific explosion proof equipment market share in 2023.
ABB Ltd; Emerson Electric Co; Pepperl+Fuchs SE; Honeywell International Inc; Xylem Inc.; OMEGA Engineering, Inc.; BARTEC Top Holding GmbH; Rockwell Automation Inc; Siemens AG; Schneider Electric SE; and Detector Electronics, LLC. are some of the leading companies operating in the Asia Pacific explosion proof equipment market.
Reasons to Buy
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Asia Pacific explosion proof equipment market.
Highlights key business priorities in order to assist companies to realign their business strategies.
The key findings and recommendations highlight crucial progressive industry trends in the Asia Pacific explosion proof equipment market, thereby allowing players across the value chain to develop effective long-term strategies.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the Asia Pacific explosion proof equipment market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook