Explosion Proof Equipment Market to 2027 - Global Analysis and Forecasts by Protection Method (Explosion Prevention, Explosion Containment, and Explosion Segregation); Type (Junction Boxes & Enclosures, Lighting System, Monitoring System, Signaling Devices, Automation System, Cable Glands, HVAC Systems, and Others); and Industry (Pharmaceutical, Mining, Oil & Gas, Manufacturing, Food Processing, Energy & Power, Chemical & Petrochemical, and Others)
The global explosion proof equipment market was valued at US$ 8.10 Bn in 2018 and is expected to reach US$ 14.33 Bn by 2027 with a CAGR growth rate of 6.7% in the forecast period from 2019 to 2026.
Explosion proof equipment includes the devices, products, and solutions that are installed for the prevention of spark that can lead to a blast. The installation of these products in hazardous locations ensures better productivity and increased safety. The incorporation of monitoring and automation systems provides efficient detection and tracking, along with monitoring the functioning of the equipment. Therefore, these components help in detecting accidental explosions, leak of hazardous gases, or any other complications during the production. It provides additional safety to the machinery, personnel, and surroundings.
Global certification for the use of equipment and devices in a hazardous location is essential to compete in the present modern world. A player operating in the market can accelerate its global product acceptance by bundling services. Combining hazardous locations services can help in attaining access to the worldwide market, reduce cost, as well as reduce time to market. In the highly competitive explosion proof equipment market, international expansion complicates this task by necessitating manufacturers to identify and comprehend global certification requirements along with applying them to their innovations. For efficiently compete in the market, manufacturers require to mitigate risks, innovate safely, and enter global markets. Certain countries of the world may only need a local certification mark for explosion proof equipment; however, other countries of the world may use harmonized certification systems such as the IECEx Systems and ATEX Directive.
In the global explosion proof equipment market, Asia Pacific is anticipated to grow with the highest CAGR during the forecast period majorly due to industrial growth in the region. Further, growth in the automation sector and stringent government regulations are the factors strengthening the explosion-proof equipment market. Whereas, Europe holds a significant share in the explosion-proof equipment market, followed by North America and the Asia Pacific.
The explosion proof equipment market globally is segmented by type into junction boxes & enclosures, lighting system, monitoring system, signaling devices, automation system, cable glands, HVAC systems, and others. Geographically, the explosion-proof equipment market is divided into five regions including North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
The overall explosion proof equipment market size has been derived using both primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the explosion-proof equipment market. Also, multiple primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the explosion-proof equipment industry.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook