Portland, April 08, 2020 (GLOBE NEWSWIRE) -- According to the report, global explosion-proof cable glands market accounted for $174.9 million in 2017 and is expected to reach $269.4 million by 2024, registering a CAGR of 6.4% during the period 2018–2024.
Rise in number of refineries and stringent government regulation regarding safety are the major drivers of the global explosion-proof cable glands market. However, the volatile nature of raw material prices hampers the market. On the contrary, rise in installation of data centers is expected to create lucrative opportunities in the near future.
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The global explosion-proof cable glands market is divided on the basis of type, cable type, material, end user, and geography. Based on type, the market is segmented into increased safety, flameproof, EMC, and others. The flameproof segment held the largest share in 2017, contributing more than two-fifths of the market. However, the EMC segment is projected to manifest the fastest CAGR of 7.0% during the forecast period.
On the basis of cable type, the market is bifurcated into armored and unarmored. The armored segment dominated the market, accounting for nearly three-fourths of the market in 2017. However, the unarmored segment is projected to register the fastest CAGR 7.5% through 2024.
Based on material, the market is segmented into brass, steel, plastic/nylon, and others. The brass segment held the largest share in 2017, contributing nearly two-thirds of the market. However, the steel material segment is estimated to register the fastest growth with a CAGR of 7.6% during the study period.
On the basis of end user, the market is divided into oil & gas, mining, chemical, manufacturing & processing, and others. The oil & gas segment held the lion’s share in 2017, accounting for more one-fourth of the market. However, the manufacturing & processing segment is estimated to portray the fastest CAGR of 8.2% during the forecast period.
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The global explosion-proof cable glands market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across the Asia-Pacific region held the largest share in 2017, contributing around one-third of the market share. However, the market across LAMEA region is estimated to manifest the fastest CAGR of 8.0% through 2024.
The market report provides an in-depth analysis of the major market players such as Bartec Feam, Elsewedy Electric, CMP Products Limited, Jacob GmbH, Weidmller Interface GmbH & Co., Eaton Corporation plc. (Cooper Crouse-Hinds, LLC), Hummel AG, Amphenol Industrial Products Group, Emerson Electric Co. (Appleton Grp LLC), and Cortem Group.
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