United States, Rockville, MD, June 16, 2022 (GLOBE NEWSWIRE) -- This new industry survey by skilled analysts at Fact.MR predicts the hazardous area equipment market to grow from a net worth of US$ 6.5 billion in 2022 to US$ 8.7 billion by the end of 2026.
Industrialization has increased exponentially on a global scale and has subsequently spawned the need for new industrial safety norms. Use of hazardous chemicals, flammable substances, and explosion-prone components has increased in industries, and this has driven demand for hazardous area equipment across the world.
Government mandates to ensure occupational safety in hazardous environments will also further advance hazardous area equipment market potential. However, high costs of installation are expected to restrict adoption of hazardous area systems to a certain extent over the coming years.
To request a sample copy or view summary of this report, “Hazardous Area Equipment Market Analysis, By Product (Cable Glands & Accessories, Process Instruments, Industrial Controls, Motors, Strobe Beacons), By Connectivity (Wireless, Wired), By End Use, by Region - Global Forecast 2022-2026”, published by Fact.MR.
Hazardous area equipment manufacturers are focusing on partnership and collaboration agreements to enhance their business scope.
- In December 2020, Honeywell, a leading name in the hazardous area equipment marketplace, announced the acquisition of Sine Group, an Australia-based SaaS technology company. This acquisition will bolster Honeywell’s connected building offerings and provide better safety.
Key Takeaways from Market Study
- The hazardous area equipment market stands at a net worth of US$ 6.5 billion in 2022.
- By the end of 2026, the market for hazardous area systems is projected to reach US$ 8.7 billion.
- Demand for hazardous area equipment is anticipated to increase at a CAGR of 6.5% from 2022 to 2026.
- Increasing focus on occupational safety and strict government laws to ensure the same are expected to prominently drive hazardous area device sales throughout the forecast period (2022-2026).
- High costs of hazardous area equipment to have hindering effect on global market growth.
- The U.S. hazardous area equipment industry holds a market value of US$ 1.7 billion in 2022.
- The market for hazardous area equipment in China is projected to attain a net worth of US$ 799 million by 2026 while expanding at a high CAGR of 7.4%.
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Winning Strategy
Hazardous area equipment manufacturers are focusing on mergers, acquisitions, partnerships, and collaborations to enlarge their market presence and boost sales. Government mandates to ensure occupational safety are also expected to act in favor of hazardous area equipment vendors, and will help them maximize their revenue generation capacity.
Hazardous area system suppliers will also adopt organic and inorganic growth strategies to gain a competitive edge and increase their market presence across regions in the world.
Key Segments Covered in Hazardous Area Equipment Industry Research
Hazardous Area Equipment Market by Product :
- Cable Glands & Accessories
- Process Instruments
- Industrial Controls
- Motors
- Strobe Beacons
- Other Products
Hazardous Area Equipment Market by Connectivity :
- Wireless Hazardous Area Equipment
- Wired Hazardous Area Equipment
Hazardous Area Equipment Market by End Use :
- Oil & Gas
- Chemicals & Pharma
- Energy & Power
- Mining
- Other End Uses
Hazardous Area Equipment Market by Region :
- North America Hazardous Area Equipment Market
- Latin America Hazardous Area Equipment Market
- Europe Hazardous Area Equipment Market
- East Asia Hazardous Area Equipment Market
- South Asia & Oceania Hazardous Area Equipment Market
- MEA Hazardous Area Equipment Market
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global hazardous area equipment market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2026.
The study divulges essential insights on the market on the basis of product (cable glands & accessories, process instruments, industrial controls, motors, strobe beacons, other products), connectivity (wireless, wired), and end use (oil & gas, chemicals & pharma, energy & power, mining, other end uses), across six major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
About the Industrial Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Industrial team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the prominent end use industries across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.
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