New York, Dec. 20, 2022 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Explosion-Proof Equipment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By System (Junction Boxes & Enclosures, Lighting System, Monitoring System, Signaling Devices, Automation System, Cable Glands, HVAC Systems, and Others), Protection Method (Explosion Prevention, Explosion Containment, and Explosion Segregation), and Industry (Pharmaceutical, Mining, Oil & Gas, Manufacturing, Food Processing, Energy & Power, Chemical & Petrochemical, and Others)”; The global explosion proof equipment market growth is influenced by increasing use of explosion proof LED lights, growth in the construction sector and growth in oil & gas industry.
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Global Explosion Proof Equipment Market Study, Size, Share, Segmentations and Regional Scope:
| Market Size Value in | USD 8.03 Billion in 2021 |
| Market Size Value by | USD 12.27 Billion by 2028 |
| Growth rate | CAGR of 6.2% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 192 |
| No. of Tables | 88 |
| No. of Charts & Figures | 91 |
| Historical data available | Yes |
| Segments covered | System, Protection Method, and Industry |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
| Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Explosion Proof Equipment Market: Competitive Landscape and Key Developments
BARTEC Gmbh, Intertek Group PLC, R.STAHL AG, ABB Ltd., Emerson, Extronics Ltd., Marechal Electric Group, Eaton Corporation, Siemens AG, and Rockwell are among the key players profiled during this market study. Several other essential explosion proof equipment market players were studied and analyzed to get a holistic view of the market and its ecosystem.
In 2022: ABB Ltd (India) launched flameproof low voltage motors for applications in potentially explosive environments. The flameproof low voltage motors offer considerable benefits including low vibration levels with increased reliability for an extended lifetime and reduced maintenance requirements for a lower cost of ownership.
In 2021: Cortem S.p.A. launched EJBC series explosion proof enclosures for gas group IIC. The new enclosures of the EJBC series are characterized by a multi-step joint that allows the installation in areas with danger of explosion and/or fire due to the presence of all the Gases of Group IIA - IIB - IIC classified.
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COVID-19 Impact on Global Explosion Proof Equipment Market Growth:
In 2020: the COVID-19 pandemic caused a large-scale negative impact on economies globally, leading to many challenges in several markets, including the explosion proof equipment market. The demand and supply sides suffered due to low production of explosion proof equipment. Further, the construction industry and supply chain were negatively impacted owing to the lockdown situation, which affected the manufacturing of explosion proof equipment across the globe. Further, the restriction measures imposed in several countries due to the COVID-19 pandemic badly impacted the global mining industry through shutdowns of mines, ports, and rail & other transportation infrastructure, with shipments stranded at sea or stopped at ports.
In 2021: with the uplifting of lockdown and government easing taxation, the manufacturing business had resumed; this helped in growing the production of explosion proof equipment. Also, with the smoother functioning of other industries, including the mining and oil & gas industries, the demand for explosion proof equipment had increased again. The explosion proof equipment will have higher demand due to resumption of multiple industries in several sectors in the coming years.
Global Explosion Proof Equipment Market - Growth Insights:
The construction sector has been witnessing a decent growth rate in recent time. The trend is foreseen to continue over the years, thereby creating a huge space for commercial, residential, and industrial constructions. Governments of various countries are undertaking initiatives to support the construction industry. The growth in the construction of commercial and residential buildings is anticipated to provide prosperous opportunities to the market; thus, positively impacting the market.
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Explosion Proof Equipment Market: Protection Method Overview
By protection method, the explosion proof equipment market is sub segmented into explosion prevention, explosion containment, and explosion segregation. The explosion prevention segment led the explosion proof equipment market with a share of 55.9% in 2020. It is expected to account for 50.3% of the total market in 2028. The explosion prevention method restricts thermal and electrical energy to protect the levels under normal operation and faulty scenarios. Common explosion-prevention techniques consist of intrinsically safe equipment, increased safety enclosures, powder-filled enclosures, pressurized enclosures, oil-filled enclosures, and flameproof enclosures. These explosions are prevented by eliminating sufficient energy from the escaping gases. When the energy level is below the minimum ignition energy level, the chances of explosions are similar to none.
In the explosion prevention method, the intrinsic safety and equipment prevent an explosion by restricting the release of sufficient electrical energy to ignite explosive gases. The increased safety method is suitable for Zone 1 and Zone 2 conditions. This technique is used in various applications to protect terminals, lamp sockets, electrical connections, and squirrel gauge motors. It is also used as a combination along with other different methods of protection. The increased safety method originated in Germany and is acclaimed by the CENELEC EN 50.019 standards in Europe.
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Over the period, IoT has emerged as the most popular trend globally, which is nearly associated with every technology, manufacturing industries, and other industries. The biggest problem with the construction, manufacturing, and agriculture industries is that they tend to have the highest incident/accident rates. Accidents at factories cost millions of dollars in medical expenses, damaged goods, and high insurance premiums yearly for operators and workers, who also face enormous risks by working at hazardous locations. Further, multiple interconnected machines and devices work together, and a minor lapse in judgment can lead to deadly outcomes. Therefore, many businesses are now creating IoT-enabled environments to remove the guesswork from manual processes. Smart monitoring allows workers to make correct decisions and also keep themselves safe.
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