Pune, India., Sept. 21, 2023 (GLOBE NEWSWIRE) -- Integration of advanced technologies is driving the explosion-proof equipment market growth. Over the period, IoT has emerged as the most popular trend, which is nearly being associated with every technology. Whether in manufacturing or other industries, IoT is linked to everything. Construction, manufacturing, and agriculture industries tend to have the highest incident/accident rates. There are various risks associated with working in hazardous areas.
Explosion-Proof Equipment Market in terms of revenue was estimated to be worth $7.96 billion in 2022 and is poised to reach $12.95 billion by 2030, growing at a CAGR of 6.3% from 2022 to 2030 according to a new report published by The Insight Partners.
Many businesses are now creating IoT-enabled environments to remove the guesswork from manual processes. Smart monitoring allows workers to make correct decisions and, at the same time, stay out of the risk. Therefore, integration of IoT is driving the explosion-proof equipment market growth.
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Global Explosion-Proof Equipment Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 7.96 Billion in 2022 |
| Market Size Value by | USD 12.95 Billion by 2030 |
| Growth rate | CAGR of 6.3% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | System, Protection Method, and Industry |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
With the growing number of incidents/accidents in industries such as oil & gas and mining, the focus on industrial safety measures has also increased worldwide. For instance, in Sweden, industrial safety has developed within a framework of legislation for worker protection and compensation, but also to a large extent through self-regulation between the parties in the labor market. In most Western countries, a rudimentary labor legislation system for the reduction of working hours, factory inspection, and industrial injury insurance was developed around the turn of the 20th century. The new industrial safety policy should be carried out, and the existing safety regulations of industries should appear under its purview. Thus, Scandinavian country is taking the initiative in implementing policies, considering the safety of the workers.
Moreover, factory accidents cost millions of dollars in medical expenses, damaged goods, and high insurance premiums yearly for operators and workers. Further, factories have multiple interconnected machines and devices working simultaneously, and a minor lapse in judgment can lead to deadly outcomes.
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Explosion-Proof Equipment Market Analysis: 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 companies operating in the global explosion-proof equipment market. The market leaders in the global explosion-proof equipment market focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
Global Explosion-Proof Equipment Market - Key Industry Dynamics:
Drivers:
- Growth in Oil & Gas Industry
- Increasing use of roof LED Lights
- Growing Industrial Safety Measures
Restraints:
- Complexities Involved in Installation and Maintenance of Explosion-Proof Equipment
Opportunities:
- Growth in the Construction Sector
Future Trends:
- Integration with IoT
Recent Developments:
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.
Go through further research published by The Insight Partners:
Explosion Proof Solenoid Valves Market - Global Analysis and Forecast to 2030.
Explosion Proof Lighting Market - Global Analysis and Forecast to 2027.
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