Dublin, May 07, 2024 (GLOBE NEWSWIRE) -- The "Hazardous Area Equipment Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The hazardous area equipment market has grown strongly in recent years. It will grow from $9.01 billion in 2023 to $9.74 billion in 2024 at a compound annual growth rate (CAGR) of 8%. The growth observed in the historic period can be attributed to several factors, including the expansion of industrialization and manufacturing, the implementation of stringent safety regulations, the effects of globalization and cross-border trade, increased activity in energy exploration and extraction, and a heightened focus on ensuring worker safety.
The hazardous area equipment market is expected to see strong growth in the next few years. It will grow to $13.06 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The anticipated growth in the forecast period can be attributed to several factors, including the global shift towards renewable energy sources, a rising demand for modular solutions, an increased focus on cybersecurity within industrial systems, the emergence of new hazardous substances, and changes in regulatory requirements and compliance standards. Key trends expected in the forecast period encompass the integration of IoT (Internet of Things), automation in hazardous areas, a heightened adoption of LED lighting, customization of solutions to meet specific needs, the implementation of training and certification programs, and advancements in intrinsically safe technologies.
The hazardous area equipment market is poised for growth due to the increasing demand for industrial safety. For instance, a report from the Centers for Disease Control and Prevention in July 2022 highlighted that in 2020, nearly 196,140 accidents involving objects and machinery resulted in time off work due to severity, and 1,038 American workers lost their lives in work-related car accidents in 2020, underscoring the importance of industrial safety and the need for hazardous area equipment.
The hazardous area equipment market is anticipated to experience growth due to the increasing incidence of workplace accidents. For instance, as per the Bureau of Labor Statistics in December 2022, there was a 5.6 percent increase in work-related fatalities due to falls, slips, and trips in 2021 compared to 2020. The number of fatalities within construction and extraction occupations also increased by 7.2 percent from 345 in 2020 to 370 in 2021. Thus, the increasing incidence of workplace accidents is a key driver of the hazardous area equipment market.
Technological advancements are emerging as a noteworthy trend in the hazardous area equipment market, with major companies focusing on innovating new technologies to maintain their market position. For example, in February 2022, i.safe MOBILE GmbH launched the IS-TC1A.1, an ex-protected thermal imaging camera designed for predictive maintenance in hazardous areas. This equipment, based on Seek Thermal technology, enables industrial users in risky areas to monitor processes, detect danger signs, and conduct predictive maintenance to save energy costs and improve process dependability.
Major companies in the hazardous area equipment market are actively developing new hazardous area LED lights to sustain their market position. These lights are designed and certified for use in environments with potentially hazardous conditions, such as the presence of flammable gases, vapors, liquids, combustible dust, or other dangerous substances. For instance, in September 2021, Wolf Safety Lamp Co Ltd launched a range of ATEX-certified LED installed lighting for safe use in potentially explosive atmospheres. This comprehensive lighting solution includes linear luminaires, floodlights, highbay lights, and bulkheads, featuring Directional Linear Optics (DLO) technology to provide efficient and safe lighting for hazardous area workplaces.
In June 2021, Proserve acquired Dron & Dickson's Abu Dhabi Business, strengthening Proserv's expertise and offerings in the Middle East and North Africa. Dron & Dickson, a UK-based company, specializes in the manufacturing, assembly, and maintenance of hazardous areas and industrial electrical equipment.
North America was the largest region in the hazardous area equipment in 2023. The regions covered in the hazardous area equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the hazardous area equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Scope
Markets Covered:
1) By Product: Cable Glands and Accessories; Process Instruments; Industrial Controls; Motors; Strobe Beacons; Lighting
2) By Service: Wired; Wireless
3) By Industry: Oil and Gas; Chemical and Pharmaceutical; Food and Beverages; Energy and Power; Mining
Key Companies Mentioned: PATLITE USA Corporation.; Eaton Corporation PLC.; Rockwell Automation Inc.; Emerson Electric Co.; Siemens AG
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes, but is not limited to:
- PATLITE USA Corporation
- Eaton Corporation PLC
- Rockwell Automation Inc.
- Emerson Electric Co.
- Siemens AG
- NHP Electric Engineering Products Pty Ltd.
- Honeywell International Inc.
- E2S Warning Signals LLC.
- ABB Ltd.
- Federal Signal Corporation
- Potter Signal Co.
- R. STAHL AG
- Tomar Electronics Inc.
- Mitsubishi Electric Corporation
- Adalet Inc.
- Bartec Group.
- Cortem Group.
- Delvalle Box.
- Extronics Ltd.
- G M International Srl
- Hawke International
- Intertek Group PLC
- J B Systems BVBA
- KEB America Inc.
- Marechal Electric Group.
- Miretti Group.
- Pepperl+Fuchs GmbH
- Phoenix Contact GmbH & Co KG
- Raychem RPG
- Redapt Ltd.
- S Tahl AG
- Schneider Electric SE
- Shenzhen Hengchangda Industry Co Ltd
For more information about this report visit https://www.researchandmarkets.com/r/f0869r
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