NEWARK, Del: , Sept. 13, 2022 (GLOBE NEWSWIRE) -- The global explosion proof equipment market is anticipated to reach a value of US$ 10,037.2 Mn in 2032, with the market growing at a stagnant CAGR of 3.3 % over the forecast period of 2022 to 2032. Scaling up from an estimated US$ 7,272.9 Mn in 2022, the explosion proof equipment market is driven by growing demand for strict government regulations to manage hazardous regions.
A rise in the demand for integrated systems, advancements in the automation industry, and expansion in industrial sectors are some of the other reasons for the steady market growth over the projected period.
Equipment made out of explosive material; is thus based on a protection principle that enables explosion prevention by varying operating energy or making the case so robust that the explosion cannot come out of it is categorized as explosion proof equipment. This equipment is generally composed of stainless steel or cast aluminum.
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With the rising demand and consumption of energy and fuel, the demand for explosion proof equipment is also escalating because this equipment is used quite often to avoid explosions during natural resource power generation. Many market manufacturers are releasing novel designed casing materials and more advanced features, which have gradually gained popularity and become new trends in the global explosion proof equipment market. This bodes well for the target market.
Moreover, the increasing adoption of explosion proof equipment in the oil and gas industries, high demand for the product in the automation sector, and exploration of new mining sites contribute to the need for explosion proof equipment. The newly formed safety regulations for hazardous areas are becoming more stringent which leads to better future prospects for the explosion proof equipment market during the assessment period.
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“Rising demand for the product in the oil and gas industry as well as the automation sector will likely lead to the market growth of explosion proof equipment over the forecast period,” says an FMI analyst.
Key Takeaways:
- The stalling of the mining and mineral sector may hinder the market growth.
- North America will continue to dominate the global market over the forecast period.
- In 2022, the explosion proof equipment market in Europe is expected to hold 15.3% of the overall market share.
- The Asia Pacific is predicted to undergo the highest growth rate during the forecast period.
- Based on characteristics, the zone 0 segment will be highly preferred during the assessment period.
- The cable glands segment will register high demand through 2022-2032.
Competitive Landscape
Adalet, Alloy Industry Co. Ltd., Eaton, S.C. UMEB SA, Warom Technology, Inc., and others are some of the major players in the explosion proof equipment market that are profiled in the full version of the report.
Major market players are concentrating on product development and entering new markets to expand their operations.
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More Insights into Explosion Proof Equipment Market Report
In its latest report, FMI offers an unbiased analysis of the global explosion proof equipment market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and range, the market is segmented on the basis of protection type (explosion proof/ explosion containment, explosion prevention/ limiting energy, explosion segregation), flammable substances (class 1, class 2, class 3), area classification (division I, division II), explosive characteristics (zone 0, zone 1, zone 2, zone 20, zone 21, zone 22), and region.
According to the latest FMI reports, based on region, the explosion proof equipment market in North America is anticipated to flourish over the forecast period. The regional market will likely grow at a CAGR of 3.2% over the forecast period while accounting for 18.1% of the overall market share in 2022. This growth can be attributed to the strict implementation of government rules and regulations in various industrial verticals.
In the Asia Pacific region, the explosion proof equipment market is expected to account for 11% of the total market share in 2022. The heightened demand for the target product in the expanding oil and gas industry is likely to propel the growth in this region.
Based on segmentation, the cable glands segment is anticipated to grow at a 3% CAGR during the forecast period while the Zone 0 segment is expected to lead the market growth in terms of explosive characteristics.
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
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