Explosion Proof Equipment Market to Achieve A High CAGR Of 3.3% During Forecast Period 2032
The global explosion proof
equipment market is anticipated to reach a value of US$ 10,037.2
Million 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
Million 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.
“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 to 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.
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.
Key Segments Profiled In The Explosion Proof Equipment
Industry Survey
Explosion Proof Equipment Market by Protection Type:
- Explosion
Proof/Explosion Containment
- Explosion
Prevention/Limiting Energy
- Explosion
Segregation
Explosion Proof Equipment Market by Flammable Substances:
- Class
1
- Class
2
- Class
3
Explosion Proof Equipment Market by Area Classification:
- Division
I
- Division
II
Explosion Proof Equipment Market by Explosive
Characteristics:
- Zone 0
- Zone 1
- Zone 2
- Zone
20
- Zone
21
- Zone
22
Explosion Proof Equipment Market by Area Classification:
- Division
I
- Division
II
Explosion Proof Equipment Market by Region:
- North
America Explosion Proof Equipment Market
- Latin
America Explosion Proof Equipment Market
- Europe
Explosion Proof Equipment Market
- Asia
Pacific Explosion Proof Equipment Market
- Middle
East & Africa Explosion Proof Equipment Market
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