Explosion-Proof Equipment Market Trends, Growth and Forecast Analysis to 2028

 

The explosion-proof equipment market is expected to grow from US$ 8,037.29 million in 2021 to US$ 12,272.30 million by 2028; it is estimated to grow at a CAGR of 6.2% during 2021–2028.

 

With the increase in incidents/accidents in various industries (such as mining and oil & gas), the focus on industrial safety measures has also expanded worldwide. According to the article published by The Hindu Magazine, in August 2020, the state government of Andhra Pradesh (India) is contemplating on bringing in a new industrial safety policy to prevent accidents, which of late, have been taking place at regular intervals. A special drive was conducted in industries to inspect the safety measures. The new industrial safety policy should be implemented, and the existing safety regulations need to be under its purview. Similarly, according to the article published by Business Standard, in September 2021, the Department for Promotion of Industry and the Internal Trade of India eased ammonium nitrate and calcium carbide rules to improve their safety measures in storage and transportation. This was done in the backdrop of the lessons learned from the deadly Beirut explosion that killed ~140 people in August 2020. Several steps are also adopted to reduce the compliance burden for the industry to ensure industrial safety in critical premises, such as petroleum installations, explosive manufacturing facilities, cylinder filling, and storage premises. Thus, the Indian government is taking initiatives in implementing policies, considering the safety of the workers.

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Businesses deploy fixtures with approval ratings of Class 1 Division 1 (C1D1) and Class 1 Division 2 (C1D2) inside the facilities to reduce the combustion risk. Further, fixtures are designed for oil refineries have advanced features, such as water-tightness and corrosion resistance. The constant exposure to abrasive cleaning solutions, such as corrosive agents and water, may cause failure in the lights. This can lead to a serious safety hazard, specifically for workers. Thus, introducing better equipment reduces the number of incidents that takes place in factories worldwide. Therefore, several government policies and increasing explosion-proof equipment in industries are creating demand for the explosion-proof equipment market

Strategic Insights

 

Report Coverage	Details
Market Size Value in	US$ 8,037.29 million in 2021
Market Size Value by	US$ 12,272.30 million by 2028
Growth rate	CAGR of 6.2% from 2021 to 2028
Forecast Period	2021-2028
Base Year	2021
No. of Pages	192
No. 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; Latin America; MEA
Country scope	US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage	Revenue forecast, company ranking, competitive landscape, growth factors, and trends

 

 

 

Impact of COVID-19 Pandemic on Global Explosion Proof Equipment Market

 

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.

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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 the explosion proof equipment market study. Several other important market players were studied and analyzed during the market research study to get a holistic view of the global market and its ecosystem.

 

 

Explosion Proof Equipment Market - by Region, 2020

The global explosion proof equipment market is segmented on the basis of protection method, type, and industry. Based on protection method, the explosion proof equipment market is sub segmented into explosion prevention, explosion containment, and explosion segregation. On the basis of systems, the explosion proof equipment market is further segmented into junction boxes & enclosures, lighting systems, monitoring systems, signaling devices, automation systems, cable glands, HVAC systems, and others. Further, the explosion proof equipment market is segmented on the basis of industry into pharmaceutical, mining, oil & gas, manufacturing, food processing, energy & power, chemical & petrochemical, and others.

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