According to a new market research report published by Credence Research, “Explosion Proof Equipment Market (by End-use Vertical (Oil & Gas, Industrial Manufacturing & Processing, Energy & Mining, Pharmaceuticals, and Other Verticals), by Applicable System Type (Material Handling Systems, Surveillance Systems, Power Supply Systems, Motors, Automation Systems, and Others), by Hazardous Zone (Zone 0, Zone 20, Zone 1, Zone 21, Zone 2, Zone 22), by Geography (North America, Europe, Asia Pacific, and Rest of the World)) – Growth, Future Prospects, and Competitive Landscape, 2018 -2026”, the global explosion proof equipment market was valued at US$ 4.87 Bn and is expected to expand at a CAGR of 7.3% during the forecast from 2018 to 2026 .
In industries such as mining, oil and gas, and industrial manufacturing and storage, personnel and equipment work in dangerous conditions that lead to explosions and fire accidents. As a result, the urgent need to protect assets from explosions or fire accidents has triggered a demand for explosion proof equipment. As a result of the rising occurrence of explosions at mine sites, industrial incidents at the workplace and the consequent loss of property, firms across industry verticals have recognized the need to implement state-of – the-art protection solutions, including explosion proof equipment.
Therefore, the worldwide market for explosion proof equipment is driven by strict regulations encouraging workplace safety. With ever-increasing energy demands, new oil & shale reserves in economies like Mexico, Brazil, and the US have increased investment in oil exploration. This, in turn, drives the demand for explosion proof equipment in these countries. All of these variables will lead to a CAGR of 7.3 per cent over the 2018-2026 forecast period.
Explosion security in the world is regulated by the laws of the individual countries. Differences in technical requirements across countries, coupled with the requisite approvals for explosion proof products, place considerable demands on global manufacturers, in particular high investment in production and approval testing. Efforts have been made over the last few years, especially among the major industrial economies, to adopt acceptable technical standards and to introduce standardized safety standards in parallel.
Report Scope by Segments:
End-use Vertical Segment (2016–2026; US$ Bn)
- Oil & Gas
- Industrial Manufacturing & Processing
- Mining & Energy
- Others (Power & Utility, etc.)
Applicable System Type Segment (2016–2026; US$ Bn)
- Material Handling Systems
- Surveillance Systems
- Power Supply Systems
- Automation Systems
Hazardous Zone Segment (2016–2026; US$ Bn)
- Zone 0
- Zone 1
- Zone 2
- Zone 20
- Zone 21
- Zone 22
Some of the major manufacturers profiled in the research report include R. Stahl, Adalet, Bartec GmbH, G.M. International SRL, Rae Systems (Honeywell International Inc.), Marechal Electric Group, Pepperl+Fuchs, Alloy Industry Co. Ltd, Siemens AG, Intertek Group, Extronics Limited, and Cordex Instruments among others.