According to Goldstein Research, “Growing concern for the operations and workers safety and stringent regulation for the safety of workforce in hazardous environments are some of the major factors for the growth of Explosion Proof Equipment Market growth.”Moreover, raising awareness for worker safety in developing countries is likely to fuel the growth of explosion proof equipment market over the forecast period.
“Global Explosion Proof Equipment Market Outlook 2024”
The global explosion proof equipment market is segmented based on product type, by hazardous zones and by end users. Product type segment is further bifurcated into enclosures, encapsulations, conduit and cable seals and intrinsically safe equipment. In 2016, enclosure segment accounted for the largest revenue share in the global explosion proof equipment market owing to its major demand in hazardous working environment industries such as oil & gas and chemical industries among others.
Browse Full Report: Explosion Proof Equipment Market
Explosion Proof Equipment MarketReport, published by Goldstein Research, forecasts that the global market is expected to reach USD 7.8 billion, registering a significant CAGR of 6.8% during the period 2016-2024. Further, Asia Pacific is expected to be the fastest growing market throughout the forecast period, registering a notable CAGR of 7.6%.
North America is the largest region for explosion proof equipment market in 2016 and is expected to dominate the market during the forecast period of 2016-2024. North America explosion proof equipment market valued USD 1.7 billion in 2016 and is estimated to reach USD 2.3 billion by 2024. The United States is expected to dominate the explosion-proof equipment market followed by Canada due to strict regulations and laws for occupational health and safety.
Manufacturers demonstrating their Expanded Ability to deliver Advanced Explosion-proof Equipment
Major players are developing products that ensure efficient operations at maritime, airports, mining and tunneling and general industry applications across the globe, which is the major factor boosting the market growth. For instance, Cavotec engineering group has demonstrated its rapidly growing presence on the US market with two important deals with leading industrial groups – ThyssenKrupp and The Robbins Company – for innovative cable and hose reels for applications in Saudi Arabia and Singapore.
“Global Explosion Proof Equipment Market Outlook 2024” contains a detailed overview of the global explosion proof equipment market in terms of market segmentation by product type, by hazardous zones and by end users.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global Explosion Proof Equipment Market Report also provides a competitive outlook of some of the major players which includes profiling of companies such as Adalet, Intertek Group Plc, Extronics Ltd, Bartec Group, R. Stahl AG, Rockwell Automation, Inc., Siemens AG etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services, and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global explosion proof equipment market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
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