Global Explosion Proof Equipment Market Outlook 2016-2024

Global Explosion Proof Equipment Market 

Market Overview

In industries such as petrochemical and mining electrical and other equipment are required to operate in hazardous conditions that can be conducive to explosions or can trigger fire. Most of the fireproofing and explosion proof equipment are intend to protect the application or equipment from external fires. Increased demand for explosion proof equipment in oil and gas industries and manufacturing sector has significantly augmented the growth of explosion proof equipment market growth on the back of rising concern for the operations and workers safety. Moreover, stringent regulation for the safety of workforce in hazardous environments and the mandates for using explosion and fire proof equipment is also subsequently driving the growth of explosion proof equipment market growth.

Goldstein Research analyst forecast the global explosion proof equipment market to expand at a CAGR of 6.8% during the forecast period 2016-2024. The demand for explosion proof equipment end products in various industries around the world reached USD 4.6 billion in 2016, which is likely to reach USD 7.8 billion by the end of the forecast period. 

Covered in this global explosion proof equipment market report

The report covers the present ground scenario and the future growth prospects of the explosion proof equipment market for 2016-2024 along with the total revenue of explosion proof equipment industry in every region. We calculated the market size and revenue share on the basis of revenue generated per segment, regional and country level. The revenue forecast is given on the basis of number of explosion proof equipment manufacturers and current growth rate of the market.

Global Explosion proof equipment Market Segmentation

By Product Type

• Enclosures
• Encapsulations
• Conduit and Cable Seals
• Intrinsically Safe Equipment

By Hazardous Area Zones

• Zone 0
• Zone 1
• Zone 2
• Zone 20
• Zone 21
• Zone 22

By End Users

• Oil and Gas
• Mining Sector
• Power and Utility
• Chemical Industry
• Pharmaceutical Industry
• Automotive Industry
• Others (Food Processing, etc.)

By Geography

• North America (US, Canada) {Market Share (%), Market Size (USD Billion)}
• Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe) {Market Share (%), Market Size (USD Billion)}
• Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of Middle East & Africa) {Market Share (%), Market Size (USD Billion)}
• Latin America (Brazil, Mexico and Rest of Latin America) {Market Share (%), Market Size (USD Billion)}
• Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific) {Market Share (%), Market Size (USD Billion)}
• Rest of the World{Market Share (%), Market Size (USD Billion))}

Based on product type, the enclosures segment accounted for the major shares of the electrical explosion proof equipment market in 2016 owing to factors such as the growing need for the electrical explosion proof equipment with enclosures in industries such as power & utility, automotive and petrochemical industry will contribute significantly to the growth of this industry segment in the coming years.

Global Explosion Proof Equipment Market Outlook 2016-2024, has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the global explosion proof equipment market. The report also includes porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Global explosion proof equipment market report also recognizes value chain analysis to understand the cost differentiation to provide competitive advantage to the existing and new entry players.

Our global explosion proof equipment market report comprises of the following companies as the key players in the global explosion proof equipment market: Adalet, Intertek Group Plc, Extronics Ltd, Bartec Group, R. Stahl AG, Pepperl+Fuchs Gmbh, Siemens AG, Rockwell Automation, Inc., Cooper Industries (Eaton), ABB Group, BCom Solutions Inc., Honeywell International Inc., CamLogic Snc, Johnson Controls, Excalibur Miretti Group, Shomal Co., Bosch Rexroth AG, Parker Hannifin Corporation and Alloy Industry Corporation.

According to our global explosion proof equipment market study on the basis of extensive primary and secondary research, one major trend in the market is the emergence of IoT (Internet of Things) and technological advancements to enhance the safety and to improve cost effectiveness and ease of installation. This is also a business opportunity for IoT device and explosion proof equipment manufacturers to create ‘EX’ rated sensors as installation of any electrical or electronic device in a potentially explosive environment required to be rated as ‘EX’ , also known as ‘intrinsically safe’.

According to the report, major driver in global explosion proof equipment market is growing awareness for the workers safety and accidents at the hazardous working environments. For instance, in U.S and Europe there are stringent regulations and laws for the occupational health and safety, implemented by the organizational safety and health administration (OSHA), which mandates the installation of fire and explosion proof equipment and use of protective equipment for the workers, working nearby arc and flames.

Further, the report states that one challenge in global explosion proof equipment market is high cost of explosion proof equipments as compared with conventional explosion and fire proof equipment. Moreover, high maintenance cost is also major challenge for the market growth.

Geographically, North America region accounted for the largest market share of 35% revenue in global explosion proof equipment market. On the other hand, Asia pacific region, which occupied about 25% of the market share owing to rapid industrialization and urbanization, Asia Pacific is expected to be the fastest growing region. China and India provides the immense potential for the market growth owing to aggressive persuasion for power generation and to setup industrial facilities in their countries. 

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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Key questions answered in this global explosion proof equipment market report

• What is the total market size by 2024 and what would be the expected growth rate of market?
• What is the total revenue per segment and region in 2015-16 and what would be the expected revenue per segment and region over the forecast period?
• What are the key market trends?
• What are the factors which are driving this market?
• What are the major barriers to market growth?
• Who are the key vendors in this market space?
• What are the market opportunities for the existing and entry level players?
• What are the recent developments and business strategy of the key players?

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