Explosion Proof Equipment Market Size is forecasted
to reach $13314.71
million by 2027, growing at a CAGR of 6.18% during the forecast period from
2022-2027.
The high
demand for explosion proof equipment in mining and oil & gas industries,
owing to the growing energy requirements is the major driver contributing to
the growth of the market during the forecast period 2022-2027. The
Explosion protection equipment are also deployed in various industry verticals,
such as Construction, Energy and Power, Chemicals and more to prevent ignition
from dangerous substances that could further lead to sudden explosion
Therefore, explosion proof products are massively used to withstand an eruption
in the hazardous industrial sectors that accelerate the growth of the Explosion
Proof Equipment Market. In addition to this, the stringent government
regulations and prominence of the national standards such as Atmospheres
Explosives and IECEx for certifying equipment and evaluate a product design for
initiating explosion proof equipment as per the zone system Zone 0 Zone 1 Zone
2 Zone 20 Zone 21 and Zone 22 hazardous areas are projected to foster the
market growth globally. Moreover, increasing investments towards the expansion of oil and gas
production is creating opportunities for the growth of the Explosion
Proof Equipment market. In November 2021, The Abu Dhabi National Oil Company (ADNOC)
announced to invest almost $6 billion (AED22 billion) to allow drilling growth
as it boost crude oil production capacity to 5 million barrels per day by 2030
and drives gas self-sufficiency for the United Arab Emirates (UAE). These
factors pave the way for the use of explosion proof equipment in industry. Hence all these factors
assist the market growth during the forecast period 2022-2027.
With the
advancement in aerospace & defence industry, the explosion proof equipment is
widely employed in the MROs. As MROs are working with aircraft that often
contain fuel and need maintenance of electrical parts, that is dangerous
combination and result in explosion if the equipment is not up to the safety
standards. Furthermore, lighting systems are required for hangar lighting and
aircraft maintenance, and repair operations. These lightings are explosion
proof and are especially approved for Class 1. In the aerospace industry, moving and
assembling of various appliances are proved to be extremely threatening and in
some cases, leakage of unsafe and dangerous materials while moving some
appliances can cause potential hazards. So, aerial lifts and material handling
equipment such as cranes and others are used for protection purposes. In
hazardous environments where explosive dusts and gases are present, EX lifts
prevent loss of property and life Therefore there is significant usage of the
explosion proof equipment in aerospace industry is analyzed to impact the
growth of the market. Moreover, the
rising urban middle class and airplane travel will drive the significant growth
of the aerospace industry. As stated by the International Air Transport
Association (in 2019 there were 3 8 billion air travelers, and it predicts that
the number will grow to 7 2 billion passengers by 2035. Thus, the growth of the
aerospace industry will automatically drive of the demand for explosion proof
equipment market.
APAC Explosion Proof
Equipment Market is expected to be the fastest growing region and will grow at CAGR of
7.50% during the forecast period 2022-2027. The increasing adoption of explosion proof equipment’s in Manufacturing,
Aerospace & Defense, Petrochemical and oil & gas industries is analyzed
to expand Explosion Proof Equipment Market in this
region. China
is the top contributor in the growth of the Explosion Proof Equipment Market. According
to
World Bank data, China’s manufacturing sector contributes approximately 26.17% of
the national GDP in 2020, which an impeccable in comparison to other
sectors, thus increasing the chances of adoption of explosion proof equipment in
manufacturing sector. Apart from China, India,
South Korea and Japan are the top contributors in the growth of the Explosion Proof
Equipment Market in this region. Oil and gas sector in India is considered as a major industry vertical
incorporating explosion proof equipment to prevent release of vapour lighting
sparks. Production facilities related to oil gas processing as well as refining
utilizes a wide range of hazardous and volatile compounds or chemical and this
industry are prone to high risks, due to the presence of highly inflammable
substances in large quantities They need to be continuously monitored to ensure
safety and productivity. Explosion proof communication devices may be used to
transmit images, data, and voice to monitor and control such places Hence, these factors
emphasize strongly to boost the market growth.
For More Queries About "Explosion Proof Equipment Market" @ https://www.industryarc.com/support.php?id=109
Explosion Proof Equipment Market Growth Drivers:
Increasing need to
meet energy requirements drives the demand for exploration of new mines and oil
and gas resources will positively impact the market growth
Increasing demand for Explosion Proof Equipment in the exploration of
new mines and Oil and Gas resources will positively impact the market growth. Oil
refineries, petrochemical plants, mining quarries, chemical factories, and corn
mills are prone to high risks, due to the presence of highly inflammable
substances in large quantities, thus explosion proof equipment’s are in high
demand to continuously monitor activities and ensure safety and productivity of
these places. Additionally, the growing energy requirements will also
positively influence the growth of the market during the forecast period. For
Instance, in January 2020, according to International Energy Agency, increasing
energy demands in Southeast Asia is driving new oil and gas discoveries and is
attracting the investment needed to build the region’s oil and gas industry.
These rising demand in Southeast Asia is promoting oil and gas companies to
look to the region’s own resources to meet the demand the energy requirements.
Such explorations will increase the opportunity for the growth of the market. These factors play
significant role to develop higher demands for explosion proof equipment’s in
these industries resulting into the market growth.
The Major
Players in this Market Include
Major players in Explosion Proof Equipment Market include Siemens AG,
ABB Ltd, Rockwell
Automation Inc, Eaton
Corporation plc, R.
STAHL Inc, BARTEC
Group Honeywell International Inc
among others.
In June 2020, R. STAHL launched explosion protected installed wireless technology
for Wi Fi networking in Zone 1 and 2 across process industry. In order to offer
conventional wireless devices for the operation across hazardous areas, R.
STAHL provides tested and certified solutions for a range of wireless
technologies for the hazardous industries.
To request for a quote, provide your details in the below link:
https://www.industryarc.com/reports/request-quote?id=109
Media Contact: