Dublin, Aug. 14, 2024 (GLOBE NEWSWIRE) — The “Global Explosion Proof Equipment Market – Forecasts from 2024 to 2029” report has been added to ResearchAndMarkets.com’s offering.
The global explosion proof equipment market is projected to grow from US$8.449 billion in 2024 to US$14.140 billion in 2029, at a CAGR of 10.85%
The market growth is anticipated to be aided by advancements in the automation industry, expansion of industrial sectors, and rising demand for integrated systems. For instance, workers in the oil and gas sector frequently have to work in dangerous environments. Safety should always come first in locations with enough combustible liquids, gases, vapors, or combustible dust to cause a fire.
Guaranteeing that operators are constantly informed of and safeguarded from external hazards is crucial. Furthermore, offshore facilities, factories, and refineries are frequently exposed to combustible materials.
Guidelines to bolster worker safety in hazardous environments drive the market expansion.
Increased harmonization in explosion-proof equipment guidelines worldwide will further assist market expansion during the forecast period. Specialized IEC and ISO working groups coordinate global perspectives on the explosion safety of electrical and non-electrical equipment. Internationally harmonized design accords were created in IEC standards fairly early on in the field of electrical engineering. This was mostly carried out following CENELEC guidelines.
The agreement in content and registration number between the necessary IEC/ISO (global), EN (Europe), and standards publications is an obvious indicator of harmonization (60079 series). Currently, there is active work being done on harmonization. Although there are ongoing changes, this arrangement will facilitate future international work. Working groups within ISO/IEC follow the same procedures and apply the (80079 series) to non-electrical devices. The formation of toxic and flammable gases and combustible dust is the primary cause of explosions in underground coal mines and processing plants.
Growing technological advancements have accelerated the market expansion.
Rapid technological advancements have further propelled the efforts to bolster worker safety through new innovations. According to the National Institute for Occupational Safety and Health (NIOSH), mining enterprises are implementing automation and other sophisticated technology to increase productivity and safety in the industry, which is undergoing tremendous changes. Moreover, companies are investing in new product innovations and development intending to enhance worker’s safety and operational efficiency.
High occupational fatality has propelled the market growth.
Underground mining and working in chemical or petrochemical facilities poses several challenges, including insufficient ventilation, exposure to hazardous gases, and negative health effects. Due to this reason, governments around the world are regulating mining laws to ensure greater safety concerns.
High manufacturing costs can hamper the market growth.
Explosion-proof equipment provides high-performance benefits and safeguards the well-being of workers and laborers working in hazardous environments. However, the per capita cost of developing such equipment featuring an array of sensors, software, and hardware can be significantly high, which can make it difficult for small-scale businesses and manufacturing facilities to afford such equipment. Moreover, the lack of technical know-how among workers on how to operate such equipment can also pose a challenge to the overall market expansion.
North America is expected to account for a considerable market share.
North America is projected to constitute a considerable market share fueled by the growing prevalence of fatalities in hazardous workplaces. Major regional economies, namely the USA, harbors the highest number of oil refineries and is the major chemical manufacturing nation. According to the US Energy Information Administration, as of January 2023, the USA contained 124 operable oil refineries. Additionally, according to the Cybersecurity and Infrastructure Security Agency, there are nearly 11,128 chemical manufacturing facilities in the USA among which 991 facilities and 2,446 basic chemical facilities.
Besides chemical and petrochemical products, mining activities are also witnessing significant growth in the region, which is further anticipated to bolster the demand for explosion-proof equipment. According to National Resource Canada, in 2022, the country’s mineral production valuation stood at $75 billion, with 200 mines. The same source stated that in the same year, $18 billion was invested in new capital construction, accounting for 6% of total non-residential capital investment in the country.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 135 |
| Forecast Period | 2024 – 2029 |
| Estimated Market Value (USD) in 2024 | $8.45 Billion |
| Forecasted Market Value (USD) by 2029 | $14.14 Billion |
| Compound Annual Growth Rate | 10.8% |
| Regions Covered | Global |
Companies Featured
- CorDEX Instruments
- Adalet
- Pepperl+Fuchs GmbH
- Extronics Ltd
- Siemens AG
- ABB
- Rockwell Automation, Inc.
- RAE Systems by Honeywell
- R. STAHL
By Hazardous Zone
- Zone 0
- Zone 1
- Zone 2
- Zone 20
- Zone 21
- Zone 22
By Equipment
- Air Conditioners
- Transformers
- Distribution Boxes and Empty Enclosures
- Lighting Technology
- Others
By Industry Vertical
- Pharmaceutical
- Chemical
- Oil & Gas
- Mining
- Waste Management
- Others
By Geography
- North America
- United States
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Middle East and Africa
- Saudi Arabia
- UAE
- Iran
- Asia Pacific
- Japan
- China
- India
- Australia
- Others
For more information about this report visit https://www.researchandmarkets.com/r/err57y
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- Global Explosion Proof Equipment Market
