The global explosion proof equipment market is expected to expand from USD 7,520.18 million in 2023 to USD 10,160.5 million by 2033. According to FMI, the market is predicted to grow at a CAGR of 3.4% over the forecast period.
The explosion is described as an uncontrolled rise in the energy of a system, which can be nuclear, mechanical, or nuclear, resulting in an increase in temperature and gas evacuation. There are several causes of explosions, including increasing pressure, nuclear reactions, gas leaks, dust, and others.
Several sorts of protection methods are taken into account when developing items for electrical, mechanical, nuclear, and chemical usage in order to prevent these explosions, and these devices/products are referred to as explosion proof.
Data Points | Key Statistics |
---|---|
Expected Market Value (2023) | USD 7,520.18 million |
Anticipated Forecast Value (2033) | USD 10,160.5 million |
Projected Growth Rate (2023 to 2033) | 3.4% CAGR |
The word explosion proof does not imply that the object is expected to resist an explosion, but rather that it contains some form of explosive substance or gases within its case or housing, preventing sparks from within its housing from igniting gases or vapors in the surrounding environment.
In a broader sense, explosion proof equipment is defined as equipment that contains explosive material and, consequently, has a protection principle that means explosion prevention by varying operating energy or making it so robust that it cannot let explosion come out of the case and also cannot let the external environment with high temperature or spark cause an explosion inside by isolating its housing, which is typically made of stainless steel or cast aluminum.
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The global demand for explosion proof equipment is projected to increase at a CAGR of 3.4% during the forecast period, reaching a total of USD 10,160.5 million by 2033, according to a report from Future Market Insights (FMI). From 2018 to 2022, sales witnessed significant growth, registering a CAGR of 2.6%.
Global market growth is expected to be fuelled by rising demand for integrated systems, advancements in the automation industry, expansion in industrial sectors, and rigorous government laws in managing hazardous regions.
The demand for energy and fuel grows in tandem with rising energy consumption. This boosts the market for explosion-proof equipment, which is frequently employed to avoid explosions during natural resource power generation. With the globe relying on coal to satisfy its energy needs, new places for coal deposits are being examined.
Increased Adoption of Explosion Proof Equipment in the Oil and Gas Industries
For the past few years, explosion proof equipment manufacturers have been releasing novel designed casing materials and more advanced features, which have become new trends in the worldwide explosion proof equipment market.
The key growth drivers of the global explosion proof equipment market are increased adoption of explosion proof equipment in the oil and gas industries, exploration of new mining sites, which increases the need for explosion proof equipment there, dramatically rising demand for explosion proof equipment in the automation sector, and newly formed safety regulations for hazardous areas, which are becoming more stringent.
Stalling of the Mineral and Mining Sectors May Impede Market Growth
Globally, the stalling of the mineral and mining sectors is becoming a major restriction for the worldwide explosion proof equipment market.
Government’s Restrictions Creating Opportunities for Explosion Proof Equipment Manufacturers
Country | The United States |
---|---|
Market Share % (2023) | 27.2% |
The North American government did not require the deployment of explosion-proof devices in the late nineteenth century. However, the government recently imposed laws in a variety of business sectors.
Underwriters Laboratories (UL), an American safety consulting and certification organisation, Occupational Safety and Health Administration (OSHA), Factory Mutual - FM3610, National Fire Protection Association (NFPA), and others are the key regulatory authorities in the region. As a result, the market saw an increase in the replacement rates of current equipment.
However, in comparison to the rest of the globe, the alternative Zone system of hazardous site categorization is still relatively new in the United States, which is causing companies to replace outdated machinery. The country's existing classification is based on class.
However, as a result of globalisation, the government is incorporating laws into its systems to ensure that they are globally certified. These accreditations are now enabling the creation of a complete examination and testing procedure that addresses the requirements for various certifications.
Because of the existence of Article 505 in the NEC and the consistency in the 'Zone' standards, a US-based producer that sells zone-classified goods for overseas markets can now receive FM, frequently with little or no change. The presence of several pharmaceutical manufacturing units is projected to boost the region's pharmaceutical sector.
Companies are required to comply with FDA's demanding criteria and to install explosion-proof machinery in factories and hazardous places, becoming elements that are likely to drive market expansion.
Rising Production Costs and the Purification of Ferrous and Nonferrous Metals Favouring Market Growth
Attributes | Details |
---|---|
Germany’s Market Share % (2023) | 7.2% |
The United Kingdom Market CAGR % (2023 to 2033) | 2.1% |
In 2019, Europe accounted for a substantial market share of the worldwide explosion proof equipment market. Europe is likely to lead the market over the forecast period due to rising production costs and the purification of ferrous and nonferrous metals.
Furthermore, the world's largest oil company is likely to fuel expansion in the Middle East. These are the reasons that are expected to propel the European region's growth in the worldwide explosion proof equipment market from 2023 to 2033.
Increasing Need for Protection in the Oil and Gas Sector Fuelling Rapid Adoption
Country | Forecast CAGR % (2023 to 2033) |
---|---|
India | 4.5% |
China | 4.1% |
China dominates the Asia Pacific area owing to the existence of the world's largest oil and gas production, mining, and energy and power sectors, all of which are particularly prone to explosions in the region. The increasing need for protection in the oil and gas sector prompted manufacturers to certify their goods for use in explosive environments.
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The Zone 1 Segment to Gain Significant Market Share
Segment | Zone 1 |
---|---|
Market Share % (2023) | 27% |
The zone 1 section is expected to increase significantly throughout the estimated timeframe. This zone contains an explosive environment made up of air and hazardous materials in the form of gas, vapour, or mist that can arise during regular operations. Thus, by explosive characteristics, the zone 0 segment is expected to expected grow at a CAGR of 3.1% for explosion proof equipment market in the sales indicator period 2023 to 2033.
The Cable Glands Category has the Highest Demand
The worldwide explosion proof equipment market is classified into the following applicable system: switchgear, surveillance & monitoring systems, material handling systems, lifting systems, cable glands, power generation, distribution systems and others
In 2019, the cable glands category accounted for a substantial share of the worldwide explosion proof equipment market. The cable glands sector is predicted to increase at a CAGR of 3% throughout the forecast period. Cable glands provide a number of functions in the cable management process. Cable glands must have certain qualities to fulfil the market climate for explosion-proof equipment, depending on the brand or location.
Key startup players in the explosion proof equipment market are
Adalet, Alloy Industry Co. Ltd., Eaton, S.C. UMEB SA, Warom Technology, Inc., and others are the leading competitors in the worldwide explosion proof equipment market.
Report Attribute | Details |
---|---|
Market Value in 2023 | USD 7,520.18 million |
Market Value in 2033 | USD 10,160.5 million |
Growth Rate | CAGR of 3.4% from 2023 to 2033 |
Base Year for Estimation | 2022 |
Historical Data | 2018 to 2022 |
Forecast Period | 2023 to 2033 |
Quantitative Units | Revenue in USD million and CAGR from 2023 to 2033 |
Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
Segments Covered | Protection Type, Flammable Substances, Area Classification, Explosive Characteristics, Region |
Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East and Africa |
Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Australia, New Zealand, China, Japan, South Korea, India, Malaysia, Singapore, GCC, South Africa, Israel |
Key Companies Profiled | Adalet; Siemens; Honeywell International Plc.; Rockwell Automation Inc.; ABB; Eaton Corporation; Emerson Electric Co.; Waram Technology Inc.; WorkSite Lighting; Extronics Ltd.; Allay Industry Co. Ltd. |
Customization | Available Upon Request |
The growth potential of this market is 3.4% through 2033.
From 2018 to 2022, the global market exhibited a 2.6% CAGR.
Stalling the mineral and mining sectors limits market growth.
Adalet, Siemens, and ABB are the key players.
Increased adoption of explosion-proof equipment in the oil and gas industries drives sales.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Protection Type 5.1. Explosion Proof/Explosion Containment 5.2. Explosion Prevention/Limiting Energy 5.3. Explosion Segregation 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Flammable Substances 6.1. Class 1 6.2. Class 2 6.3. Class 3 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Area Classification 7.1. Division I 7.2. Division II 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Explosive Characteristics 8.1. Zone 0 8.2. Zone 1 8.3. Zone 2 8.4. Zone 20 8.5. Zone 21 8.6. Zone 22 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Western Europe 9.4. Eastern Europe 9.5. South Asia and Pacific 9.6. East Asia 9.7. Middle East and Africa 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 17. Key Countries Market Analysis 18. Market Structure Analysis 19. Competition Analysis 19.1. Adalet 19.2. Siemens 19.3. Honeywell International Plc. 19.4. Rockwell Automation Inc. 19.5. ABB 19.6. Eaton Corporation 19.7. Emerson Electric Co. 19.8. Waram Technology Inc. 19.9. WorkSite Lighting 19.10. Extronics Ltd. 19.11. Allay Industry Co. Ltd. 20. Assumptions & Acronyms Used 21. Research Methodology
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