The global hazardous area equipment market is likely to be valued at USD 9.49 billion in 2023. The market is expected to reach USD 15.43 billion by 2033, expanding at a CAGR of 5.2% from 2023 to 2033.
The rise in the use of LED lighting solutions for hazardous and safe environments, as well as an increasing focus on industry safety measures, are driving the growth of this market. As a result, the market for hazardous area equipment is predicted to develop steadily over the next five years.
The market is being driven by the growing demand for equipment in several industries.
Factors such as the rising significance of emerging economies result in the rise of various industries that rely heavily on hazardous area equipment, which is frequently pushing the global market.
The fact that wireless hazardous area equipment acts as a source of ignition in hazardous regions is a fundamental reason for limiting the proliferation of hazardous area technology. Manufacturing hazardous area equipment that can function in large areas and overcome noise is also one of the industry's significant challenges.
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Due to the growing demand for cooling and process industry safety measures, the global hazardous area equipment industry is in higher demand. The rising demand for safety-related equipment is the primary driver of global market expansion. Furthermore, the versatility of cable glands for all operations is a key element in the global market's expansion.
Hazardous area equipment is devices that can reduce the damage caused by incidents such as fires or provide optimal performance in severe situations.
It comprises cable glands and accessories, control panels, buttons, illumination, and strobe beacons, among other items. Process industries fuel the demand for hazardous area equipment since the equipment's operations must continue to work despite extreme heat, radiation, or harmful substances. Hazardous area equipment is used according to the hazardous area's division, class, or zone.
The increased focus on increased safety measures in sectors, particularly process, and cooling industries, is creating a great demand for flame- and explosion-proof hazardous area equipment such as industrial controllers, cable glands, motors, sensors, strobe beacons, lightings, and other items.
As a result, the hazardous area equipment industry is predicted to grow at a stable pace during the forecast period.
The growing number of industries in which hazardous area equipment is critical is propelling the hazardous area equipment industry forward. Factors such as the rising significance of emerging economies are causing the rise of several businesses with a high concentration of hazardous area equipment, which is propelling the global hazardous area equipment industry.
The hazardous area equipment industry needs additional space to operate and manufacture hazardous area equipment, and it also generates noises that can be critical hazardous area equipment industry obstacles. Furthermore, satisfying all of the hazardous area equipment requirements in all locations can be difficult for the global hazardous area equipment industry.
High equipment costs may hamper the hazardous area equipment industry. Furthermore, rising demand for hazardous area equipment may cause delays in product delivery, which might be another constraint in the global market. The players in the market’s collaborative efforts are usually beneficial in overcoming these problems.
| Attributes | Details |
|---|---|
| Global Hazardous Area Equipment Market CAGR (2023 to 2033) | 5.2% |
| Market Size Anticipated (2023) | USD 9.49 billion |
| Global Hazardous Area Equipment Market (2033) | USD 15.43 billion |
Principal Consultant
The rise in industrial safety measures, particularly in process sectors where these hazardous area equipment activities must continue and expand urbanization and population throughout the world, is anticipated to be the primary factor driving hazardous area equipment industry expansion.
Emerging economies improve, and some industries with a high concentration of hazardous area equipment are projected to grow, further pushing market value. Inspection and maintenance, on the other hand, are time-consuming and costly, putting a brake on the market growth.
Rising demand for low-cost, high light output per watt lighting solutions would open up new potential for the hazardous area equipment industry to expand throughout the projection period.
The use of wireless hazardous area equipment, which may cause fire on industry premises due to electromagnetic waves radiated by them, is likely to slow the hazardous area equipment industry's growth rate, posing a further obstacle.
The hazardous area equipment industry size and its value in the global market are determined by the value chain analysis of the products and services. With this information, an accurate forecast of global market growth for the forecast period can be anticipated.
Various industrialists, specifically cooling and process industries, need hazardous equipment, according to the hazardous area equipment industry report analysis, which is predicted to develop the market potentiality in the forecast period (2023 to 2033).
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| Leading Product Type | Cable Glands & Accessories |
|---|---|
| Segment Share in 2023 | 32.0% |
Due to the rising relevance of equipment and environmental cabling in all process-oriented industries, cable glands, and accessories are likely to account for a 32.0% share of the hazardous area equipment industry in 2023.
In the year 2020, the wired segment had the biggest hazardous area equipment industry share. Process control systems (SCADA), testing and sampling systems, BOP (Blow Out Preventers), and shutdown systems all have a large market for wired equipment right now for various reasons and in different regions.
| Top End-user Segment | Oil & Gas |
|---|---|
| Segment Share in 2023 | 37.0% |
The oil and gas end-user segment is anticipated to hold 37.0% of the market share in 2023. Between 3 and 2033, the demand for hazardous area equipment in the oil and gas industry is predicted to expand rapidly.
The demand for these goods in the oil and gas industry is driven by the requirement for high-performance hazardous area equipment that can work efficiently in a variety of demanding environments.
| 2023 Value Share in Global Market | Value CAGR (2023 to 2033) |
|---|---|
| United States | 15.4% |
| Germany | 3.2% |
| Japan | 3.9% |
| Australia | 1.1% |
| China | 5.7% |
| India | 6.3% |
| United Kingdom | 4.1% |
As the largest market in the world with a value share of 15.4%, the United States is a major player in the global hazardous area equipment industry. The country's strong regulatory framework and focus on safety make it an attractive market for businesses looking to expand their operations. Additionally, the increasing focus on renewable energy and sustainability is expected to drive demand for hazardous area equipment in the coming years. With its advanced infrastructure and high technological capabilities, the United States market is poised for growth in the hazardous area equipment industry.
With a current value share of 3.2%, Germany is known for its engineering expertise and high-quality manufacturing. The country's focus on innovation and technological advancements is expected to drive growth in the hazardous area equipment industry, particularly in the areas of automation and digitalization. Germany's emphasis on safety and reliability makes it a strong market for businesses looking to expand their hazardous area equipment operations.
With a value share of 3.9%, Japan is a key player in the hazardous area equipment market. The country's emphasis on safety and disaster management is expected to drive demand for hazardous area equipment in the coming years, particularly in industries like oil and gas and chemicals. Japan's strict regulations and high safety standards make it an attractive market for businesses looking to expand their hazardous area equipment operations.
With a value share of 1.1%, Australia is a small but important market for hazardous area equipment. The country's strong focus on mining and natural resources is expected to drive demand for equipment in hazardous environments. With its vast natural resources and strict safety regulations, Australia is a key market for businesses looking to expand their hazardous area equipment operations.
As the fastest-growing market in the world with a value CAGR of 5.7%, China is a key player in the hazardous area equipment industry. The country's rapid industrialization and increasing focus on workplace safety is expected to drive demand for hazardous area equipment, particularly in the manufacturing and construction sectors. With its huge population and growing economy, China offers enormous opportunities for businesses looking to expand their hazardous area equipment operations.
With a projected value CAGR of 6.3%, India is an emerging market in the hazardous area equipment industry. The country's focus on infrastructure development and increasing industrialization is expected to drive demand for hazardous area equipment in the coming years. With its large population and growing economy, India is a promising market for businesses looking to expand their hazardous area equipment operations.
With a value CAGR of 4.1%, the United Kingdom is a small but important market for hazardous area equipment. The country's strong focus on offshore oil and gas production and renewable energy is expected to drive demand for equipment in hazardous environments. With its advanced technology and strict safety regulations, the United Kingdom is a promising market for businesses looking to expand their hazardous area equipment operations.
Honeywell International, Inc. (United States), PATLITE Corporation (United States), Eaton Corporation Plc (United States), Siemens AG (Germany), Emerson Electric Co. (United States), NHP Electric Engineering Products (Australia), Rockwell Automation (United States), E2S Warning Signals (United States), ABB Ltd. (Switzerland), and R. STAHL AG are some of the key players in the hazardous area equipment industry.
All major companies are proposing various strategic measures, some of which are mentioned below, to promote the hazardous area equipment industry.
Recent Developments in the Global Hazardous Area Equipment Market:
The market is valued at USD 9.49 billion in 2023.
Key players include Honeywell International, Eaton Corporation, Siemens AG, and more.
The oil & gas industry holds 37.0% of the market share in 2023.
The market is expected to reach USD 15.43 billion by 2033.
Space constraints, noise generation, and high equipment costs are limiting factors.
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 Products 5.1. Industrial Controls 5.2. Motors 5.3. Strobe Beacons 5.4. Visual and Audible Combination Value (US$ Million) & Volume (Units) 5.5. Cable Glands and Accessories 5.6. Process Instruments 5.7. Lighting Products 5.8. Sensors 5.9. Fire Alarms 5.10. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Services 6.1. Wired 6.2. Wireless 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-users 7.1. Oil & Gas 7.2. Mining 7.3. Chemical & Pharmaceutical 7.4. Food & Beverages 7.5. Automotive and Aerospace 7.6. Pulp & Paper 7.7. Steel & Metal 7.8. Energy & Power 7.9. Others 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. Asia Pacific 8.5. MEA 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Key Countries Market Analysis 15. Market Structure Analysis 16. Competition Analysis 16.1. Honeywell International, Inc. 16.2. PATLITE Corporation 16.3. Eaton Corporation Plc 16.4. Siemens AG 16.5. Emerson Electric Co. 16.6. NHP Electric Engineering Products 16.7. Rockwell Automation 16.8. E2S Warning Signals 16.9. ABB Ltd 16.10. R. STAHL AG 17. Assumptions & Acronyms Used 18. Research Methodology
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Hazardous Area Equipment Market
