Explosion Proof Equipment Market Revenue Will Reach $10 Billion By 2024, Says Esticast Research and Consulting
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As per the report “Explosion Equipment Market by Industry Vertical (Pharmaceutical, Manufacturing, Marine, Mining,Food Processing, Signaling Devices, Others ), by Applicable System Type (Cable Glands,Junction Boxes & Enclosures, Lifting & Material Handling, Automation System, others),by Equipment Type (Explosion proof, Explosion Prevention, Explosion Segregation) Industry trends, Estimation & Forecast, 2016 – 2024″ the global explosion proof market was valued at $5 billion in 2016, and is projected to reach $10 billion by 2024, growing at a CAGR of 9.2% from 2017 to 2024.
In 2016, oil & gas industry segment generated the highest revenue share in the terms of global explosion proof equipment market. Among major regions, North American explosion proof equipment market was the highest revenue generating market valued at $1.6 billion in 2016.
The increasing need to improve the safety in industrial areas has accelerated the adoption of explosion proof equipment. A sudden rise in the number of explosions occurred in the extreme environment of manufacturing industries due to the presence of chemicals, toxic paints, and other combustible dust has prompted them to increasingly focus on explosion prevention.”
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Oil & gas industry generated the highest revenue in 2016 as a result of wide adoption of explosion-protected products in this sector acting as a preventive measure against explosive areas. The adoption of spark-resistant enclosures, thermocouples, and sensors in hazardous areas of oil & gas industry can eliminate the release of potential flammable substances. Thus, it is expected to dominate other segments growing with the highest CAGR of 10.1% during the forecast period of 2017-2024. The manufacturing segment follows the oil & gas segment generating a revenue of $780 million in 2016 owing to the emerging manufacturing firms all over the globe.
Explosion Prevention equipment market lead the global explosion proof equipment market in 2016 growing with a CAGR of 9.9 % during the forecast period
The explosion prevention equipment market generated a revenue of $2.3 billion in 2016 and is expected to lead the market for the entire forecast period. This is a result of high adoption of explosion prevention equipment in hazardous locations and increased safety and better productivity of industries. For instance, food processing industries largely use this technology. Sugar dust explosion can generate a pressure in excess of 100 psi within enclosed process equipment in less than 100 milliseconds. Hence, industries are now provided with recently updated tools to manage such risk in accordance with government rules and regulations.
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North America generated the highest revenue in terms of explosion proof equipment market in 2016
Across the globe, the market is segmented into North America, Europe, Asia-Pacific, and Rest of World. Among the major geographies North America generated the maximum revenue in the global market, accounting for more than 31% share in 2016, owing to high adoption and production of ignition-proof automated solutions. The region generated a revenue of $1.6 billion in 2016 and is expected to grow with a CAGR of 8.3% during the forecast period.
However, Asia-pacific explosion proof equipment market is expected to witness a impressive growth, having the highest CAGR of 10.4% during the forecast period. The rise of industrialization in Asian countries, especially in India and China are supposed to drive the market for explosion-proof equipment. The mining industry is rapidly growing in India with a pro-industry government. Oil-rich regions like the South China Sea and the Arabian Sea provide a lucrative market for explosion-proof equipment.
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Key Findings of Global Explosion Proof Equipment market
• Oil & Gas industry generated the highest revenue of $902 million in 2016 and held nearly 18% share of the total explosion proof equipment market
• The explosion prevention equipment market generated a revenue of $2.3 billion in 2016 and is expected to lead the market for the entire forecast period
• Asia-pacific explosion proof equipment market is going expected to witness a impressive growth, having the highest CAGR of 10.4% during the forecast period
• North America generated the highest revenue in terms of explosion proof equipment market in 2016
Product launch was the majorly adopted strategy by the top market players, holding nearly half of the total market strategy share. Adalet, a leading manufacturer of explosion-proof enclosure systems, recently launched an explosion-proof combination motor starter, integrated with modular and interchangeable trip blocks. Some major companies of the market are 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. and Honeywell International Inc.