Increasing revenue of explosion proof equipment market owing to the safety precautions taken by the people for good quality flameproof equipment while working at hazardous places. High scope noted for this industry due to the need to ensure safety of both employees as well as infrastructure facilities.
Hazardous conditions are almost common for every process plant around the world. Explosion proof equipment is intended to prevent explosions and act as protective measures in such hazardous areas.
In the Explosion Proof Equipment Market, these equipment are designed to exclude, contain or suppress the effect of certain potentially incentive sources such as electrostatic discharges, hot surfaces, arcs and sparks. IndustryARC has suggested the CAGR as 5% during forecast period 2016-2021.
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Though there has been a recent downturn in the oil and gas sector, efforts are being made for replacement and refurbishment of the existing explosion proof equipment deployed across the various oil rigs and processing plants in the Explosion Proof Equipment Market.
End User Insights:
While Oil & Gas, Aerospace & Aircraft, Construction, Marine Mining, Chemicals, Paint, Pharmaceuticals and Food & Beverages are noted to be the top end user verticals of the global market, Oil and Gas alone was noted to have held 16% market share followed by the Chemicals sector with 12% share.
Though, Oil & Gas industry is facing slump since 2014, the up-gradation and refurbishment of Oil & Gas rigs and refineries contributed to the revenue. Though the major markets such as Oil & Gas, Chemicals and Mining are matured markets, replacement and refurbishment of the existing facilities is the major revenue generators.
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Americas was the leading market in 2015 and is growing with CAGR of 3.0% during 2016-2021. IndustryARC also projects this region to remain as the dominant market in 2021 with high total revenue.
Standard certification bodies like ATEX, NEC and IECTx are taking healthy initiatives. This coupled with government laws and strict policies regarding safety of employees have been driving the sales of the market.
Europe and North America seem to have witnessed the maximum growth rate owing to these reasons, according to IndustryARC.
APAC is paving way to become an industrial center by end of this decade or slightly longer. China and South Korea have already established themselves as world leaders in manufacturing and being aided by the government.
In-depth Segmentation Outlook:
The Explosion Proof Equipment Market is segmented into various categories in the IndustryARC marketing analysis research report by equipment groups, by classification, by end user industries and by geography.
By Groups: By Protection Principle, By Flammable Substances, By Area Classification, By Zones, By Temperature Classes
By Applications: Cable Glands, Lighting Systems, Lifting Systems, HVAC, Signaling Systems, Material Handling Systems and Others
By End User Industries: Construction, Waste Management, Mining, Food Processing, Marine Industry and Others
By Geography: North America, South America, Europe, Asia Pacific and ROW
Prominent Vendors Brief:
The key companies in the Explosion Proof Equipment Market as mentioned in the IndustryARC research report are as follows:
- Eaton Corp PLC (Ireland)
- Emerson Electric Co. (U.S.)
- R STAHL (Germany)
- ABB Ltd. (Switzerland)
- Rockwell Automation (U.S.)
- Pepperl + Fuchs (Germany)
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