The explosion is characterized as an excessive rise of a system ‘s electricity, an unregulated quantity that may be electrical, mechanical, or chemical, leading to increased temperature and gas expulsion. Explosion-proof equipment refers to the product within its housings, which restricts any link to the eruption. Explosion-proof products are usually sufficient to endure a structural rash. Explosion resistant equipment nowadays has been used in almost all businesses to secure both financially and lives. Across various verticals such as manufacturing, explosive protection equipment is being used to avoid combustion from hazardous substances, which may contribute to blast. Numerous sources are accountable for the detonations, including nuclear reactions, immense pressure, gas leakage, dust, and others.
The Global Explosion Proof Equipment market size was valued at USD 6.5 billion in 2019 and projected to reach USD 11.3 billion by 2027, growing at a CAGR of 7.16% during the forecast period 2020-2027 owing to the rising safety measures across the several industries. Additionally, the increasing demand for control systems, advances in the industrial sector, automation sector growth, and stringent government regulations in the management of hazardous regions are predicted to boost the global explosion proof equipment market at a significant rate. Furthermore, the growth in the number of oil and gas projects across the globe, especially across the Asia Pacific, is estimated to fuel the market. Moreover, the propelling demand for low-cost equipment is anticipated to generate several opportunities in the explosion proof equipment market. In addition, the rising investment across the developing markets is expected to boost the global market growth. Furthermore, the growing upgradation in technology is estimated to drive the demand for explosion-proof equipment across the regions.
However, the lack of standardization and high cost hindered the growth of the explosion-proof equipment market across the globe at a considerable rate. It projected to create an obstacle in the growth of the global market.
The rise in probabilities of conflicts and wars is estimated to drive the growth of explosion proof equipment market at a significant rate. The regional integration of violence, which interconnects the socio-economic, political, and strategic problems over boundaries, has seen several disputes intensify themselves, fewer sensitive to conventional methods of settlement, and more prolonged is projected to fuel the global market. Such equipment will not even help in withstanding those explosions but even in defusing them before explosions, which anticipated to propel the market at a considerable rate. Furthermore, the rate of chances of surviving during explosions is also estimated to accelerate.
The propelling demand for safety in the oil & gas industries is projected to boost market growth across the globe as the numerous projects in oil & gas industries are also rising, which requires safety precautions and demand for the new explosions proof equipment, which is likely to drive the market. Moreover, the loss and damage of the assets and life will lead to a greater setback for any organization of any domain, therefore, for the protection explosion proof equipment is required in the industrial, defense, etc. industries which fuel the demand of global market at a significant rate.
Recently, the COVID-19 epidemic has severely impacted the healthcare system of industrialized and emerging countries. The health issue has an unprecedented effect on companies around various industries. The COVID-19 outbreak is creating stock market variability, tremendous supply chain slowing, decreasing investor sentiment, and increased client segment despair. The demand for the explosion-proof equipment market is slow as the products need maintenance, which is not possible nowadays, as most of the employees are not present in their respective organizations due to pandemic. In addition, production is also slow due to the epidemic, and the demand is doubtful to be impacted during the next couple of years since the budgets for such programs were earmarked before the outbreak.
Based on the product, the global explosion proof equipment market is bifurcated into Process Instruments, Bells & Horns, Cable Glands & Accessories, Industrial Controls, Strobe Beacons, Motors, Sensors, Fire Alarms/Call Points, Speakers & Tone Generators, Lighting Products, and Visual & Audible Combination Units. The cable glands & accessories segment is expected to dominate the market due to the growing use of mechanical retention and earth continuity. The cable gland provides the consolidated flameproof guard and ambient shield on the outer sheath.
However, the sensors segment is expected to have a considerable growth rate across the region as sensors ensure that the risk of an explosion excluded well before it arises. Sensors are installed to operate in some of the most aggressive conditions, even without external security.
Based on the zone classification, the global explosion proof equipment market classified into Zone 0, Zone 1, Zone 2, Zone 20, Zone 21, and Zone 22. The zone 20 is expected to have the fastest growth rate compared to the other zone classification segment as zone 20 is an area where there is the constant or long-term occurrence of the ignitable fibers and combustible clouds of dust.
Zone 1 is projected to have a significant growth rate over the forecasted period of 2020-2027 across the globe owing to the presence of ignitable concentrations of flammable gases across the region.
Based on the connectivity service, the global explosion proof equipment market segmented into Wireless and Wired. The wireless segment is anticipated to lead the global explosion proof equipment market by 2027, owing to the low installation cost coupled with its efficiency. The wireless devices are also used with computer and cell phone-based products, which are estimated to fuel the global market. However, the wire segment is predicted to have a significant growth rate across the globe. Such a wire connectivity service helps prevent the transmission of the blast from one path to another.
Based on the industry vertical, the global explosion proof equipment market segmented into Oil & Gas, Chemicals & Pharmaceuticals, Food & Beverages, Energy & Power, Mining, and Others. The oil & gas segment is projected to have the fastest growth in the explosion proof equipment market globally over the forecasted period of 2020-2027 due to the use of low-voltage motors across the industry, which helps in the expansion of onshore and offshore activities. For instance, hydrocarbons production, which includes ethane, methane, fossil fuels, and propane, is a crucial component that is carried out in sustainable environments. However, the energy & power segment is estimated to have a considerable growth rate in the global market as it is highly prone to fire outbreaks.
By geography, the global Explosion Proof Equipment market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is anticipated to dominate the global market due to the large production of explosion-proof systems and devices. Additionally, the rising research and development activities are expected to fuel the global explosion proof equipment market across the region at a considerable rate.
However, Asia Pacific is estimated to have a significant growth rate due to the vast number of mining activities and rapid urbanization across countries like China and India.
Companies such as R. STAHL AG, ABB, Bosch Rexroth AG, Pepperl +Fuchs AG, Adalet, Miretti, ALLOY INDUSTRY CO. LTD., Intertek Group plc, G.M. International Srl, Marechal Electric, BARTEC, CorDEX Instruments, Parker Hannifin Corp, Rockwell Automation Inc., RAE Systems, Extronics, Johnson Controls, BCom Solutions LLC., Cam Logic Snc, and Eaton are the key players in the global Explosion Proof Equipment market.
By Zone Classification
By Connectivity Service
By Industry Vertical