360 MARKET UPDATES Report provides a 360-degree overview of the global Explosion-proof Equipment Market with special emphasis on all aspects including drivers, restraints, and opportunities, market and regional segmentation.
Report Title: “Explosion-proof Equipment Market – Growth, Trends, and Forecast (2019 – 2024)“
Explosion-proof Equipment Market Report (2019 – 2024) Provides the Leading Manufactures of Explosion-proof Equipment market, market overview, scope of the market and Reasons to purchase this report. Also Report provides a 360-degree overview of the global Explosion-proof Equipment market with special emphasis on all aspects including drivers, restraints, and opportunities, market and regional segmentation.
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Explosion-proof Equipment Market Report Covers Leading Manufacturers: R. STAHL AG , Marechal Electric Group , RAE Systems (Honeywell) , Pepperl+Fuchs GmbH , Intertek Group PLC , Adalet Inc. , Bartec GmbH , Alloy Industry Co. Ltd , Cordex Instruments Ltd , G.M. International SRL , Extronics Limited
The Explosion-proof Equipment Market Overview:
The global explosion–proof equipment market was valued at USD 8.41 billion in 2018, and is expected to reach a value of USD 11.65 billion by 2024, at a CAGR of 5.5% over 2019-2024. Increasing demand for integrated systems, progress in the automation sector, growth in industrial sectors, and stringent government regulations in handling hazardous areas are projected to foster the market growth, globally.
With the increasing consumption of energy, the need for fetching energy and fuel also increases. This stimulates the market for explosion-proof equipment, as they are widely used to prevent explosions during the generation of power from natural resources. With the world depending on coal to meet its energy requirements, new sites are being explored for coal reserves.
Explosion-proof devices cater to highly capital- and machine-intensive markets, like aerospace, manufacturing, and defense. Thus, the cost of safety devices required in these industries is also high.
Low-voltage explosion-proof motors are used extensively in the market, with many tier 2 and tier 3 manufacturers offering off-the-shelf single-phase and three-phase explosion proof AC and DC motors. Low-voltage motors are used in pumps, compressors, and blowers for application in the oil and gas industry. The growth of low-voltage motors is expected to increase, mainly because of expansion in both onshore (shale extraction) and offshore (FPSO and offshore production units) activities in the oil and gas industry.
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Mining Industry to Hold Significant Share
A majority of the explosions in underground mines and processing facilities are caused by the accumulation of flammable and toxic gases and combustible dust.
While countries have made much effort in preventing explosion disasters, mining remains the most hazardous occupation, as the number of people exposed to risk in a mining environment is the maximum, and it also produces multiple fatalities.
Stringent government regulations across the mining industries in various countries, such as the Mines Regulations, 2014 by the United Kingdom, state specific health and safety legislation for workers, as well as regarding electrical safety in mines.
United Kingdom to Witness Significant Growth
Regulations and codes present in the region are majorly posed by ATEX directives. The major regulations operating in the region are the Institute of Petroleum Model Code of Practice (Area Classification Code for Petroleum Installations, 2002) and the Institution of Gas Engineers Safety Recommendations SR25 (2001).
In 2017, there were 1,300 companies involved in pharmaceutical manufacturing in the United Kingdom. Manufacturing in life sciences sector accounted for nearly 10% of all UK manufacturing, and sector exports were more than EUR 30 billion. Production grew to EUR 250 billion in 2016, which acted as a positive outlook to the market.
Majority of Food and Drinks Federation (FDF) members have reported soaring ingredient prices, plummeting product margins, and concerns for the future raised by their EU workforce. This trend by most of the companies is expected to continue over the next year.
These developments are expected to put the UK food and beverage industry at risk, which may challenge the growth of the explosion-proof equipment market, but are likely to stabilize over the forecast period, as the economy is expected to stabilize. The major setback to the United Kingdoms explosion-proof equipment market is due to the downfall witnessed in crude oil production.
The Scope of Explosion-proof Equipment Market:
Explosion-proof equipment refers to products that limit any source of explosion within its housings. This equipment relies on various principles of protection, such as explosion prevention, explosion proof, and explosion segregation. While explosion-proof equipment utilizes a robust, protective housing, in order to contain any explosion within itself, explosion segregation equipment isolates the source of explosion inside a protective medium. The key products available in the explosion-proof equipment market, and considered under the , include lighting fixtures, switches and plugs, sensors, security cameras, signals and alarms, junction boxes, and cable glands.
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