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The electrical explosion proof equipment market size is forecast to increase by USD 12.18 billion, at a CAGR of 13.64% between 2023 and 2028. Industrial hazards result in loss of life, resources, and work hours. Incidents disrupt nearby equipment and workers, causing work stoppages and affecting productivity. To mitigate these risks, safety devices are integrated to safeguard machinery and employees, reducing downtime and its associated impacts. This emphasis on prevention is anticipated to propel the global electrical explosion proof equipment market in the future. It also includes an in-depth analysis of market trends and analysis, market growth analysis and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
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The market is pivotal in safeguarding industries like the chemical industry, pharmaceutical industry, and oil & gas industries, ensuring protection in hazardous areas. Essential components such as electrical enclosures, flame arrestors, and explosion containment systems play critical roles in these environments. With a focus on oil & gas production and energy & power industries, the market provides specialized solutions like cable glands & accessories and hazardous area limit switches and sensors to mitigate risks. Renowned players like Allmanna Svenska Elektriska Aktiebola and Brown, Boveri & Cie lead in offering advanced power and automation technologies, adhering to government rules and regulations. As industries embrace electrification and automation, integrated systems and wireless connectivity services become integral, ensuring comprehensive safety measures in hazardous handling regions. In industries ranging from oil and gas extraction to manufacturing units and mining sites, the adoption of motion and robotics & discrete automation technologies revolutionizes operational efficiency and safety protocols. Specialized equipment such as generators, pumps, compressors, and blowers ensure seamless fuel and energy delivery while minimizing risks associated with hazardous areas and toxic and flammable gases.
One of the key factors driving the electrical explosion-proof equipment market growth is the increasing demand for safety in industrial operations. Health, safety, and the environment have become unquestionable necessities in all industries. The industry is taking steps to improve process safety and hopes to improve work efficiency in return. Some of the reasons for the need to focus more on occupational safety are the increase in the younger generation workforce, industrial activities in remote areas, and the high cost of advanced machinery.
With the advent of Industry 4.0 and IoT, the adoption of new machinery in industries has increased. These machineries are effective and efficient but are priced higher than the conventional ones. The need to protect this high-cost machinery is driving the adoption of industrial safety processes in operations. All this is bolstering the demand for electrical explosion-proof equipment, which is expected to accelerate the market growth during the forecast period.
The increasing need for emergency response systems and safety sensors are the major market trends. The need for emergency response systems and safety sensors has become a major trend in the industry. The use of signaling devices that alert the workforce about incoming hazards and help in saving property and human life is on the rise.
Safety sensors can warn operators to stop a machine or equipment in case it undergoes a breakage. In such situations, a warning helps shut down other related operations and prevent the spreading of the hazard. It is expected that during the forecast period, industrial and non-industrial applications will witness the higher implementation of emergency response devices and safety sensors to address asset and incumbent safety.
Fluctuating prices of raw materials are one of the key challenges hindering the electrical explosion-proof equipment market growth. Enclosures, encapsulations, and conduit and cable seals require materials such as iron, aluminum and steel for production. The prices of these raw materials vary throughout the year. These variations can be a result of price wars between raw material suppliers or due to changes in export and import regulations of the supplying nation.
The fluctuation in prices of raw materials is expected to prevail during the forecast period. Manufacturers of electrical explosion-proof equipment rely heavily on raw material suppliers, and due to volatility in prices, they face challenges in terms of manufacturing cost. To overcome this, most manufacturers seek a long-term alliance with raw material suppliers. However, this does not happen in most cases. This is because several small-scale manufacturers are financially incapable of forming such contracts with raw material suppliers. So, the fluctuating raw material prices may hinder the growth of the global electrical explosion-proof equipment market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Based on application, the market is segmented into industrial and non-industrial. The market share growth of the industrial segment will be significant during the forecast period. The global electrical explosion-proof equipment market by industrial applications is expected to maintain a steady growth rate during the forecast period. Growing industrial automation and the need for safety measures at workplaces will contribute to the rise in the adoption of electrical explosion-proof equipment across industries.
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The Industrial segment was valued at USD 9.93 billion in 2018. The rising adoption of industrial automation in the power industry, electronics industry, and automotive industry will drive the growth of the market by industrial applications during the forecast period.
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APAC is estimated to contribute 57% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The urge of major companies to cater to the demand of the rising population in the region will prompt the setting up of an increased number of plants and facilities during the forecast period. In India, the increase in the purchasing power parity of the population has enhanced the sales of automobiles in the country. The cable glands & accessories segment serves industrial sectors with essential electrical and non-electrical fixtures and apparatus, ensuring secure containment of gas or vapor in various applications. The growth of the automotive industry is expected to increase the adoption of industrial automation and, therefore, the requirement for safety devices. This necessity, in turn, is expected to drive the growth of the electrical explosion-proof equipment market in APAC during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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The Electrical Explosion Proof Equipment Market addresses workplace safety concerns in industries such as chemical, pharmaceutical, oil & gas, and manufacturing sectors, ensuring compliance with OSHA and NFPA regulations. Key players like Ben Buchele Elektromotorenwerke GmbH offer ATEX/IECEx-certified solutions for explosion prevention and containment, including junction boxes, monitoring systems, and cable glands. These systems find applications in hazardous environments such as oil & gas refineries, mining operations, and food processing plants, mitigating risks associated with combustible dust and toxic gases. With the demand for wireless connectivity services and integrated systems rising, the market experiences steady growth driven by safety concerns, regulatory compliance, and advancements in automation technology.
Further, in sectors like the aerospace industry, aircraft maintenance sites, and manufacturing and machine processing units, safety regulations enforced by regulatory agencies such as OSHA are paramount. These guidelines ensure workplace safety amidst potential hazards like toxic substances, combustible materials, and flameproof equipment. In the oil and gas sector and petrochemical industries, stringent measures are implemented to mitigate risks associated with oil and shale reserves and prevent incidents like leaks and fatalities. Similarly, in the mining profession, where operations involve exposure to toxic substances and combustible materials, safety protocols are crucial to safeguard workers' well-being. Furthermore, in industries handling manufacturing equipment and machine tools, adherence to safety standards is vital to prevent accidents and ensure operational continuity.
Additionally, from energy extraction to fuel extraction and processed food products, the focus remains on enhancing safety measures, including the use of flameproof low-voltage motors, to promote a secure working environment across various sectors. The incorporation of hazardous area lighting & emergency lighting enhances visibility in critical environments, complementing surveillance and signaling techniques to prevent accidents such as mine explosions. Regulatory bodies like OSHA drive adherence to safety standards, addressing concerns such as the lack of standardization and high installation costs prevalent in the oil and gas industry and petrochemical sectors. As industries in the Asia-Pacific region tap into natural resources like coal reserves and oil shale reserves, the demand for AC motors, DC motors, and low-voltage motors from tier 2 manufacturers and tier 3 manufacturers surges, propelling the motion and automation industry towards innovation and reliability.
Industry Scope |
|
Report Coverage |
Details |
Page number |
181 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 13.64% |
Market growth 2024-2028 |
USD 12.18 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
11.73 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 57% |
Key countries |
China, US, Germany, India, and Russia |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., Atexxo B.V., BARTEC Top Holding GmbH, Eaton Corp. Plc, Emerson Electric Co., Extronics Ltd., Flexpro Electricals Pvt. Ltd., Honeywell International Inc., Miretti Srl, PATLITE Corp., Pepperl and Fuchs SE, Potter Electric Signal Co. LLC, R and M Electrical Group Ltd., R Stahl AG, Rockwell Automation Inc., Siemens AG, Supermec Pvt. Ltd., TRI FLP Engineers Pvt. Ltd., VIMEX, and WEG Equipamentos Eletricos S.A. |
Market dynamics |
Parent market analysis, Market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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