Pune, Maharashtra -- (SBWIRE) -- 11/07/2017 -- Global Explosion Proof 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
Global Explosion Proof Market Overview
Explosion Equipment Market is projected to reach $10 billion by 2024, having a CAGR of 9.2 % during the forecast period of 2017 to 2024. Oil and gas industry segment has generated highest revenue in 2016 and expected to grow with highest CAGR for forecasted period.
Explosion can be defined as extreme uncontrolled impulse in stream on energy. The energy can be mechanical, electrical or nuclear in nature. Various factors are responsible for explosion such as increased pressure, nuclear reactions, leakage of gases and dust. Some products are specifically designed to withstand the explosions and these are known as explosion proof equipments. Explosion proof equipment can be termed as those equipment/devices which have protection means for the isolation of casing, making the casing enough robust that none of the external environmental factors can affect that.
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Market Dynamics
Increased the adoption of explosion proof equipment in oil & gas industries, exploration of new mining sites and a steep rise in the demand of explosion proof equipment in automation sector are major drivers of the global explosion proof market. Adoption of explosion equipments by manufacturing firms due to extreme manufacturing conditions and stringent safety regulations for hazardous areas are also key drivers of the global explosion proof equipment market. However, lack of standardization, floundering of mineral and mining industries globally are key restrains of the global explosion proof equipment market. The increased demand for integrated explosion proof systems and huge investment in explosion proof equipment market are prime opportunities for the explosion proof equipment market.
Market Segmentation
The global explosion proof equipment market is segmented based on Industry Vertical, equipment type, applicable system type and region. Industry vertical is further classified as pharmaceuticals, manufacturing, marine, food processing, oil & gas, mining and others. By equipment type, the market is segmented into explosion prevention, explosion segregation and explosion proof equipment. Based on applicable system type, the market is segmented as cable glands, junction boxes and enclosures, lighting systems, material handling systems, automation systems, surveillance and monitoring, signaling systems and others. Regionally the market is segmented as North America, Europe, Asia-Pacific and Rest of World. North American region generated the highest revenue in terms of explosion proof equipment market in 2016, owing to emerging manufacturing industries in the region.
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Key market leaders of global explosion proof equipment 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.
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