Explosion-proof Equipment Market: Global Industry Trends, Size,Growth, Segmentation, Future Demands, Latest Innovation, Sales Revenue by Regional Forecast to 2024
Posted on Nov 23 2021 6:45 AM
"Explosion-proof Equipment Market report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts. "
Global Explosion-proof Equipment Market report highlights association dynamics and in-depth analysis of the market segment with concentrating on factual data, present industry activities, growth opportunities, new product inventions, and market forecast for the future prospective of time along with leading market players, market study based on several regions, and extensive product. Explosion-proof Equipment Market report can function as an assistive reference point for helping individuals as well as businesses from this segment. The leading industry players across the globe are explored in detail in this report. It demonstrates product overview, company summary, and manufacturing cost, capacity, and market shares for most of the participants.
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Explosion-proof Equipment Market report features basic market situations, Product limit, consumption volume, and limit applications. Moreover, the report illuminates the SWOT analysis that should be done by the customers so as to know the Strength, Weaknesses, Opportunities, and Threats of the Explosion-proof Equipment industry. It likewise centers around venture practicability investigation, speculation return analysis and different ways to deal with the addition a considerable position in the Explosion-proof Equipment Market.The Explosion-proof Equipment Market report also covers a detailed comprehension of the major geographies present in the market along with the key segments and sub-segments.
The report focuses on regional development status, which includes the market size, share, and volume. The Explosion-proof Equipment Market report presents some of the key data, which would help the stakeholders in the industry besides the analysts and business decision makers. Production, consumption, cost, gross margin, revenue, market share and factors influencing market and CAGR has found its place in the report.
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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.
Scope of the Report
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 scope of the report, include lighting fixtures, switches and plugs, sensors, security cameras, signals and alarms, junction boxes, and cable glands.
Key Market Trends
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 Kingdom's explosion-proof equipment market is due to the downfall witnessed in crude oil production.
The degree of competition in the explosion-proof equipment market is high, due to the presence of electrical product manufacturers. The firm concentration ratio in major industry verticals is on the higher side, due to increasing demand for safety.
Sustainable competitive advantage has been established by market leaders, like Marechal Electric Group and R. Stahl, through innovation and market consolidation. Adalet, a Scott Fetzer company, is focused on making strategic acquisitions.
The company is seeking to acquire companies focused on the manufacturing and marketing of explosion-proof and flameproof enclosures, along with cable coupler, connectors, and stainless steel enclosures that are held privately.
Intertek Group PLC is concentrating on building a strong relationship with its consumers, by delivering superior, high-quality services. The company is planning to formulate an effective sales strategy, primarily to improve its business, by attracting new clients and increasing account penetration with existing customers.
Another recent development in the explosion-proof equipment market was made by Intertek Group PLC. The company partnered with Corescan to offer hyperspectral scanning.
This extended capability will serve a range of applications from green and brownfields exploration, processing and geo-metallurgical assessments to environmental and geotechnical studies. CorDEX Instrument, a manufacturer of intrinsically safe tools and instrumentation, launched a lightweight, intrinsically-safe, and thermal imaging capable camera in the TOUGHPIX DIGITHERM series.
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Covered in this report
The Report Covers the Present Scenario and the Growth Prospects of the Global Explosion-proof Equipment Market for 2021-2024. To calculate the market size, the report considers new installations or sales and subscription payments of Explosion-proof Equipment.
Regional Market Analysis:
The Explosion-proof Equipment Market report includes Global & Regional market status and outlook 2021-2024. Further, the report provides break down details about each region & countries covered in the report. Identifying its sales, sales volume & revenue forecast
Region Included are: North America, Europe, Asia Pacific, Oceania, South America, Middle East & Africa
Global Explosion-proof Equipment Market 2021-2024, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
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- Growing research activities coupled with new product launches.
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- High Opportunity in the Industry
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- Complications associated with Explosion-proof Equipment procedures.
- For a full, detailed list, view our report
Some Major Points from Toc :-
1.1 Research Phases
1.2 Study Deliverables
1.3 Scope of the Report
2. Executive Summary
3. Market Insights
3.1 Industry Value Chain Analysis
3.2 Industry Attractiveness – Porter’s Five Forces Analysis
3.2.5 Degree of Competition
3.3 Price Analysis
4. Market Dynamics
5. Market Segmentation and Analysis (Market Size, Growth & Forecast)
5.1 By Product Type
5.2 By Application
5.3 By End-user Industry
6. Regional Market Analysis
6.1 Production Analysis
6.1.4 Democratic Republic of Congo
6.2 Consumption Analysis (Market Size, Growth and Forecast)
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
6.2.2 North America
184.108.40.206 United States
220.127.116.11 Rest of North America
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
6.2.4 South America
126.96.36.199 Rest of South America
6.2.5 Middle East & Africa
188.8.131.52 South Africa
184.108.40.206 Rest of Middle East & Africa
7. Future of the Market
8. Competitive Landscape
8.1 Mergers & Acquisitions, Joint Ventures, Collaborations and Agreements
8.2 Market Share Analysis**
8.3 Strategies Adopted by Leading Players
9. Company Profiles (Overview, Financials**, Products & Services, and Recent Developments)
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