Global Explosion Proof Equipment Market: Market Analysis by Knowledge Sourcing Intelligence

Global explosion proof equipment market is anticipated to grow at a CAGR of 7.26% during the forecast period to reach a total market size of US$10.173 billion by 2023, increasing from US$6.681 billion in 2017. Growth of industries like oil and gas, chemical, mining, and pharmaceutical among others across the globe has led to the expansion of manufacturing facilities. To meet the growing demand for products and boost their business growth, the manufacturers are expanding the capacities of the existing units and making significant investments for enhancing their presence across new regions. The increasing number of manufacturing facilities is driving the demand for explosion proof equipment to contain or prevent any explosion from breaking out. Stringent regulations regarding workers’ safety across the globe regarding have mandated the use of explosion-proof equipment to meet the existing regulatory standards. Major market players are allocating budget towards research and development activities focusing on enhancing the capability of this equipment, and thereby fueling their adoption among the end-users, thus contributing to their market growth.

Favorable governments and healthy business environment in many regions have led to increasing FDI in key economies. Availability of cheap and skilled labor in many emerging economies has been fueling the expansion of manufacturing units in these regions, which has been driving the demand for explosion proof equipment for those facilities. Growing competition in the market has led to the adoption of advanced business models among companies. Depending on the nature of the industry, various market players are focusing on staying closer to the customers to better understand their needs and reduce their lead time. Besides these benefits, expanding business in new regions expands the customer base of the companies which means more revenue for them. Many companies are setting up their manufacturing facilities in emerging economies to leverage the complete potential of the available resources. This expansion is driving with it the demand and adoption of explosion proof equipment, thus bolstering their market growth.

Sample View of Global Explosion Proof Equipment Market Forecast

Global Explosion Proof Equipment Market by Geography:

Geographically, global explosion proof equipment market is segmented as North America, South America, Europe, Middle East and Africa, and the Asia Pacific. North America accounted for the largest market share in 2017, followed by Middle, owing to the presence of a large number of manufacturing units in these regions. Strict regulations regarding workers’ safety in these regions necessitate the use of explosion-proof equipment that complies with the security standards set by the regulatory authorities. Asia Pacific is expected to show the highest CAGR over the projected period.

North America’s explosion proof equipment market is projected to grow from US$XX.XX billion in 2017 to US$XX.XX billion in 2023 at a CAGR of XX% during the forecast period. The region holds the largest share in the global explosion proof equipment market owing to the flourishing industries like aerospace, pharmaceutical, oil and gas, and chemical among others. Increasing investments by domestic and foreign companies along with favorable infrastructure in this region has led to the expansion of manufacturing facilities which is increasing the demand for explosion proof equipment. This region is the major producer of shale gas with new reserves being discovered in the Arctic region. This makes this region a major market for explosion-proof equipment. Increasing concerns of the governments in this region regarding workers’ safety and environmental hazards have mandated the use of safety installations which comply with the safety standards set by the regulatory authorities, thus contributing to the overall market growth in this region. The market research provides a detailed analysis of global explosion proof equipment market on the basis of the various segment like- by geography, by industry, etc.

Sample View of Global Explosion Proof Equipment Market by Geography

Global Explosion Proof Equipment Market by Industry:

By industry, global explosion proof equipment market is segmented as pharmaceutical, chemical, oil and gas, mining, and others. Oil and gas industry held the largest share in this segment in 2016, owing to the increased adoption of explosion proof equipment in this industry to eliminate the risk of explosion due to the presence of flammable vapors in the atmosphere. The chemical industry held the second largest share after the oil and gas industry owing to the high risk of the presence of flammable vapors, gases or combustible dust in the atmosphere. Leakage or unmonitored presence of any of these substances in the atmosphere can trigger an explosion which drives the need for explosion-proof equipment across various industry verticals. 

Explosion proof equipment in the pharmaceutical industry will grow at a CAGR of XX% during the forecast period to reach a total market size of US$XX.XXX billion by 2023 from US$XX.XXX billion in 2017. An explosion may occur if a sufficient amount of finely ground solid particles get suspended in an atmosphere containing an oxidant. These combustible dust particles can be of Active Pharmaceutical Ingredients (API), or of any of the excipients used in the manufacturing process. The manufacturing facilities in this industry are prone to explosion threats due to vapors, gases and suspended dust particles in the atmosphere, which drive the market for explosion proof equipment meant for application in all the hazardous zones. Zone 0 and Zone 20 exist within containment systems and open containers and therefore have the highest risk of explosion. This drives the demand for explosion proof equipment that can prevent or contain any type of explosion in these zones. Zone 1 and Zone 21 exist were mixing, sampling, loading, or unloading operations take place. Although these zones are less prone to the risk of explosion, explosion proof equipment are required to mitigate any risk arising during these operations. Zone 2 and Zone 22 possess the lowest risk of an explosion among all the other hazardous zones but require explosion proof equipment to contain an explosion and prevent it from spreading out of this zone.

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Expanding business in new regions increases the customer base of the companies which means more revenue for them. This expansion is driving the demand for efficient explosion proof equipment over the forecast period.