Global Explosion Proof Equipment Market: Market Analysis by Knowledge Sourcing Intelligence
Global e xplosion 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 a...