|05-14-2019 10:34 AM CET - Media & Telecommunications||
Explosion Proof Equipment Market trend shows a rapid growth by 2027 - key player Eaton, Extronics, Emerson Electric, Hubbell, Rockwell Automation, Siemens AG
Press release from: The Insight Partners
According to the new research report published by The Insight Partners, titled “Explosion proof equipment - Global Analysis and Forecast to 2027”, the global explosion proof equipment market is expected to reach US$ 14.33 billion in 2027, registering a CAGR of 6.7% during the forecast period 2019-2027.
Some of the key players operating in the explosion proof equipment market are ABB Ltd., BARTEC GmbH, CORTEM S.P.A, Eaton Corporation, Extronics Ltd., Emerson Electric Co., Hubbell Inc., Rockwell Automation, Inc., R.STAHL AG, and Siemens AG.
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In 2018, Europe is accounted for the largest share in the explosion proof equipment market and the APAC region is expected to be the fastest growing region in the explosion proof equipment market. The demand for explosion proof equipment is anticipated to be robust, pertaining to rise in the number of hazardous locations. These equipment ensures better productivity and increased safety.
In the recent few years, explosion proof equipment market has noticed noteworthy M&A and partnership activity. Some of the significant deals include, in 2017 Hubbell Inc. has completed the acquisition of iDevices of Avon. The acquisition would help the Hubbell to strengthen its way to in the field of innovation with the expertise of iDevices in Internet of Things. Another initiative in respect to contractual alliance, is undertaken by Cortem Group consolidated its presence in Saudi territory by signing an exclusive contract with SPF, Safety and Protection Factory. This new exclusive contract signed with the SPF company for the assembly, production and distribution in Saudi Arabia and new management in charge for the Sister Company in Dubai supports Cortem Group to strengthen its presence in Middle East in 2018.
Based on industries, the oil & gas is expected to dominate the explosion proof equipment market during the forecast period followed by mining and energy & power. The oil & gas captures a significant share of the explosion proof equipment network market and is growing continuously as this industry is likely to take high advantage of explosion proof equipment to deliver high quality and safe products. Exploration, Petrochemical-Plants, and Refineries, are hazardous locations to work. Safety is utmost in these places. For the dangerous environment of oil & gas industry, safe and explosion-proof equipment is very important.
Germany holds the largest explosion proof equipment market share in the Europe region. Germany is one of the leading producers of automobiles in the world and many major car manufacturing companies are located in the country including Volkswagen, BMW AG, Audi, and others. Being the hub for the major automotive industries, automotive semiconductors are extensively used in this industry. Emergent automotive industry of Germany would give high opportunities to the explosion proof equipment manufacturers to prevent explosives caused due to heat or dust present in automotive manufacturing facilities.
In APAC region, India is expected to be the fastest growing country followed by Australia. The Asia Pacific region experiences a balanced situation of oil & gas industry in the region. The region would sustain as a politically stable region globally with Indonesia, China, Australia, and India. These four countries have the biggest capex hotspots and which continue to provide stable political environments. Also, the Southeast Asian, Indonesian, and Philippines government looks forward to making significant investments to capture a vast market among the competitors. Initiatives and steps taken by the government bodies of the Asian region are expected to boost the region’s political stability in the future as well. This would support the growth of industries, economy, safety, and more in Asia.
Merger and acquisition are expected to be the key growth strategy to be adopted by players for the next two-three years. However, this strategy could impact competition; it is also expected to generate new market as well as product opportunities as recently combined companies will thrive to maintain position and profitability.
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The explosion proof equipment market by communication network technology is segmented into pharmaceutical, mining, oil & gas, manufacturing, food processing, energy & power, chemical & petrochemical, and others. The explosion proof equipment market by oil & gas segment led the market in 2018 with the maximum market share and is expected to continue its dominance during the forecast period. The explosion proof equipment is widely used in refineries, drilling rigs, maintenance of wire rope hoists for a natural gas liquefaction plants (LNG plants) to prevent occureence of explosions.
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Technology, Semiconductors, Healthcare, Manufacturing, Automotive and Defense.
This release was published on openPR.
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