UK Explosion Protection Equipment Market Details: SWOT Analysis, New Project Investment Feasibility, Budget, Solution
According to the report, the UK explosion protection equipment industry generated $78.4 million in 2018, and is expected to reach $112.5 million by 2026, registering a CAGR of 4.5% from 2019 to 2026.
The automation system segment to maintain its lead position by 2026
Based on applicable system, the automation system segment held nearly one-fifth of the total market share in terms of revenue of the UK explosion protection equipment market in 2018 and will maintain its lead position by 2026. This is due to surge in adoption of explosion proof cable glands in oil refineries owing to stringent regulations.
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The oil & gas segment to maintain its dominant share during the forecast period
Based on industry verticals, the oil & gas segment held the largest share in the UK explosion protection equipment market in 2018, contributing to nearly one-fourth of the total share, and is projected to maintain its dominant share during the forecast period. This is due to increase in adoption of explosion-proof enclosures and their ability to protect electrical equipment and prevent sparks that set flammable substances on fire.
The explosion segregation segment to maintain its leadership status during the forecast period
Based on protection method, the explosion
segregation segment accounted for the highest market share, accounting for more than two-fifths of the UK explosion protection equipment market in 2018 and will maintain its leadership status during the forecast period. This is attributed to rise in demand in for explosion segregation equipment in refining plants, plastic manufacturing, and oil & gas industries for taking preventive measures against explosive substances. On the other hand, the explosion prevention segment would register the highest CAGR of 5.0% from 2019 to 2026. This is due to the adoption of spark-resistant relays, fuses, and other equipment for preventing of explosion in critical areas.
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Key Findings of the UK Explosion Protection Equipment Market:
o The report provides an extensive analysis of the current and emerging UK explosion protection equipment market trends and dynamics.
o Based on industry vertical, the oil and gas segment dominated the UK explosion protection equipment market, in terms of revenue in 2018 and is projected to grow at a CAGR 3.8% during the forecast period.
o UK Explosion Protection Equipment Market forecast, based on applicable system, the automation system segment is projected to grow at a CAGR of 3.4% during the forecast period.
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