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UK Explosion Protection Equipment Market Details: SWOT Analysis, New Project Investment Feasibility, Budget, Solution

02-05-2020 01:30 PM CET | Science & Education

Press release from: allied market research

UK Explosion Protection Equipment Market Details: SWOT

Rise in demand for location lighting, strict government regulations, and the growth of pharmaceutical and food & beverage industries fuel the growth of the UK explosion protection equipment market. However, slow economic activity after Brexit and staggering of mining industries in the UK hinder the market growth. On the other hand, focus on explosion proof equipment for aerospace and defense industries present new opportunities in the market.

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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Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small- & medium-scale enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

Allied Market Research provides one-stop solution right from data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients understand the significance and impact of market dynamics. The company applies client's insight on the factors such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligence support to help clients transform into a prominent business firm.

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