Press release
Explosion Proof Equipment Market 2022 with Leading Key Players Like ABB Group, Rockwell Automation Inc., R. Stahl AG, BARTEC Group, Adalet, Siemens AG
Explosion Proof Equipment Market by Industry Vertical, Applicable System, Protection Method, Geography - Global Opportunity Analysis and Industry Forecasts, 2014 - 2022," projects that the global explosion proof equipment market is estimated to reach $8,217 million, registering a significant CAGR of 9.3% during 2016 to 2022. North America is expected to dominate the global market throughout the analysis period, registering a notable CAGR of 8.4%.
These systems follow a similar modus operandi, and demarcate hazardous areas that are prone to explosive materials apart from assigning the category of equipment that need to be used in such locations. An ATEX-compatible HVAC system offered by Intertek ensures high safety of labor and automatic climate control system. The system is best suited for oil & gas refineries, petrochemical, and manufacturing plants, as it regulates the atmospheric pressure to prevent the entry of dust or gas.
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Key Findings of the Explosion Proof Equipment Market:
o Asia-Pacific is projected to be the fastest growing region, in terms of revenue, registering a CAGR of 10.5% during 2016 to 2022.
o Oil & gas industry, being one of the most hazardous sectors, witnessed significant growth in 2014, and is anticipated to dominate the global market growing at the highest CAGR of 10.3%.
o Explosion prevention segment was the highest revenue contributor to the global market, accounting for around 46% share in the year 2014, and is expected to maintain its dominance throughout the forecast period.
Based on geography, North America generated the maximum revenue in the global market, accounting for over 31% share in 2015, owing to high adoption and production of ignition-proof automated solutions. However, the adoption of explosion-resistant devices in the Middle East has witnessed significant growth over the years, owing to the abundance of oil refineries in the region.
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The key market players profiled in the report include ABB Group, Rockwell Automation Inc., R. Stahl AG, BARTEC Group, Adalet, Siemens AG, Intertek Group Plc, Pepperl + Fuchs GmbH, and Cooper Industries (Eaton).
Market players have focused on adopting various strategies, such as product launch, acquisition, and product expansion, among others to expand their market outreach. For instance, in August 2016, R. Stahl AG, an explosion-protected products specialist, launched an Ethernet connectivity with remote I/O system, ideal for Zone 1 and Zone 2 hazardous locations. This system ensures reliability of data transfer in an ignition-prone environment.
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