Explosion Proof Equipment Market to witness substantial returns by 2027 | ABB Ltd., BARTEC GmbH, CORTEM S.P.A, Eaton

The explosion proof equipment market accounted to US$ 8.1 Bn in 2018 and is expected to grow at a CAGR of 6.7% during the forecast period 2019 - 2027, to account to US$ 14.33 Bn by 2027.

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.

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Top Key Players:-

1. ABB Ltd.
2. BARTEC GmbH
3. CORTEM S.P.A
4. EATON Corporation
5. Extronics Ltd.
6. Emerson Electric Co.
7. Hubbell Inc.
8. Rockwell Automation, Inc.
9. R.STAHL AG
10. Siemens AG

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.

Key findings of the study:

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.

GLOBAL EXPLOSION PROOF EQUIPMENT MARKET SEGMENTATION

Global Explosion Proof Equipment Market - By Type

o Explosion Prevention
o Explosion Containment
o Explosion Segregation

Global Explosion proof equipment Market - By System

o Junction Boxes & Enclosures
o Lighting System
o Monitoring System
o Signalling Devices
o Automation System
o Cable Glands
o HVAC Systems

Global Explosion proof equipment Market - By Industry

o Pharmaceutical
o Mining
o Oil & Gas
o Manufacturing
o Food Processing
o Energy & Power
o Chemical & Petrochemical

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.

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This release was published on openPR.