Explosion-Proof Equipment Market to Grow at a CAGR of 6.2% to Hit US$ 12,272.30 million by 2028 - Impact of COVID-19 Pandemic and Global Analysis by The Insight Partners

The Explosion-Proof Equipment Market business intelligence report by "The Insight Partners" entails detailed information regarding the dynamics affecting market valuation over the analysis period. It also covers the competitive landscape, market scope, and market segmentation.

The construction sector has been witnessing a decent growth rate in recent time. The trend is foreseen to continue over the years, thereby creating a huge space for commercial, residential, and industrial constructions. Governments of various countries are undertaking initiatives to support the construction industry. The growth in the construction of commercial and residential buildings is anticipated to provide prosperous opportunities to the market; thus, positively impacting the market.

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Additionally, the report includes an exhaustive analysis of the market and concludes with precise estimates of the revenue generation by each segment, country, region and company. Every detail that might prove to be essential for making strategic decisions is mentioned along with solutions and suggestions from expert analysts. Each segment of the market is studied extensively to provide reliable knowledge for supplementary market investments.

Competitive Landscape: Explosion-Proof Equipment Market: BARTEC Gmbh, Intertek Group PLC, R.STAHL AG, ABB Ltd., Emerson, Extronics Ltd., Marechal Electric Group, Eaton Corporation, Siemens AG, and Rockwell.

Commercial and residential housing constructions are continuously growing across the globe and majorly in developing countries. According to the Russian news agency, in July 2021, the commissioning of housing in Russia in the first five months of 2021 increased by 28.4% compared to 2020. In May 2021, there were 5 million square meters of housing, which was ~31% more than in May 2020. Similarly, in Australia, according to the Ridgewater Homes website, in 2021, a 10% growth in residential buildings construction was observed. This growth is due to the surge in the demand for houses because of record-low interest rates, an improving outlook for growth in sustained employment, and government programs such as HomeBuilder.

The report on Explosion-Proof Equipment market gives a rundown of market segmentation. Moreover, it provides particulars pertaining to market size, valuation and CAGR of each region and segment for all years from 2021 until 2028. PEST analysis for each region is given as well.

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The document will help readers gain vital information regarding the market such as leading players, their company profiles, portfolios, financial information, and latest developments. The report also enables companies in making strategic decisions such as partnerships, product launches, collaborations, etc. to gain a competitive edge.

Factors affecting Explosion-Proof Equipment market dynamics, revenue generation, and valuation ie drivers, restraints, opportunities, and threats are also evaluated.

Industry-Based Market Insights
Based on industry, the explosion-proof equipment market is subsegmented into pharmaceutical, mining, oil & gas, manufacturing, food processing, energy & power, chemical & petrochemical, and others. In 2021, the oil & gas segment led the market and accounted for the largest market share.

The players operating in the explosion-proof equipment market adopt strategies, such as mergers, acquisitions, and market initiatives, to maintain their positions in the market. A few developments by key players are listed below:
• In January 2022, ABB Ltd (India) launched flameproof low voltage motors for applications in potentially explosive environments. The flameproof low voltage motors offer considerable benefits, including low vibration levels with increased reliability for an extended lifetime and reduced maintenance requirements for a lower cost of ownership.
• In February 2021, Cortem S.p.A. launched EJBC series explosion-proof enclosures for gas group IIC. The new enclosures of the EJBC series are characterized by a multi-step joint that allows the installation in areas with danger of explosion and/or fire due to the presence of all the Gases of Group IIA - IIB - IIC classified.

Key Elements that the report acknowledges:
• Growth rate and market size over the analysis timeframe.
• Key factors stimulating and hindering market expansion.
• Leading vendors and suppliers of the market.
• Exhaustive SWOT analysis of each company.
• Detailed PEST analysis by region.
• Opportunities and threats faced by the existing vendors in Explosion-Proof Equipment market.
• Strategic initiatives undertaken by leading players.

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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 specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.

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