Explosion-Proof Equipment Market to Grow at a CAGR of 6.2% to Hit US$ 12,272.30 Mn by 2028 - Impact of COVID-19 Pandemic and Global Analysis by The Insight Partners
According to our latest market study on "Explosion Proof Equipment Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Protection Method, Systems, and Industry," the market is projected to reach US$ 12,272.30 million by 2028 from US$ 8,037.29 million in 2021; it is expected to grow at a CAGR of 6.2% from 2021 to 2028.
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The construction sector has been witnessing a decent growth rate in recent times. 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.
With the increase in incidents/accidents in various industries (such as mining and oil & gas), the focus on industrial safety measures has also expanded worldwide. According to the article published by The Hindu Magazine, in August 2020, the state government of Andhra Pradesh (India) is contemplating bringing in a new industrial safety policy to prevent accidents, which have been taking place at regular intervals. A special drive was conducted in industries to inspect the safety measures. The new industrial safety policy should be implemented, and the existing safety regulations need to be under its purview.
Similarly, according to the article published by Business Standard, in September 2021, the Department for Promotion of Industry and the Internal Trade of India eased ammonium nitrate and calcium carbide rules to improve their safety measures in storage and transportation. This was done against the backdrop of the lessons learned from the deadly Beirut explosion that killed ~140 people in August 2020. Several steps are also adopted to reduce the compliance burden for the industry to ensure industrial safety in critical premises, such as petroleum installations, explosive manufacturing facilities, cylinder filling, and storage premises. Thus, the Indian government is taking initiatives in implementing policies, considering the safety of the workers.
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Increasing Use of Explosion Proof LED Lights
During the initial stages of LED lights, the LED solutions were expensive. Over the years, manufacturers have developed innovative and cost-effective technologies to lower the price of LED lighting solutions. Energy-efficient regulations, awareness among end-users, and government regulations restricting specific energy sources are a few significant factors that will result in additional demand for energy-efficient products. The market is shifting from traditional lighting technology systems to connected lighting systems based on user requirements. All these trends and shifts in the market toward innovative technologies are reinforcing the LED market growth and bringing more opportunities for the industry players. LED solutions are an energy-efficient and low-maintenance alternative to fluorescent lighting. The rise in demand for better, more efficient lighting systems, and increasing awareness for improving energy efficiency in applications, such as factories, warehouses, supermarkets, gyms, lecture halls, car parks, and retail, drive the market for LED lights.
Explosion-Proof Equipment Market: Competitive Landscape and Key Developments
BARTEC Gmbh, Intertek Group PLC, R.STAHL AG, ABB Ltd., Emerson, Extronics Ltd., Marechal Electric Group, Eaton Corporation, Siemens AG, and Rockwell are among the key players profiled during the explosion-proof equipment market study. Several other important market players were studied and analyzed during the market research study to get a holistic view of the global market and its ecosystem.
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