Fueling Unprecedented Expansion: Explosion Proof Equipment Sector Set to Achieve Outstanding 3.4% CAGR through 2033

Over the projection period of 2023 to 2033, the market is expected to grow at a sluggish CAGR of 3.4%, reaching an estimated value of US$ 10,160.5 Million in 2032. The market for explosion-proof equipment is expected to expand from an anticipated US$ 7,520.18 million in 2023 because of the rising demand for stringent government requirements to control hazardous areas.
Some of the additional factors contributing to the market's consistent growth over the anticipated period include an increase in demand for integrated systems, developments in the automation sector, and expansion in industrial sectors.

Equipment made out of explosive material; is thus based on a protection principle that enables explosion prevention by varying operating energy or making the case so robust that the explosion cannot come out of it is categorized as explosion proof equipment. This equipment is generally composed of stainless steel or cast aluminum.

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With the rising demand and consumption of energy and fuel, the demand for explosion-proof equipment is also escalating because this equipment is used quite often to avoid explosions during natural resource power generation. Many market manufacturers are releasing novel designed casing materials and more advanced features, which have gradually gained popularity and become new trends in the global explosion-proof equipment market. This bodes well for the target market.

Moreover, the increasing adoption of explosion-proof equipment in the oil and gas industries, high demand for the product in the automation sector, and exploration of new mining sites contribute to the need for explosion-proof equipment. The newly formed safety regulations for hazardous areas are becoming more stringent which leads to better future prospects for the explosion-proof equipment market during the assessment period.
"Rising demand for the product in the oil and gas industry as well as the automation sector will likely lead to the market growth of explosion-proof equipment over the forecast period," says an FMI analyst.

Key Takeaways Form the Market Study:
• The stalling of the mining and mineral sector may hinder the market growth.
• North America will continue to dominate the global market over the forecast period.
• In 2022, the explosion proof equipment market in Europe is expected to hold 15.3% of the overall market share.
• The Asia Pacific is predicted to undergo the highest growth rate during the forecast period.
• Based on characteristics, the zone 0 segment will be highly preferred during the assessment period.
• The cable glands segment will register high demand through 2022 to 2032.

Competitive Landscape
• Adalet
• Siemens
• Honeywell International Plc.
• Rockwell Automation Inc.
• ABB
• Eaton Corporation
• Emerson Electric Co.
• Waram Technology Inc.
• WorkSite Lighting
• Extronics Ltd.
• Allay Industry Co. Ltd.

Major market players are concentrating on product development and entering new markets to expand their operations.

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More Insights into Explosion Proof Equipment Market Report
In its latest report, FMI offers an unbiased analysis of the global explosion-proof equipment market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and range, the market is segmented on the basis of protection type (explosion proof/ explosion containment, explosion prevention/ limiting energy, explosion segregation), flammable substances (class 1, class 2, class 3), area classification (division I, division II), explosive characteristics (zone 0, zone 1, zone 2, zone 20, zone 21, zone 22), and region.

According to the latest FMI reports, based on region, the explosion-proof equipment market in North America is anticipated to flourish over the forecast period. The regional market will likely grow at a CAGR of 3.2% over the forecast period while accounting for 18.1% of the overall market share in 2022. This growth can be attributed to the strict implementation of government rules and regulations in various industrial verticals.
In the Asia Pacific region, the explosion-proof equipment market is expected to account for 11% of the total market share in 2022. The heightened demand for the target product in the expanding oil and gas industry is likely to propel the growth in this region.

Based on segmentation, the cable glands segment is anticipated to grow at a 3% CAGR during the forecast period while the Zone 0 segment is expected to lead the market growth in terms of explosive characteristics.

Key Segments Profiled In The Explosion Proof Equipment Industry Survey
Explosion Proof Equipment Market by Protection Type:
• Explosion Proof/Explosion Containment
• Explosion Prevention/Limiting Energy
• Explosion Segregation

Explosion Proof Equipment Market by Flammable Substances:
• Class 1
• Class 2
• Class 3

Explosion Proof Equipment Market by Area Classification:
• Division I
• Division II

Explosion Proof Equipment Market by Explosive Characteristics:
• Zone 0
• Zone 1
• Zone 2
• Zone 20
• Zone 21
• Zone 22

Explosion Proof Equipment Market by Area Classification:
• Division I
• Division II

Explosion Proof Equipment Market by Region:
• North America Explosion Proof Equipment Market
• Latin America Explosion Proof Equipment Market
• Europe Explosion Proof Equipment Market
• Asia Pacific Explosion Proof Equipment Market
• Middle East & Africa Explosion Proof Equipment Market

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Future Market Insights (ESOMAR-certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.

This release was published on openPR.