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Hazardous Area Equipment Market worth $24.99 billion by 2030, growing at a CAGR of 9.56% - Exclusive Report by 360iResearch
Hazardous Area Equipment Market | 360iResearch
The Global Hazardous Area Equipment Market to grow from USD 13.18 billion in 2023 to USD 24.99 billion by 2030, at a CAGR of 9.56%.
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Hazardous area equipment is designed and certified for potentially explosive or flammable environments. The areas, commonly referred to as hazardous or classified locations, pose a risk of fire or explosion due to flammable gases, vapors, liquids, or combustible dust. Hazardous area equipment is designed to minimize the risk of ignition in these environments by employing various safety measures such as explosion-proof enclosures, intrinsically safe circuits, or increased protection methods. This equipment is designed to detect and monitor flammable gases, vapors, or combustible dust and is commonly used in confined spaces, storage areas, and manufacturing facilities to provide early warning of potential hazards. Intrinsically safe equipment is designed to limit electrical energy and prevent sparks or arcs that could ignite a hazardous atmosphere. They are used where explosive gases, vapors, or dust are present, such as in mining operations, gas plants, and pharmaceutical manufacturing facilities. Moreover, the increasing use of toxic chemicals and materials across various industries and favorable government regulations to assure the safety of employees in hazardous locations are significantly propelling the adoption of hazardous area equipment. However, the huge cost associated with hazardous area equipment and complex installation and maintenance impedes the utilization of hazardous area equipment. In addition, ongoing advancements in hazardous area equipment and the adoption of low-cost and high-light output per watt lighting solutions are anticipated to create tremendous opportunities for developing hazardous area equipment.
Government regulations and certifications for using hazardous area equipment due to workers' safety at hazardous locations propel the adoption of hazardous area equipment in several regions. In Brazil, Mexico, China, India, Europe, and Germany, stringent government regulations and certifications for installing hazardous area equipment to prevent an explosion and ensure the safety of workers in hazardous locations encourages market growth. Manufacturers focus on introducing technologically advanced hazardous area equipment in the Americas region for industrial safety measures. In this region, various industries, including oil & gas, mining, and power, which are highly prone to explosive environments, raised the utilization of this equipment, including explosion-proof enclosures, intrinsically safe instruments, and flameproof equipment. In Asia-Pacific, rapid industrialization, increasing focus on occupational safety measures, and growing demand for industries' security measures significantly assist in adopting hazardous area equipment. In this region, increasing water & wastewater treatment plants often use various chemicals for disinfection and other hazardous treatment processes, which pose risks to human health and safety, significantly increasing the utilization of hazardous area equipment to reduce the risk of accidents, spills, or leaks. The rising use of alarm and lighting fixtures in the EMEA region for hazardous and safe environments and an increasing focus on industry safety measures have boosted demand for hazardous area equipment. Manufacturers in the Middle East and Africa regions offer various types of hazardous area equipment owing to the stringent regulations for installing and using hazardous area equipment for the safety of workers in hazardous locations of the oil & gas exploration sites and refineries.
Market Segmentation & Coverage:
This research report categorizes the Hazardous Area Equipment Market in order to forecast the revenues and analyze trends in each of following sub-markets:
Based on Hazardous Area Classifications, market is studied across Class I, Class II, and Class III. The Class III commanded largest market share of 39.96% in 2023, followed by Class II.
Based on Equipment, market is studied across Alarm Systems, Explosion-Proof Enclosures, Explosion-Proof Lighting Fixtures, Flameproof Equipment, Gas Detectors, Hazadeouse Area Control Panel, Intrinsically Safe Instruments, and Ventilation Systems. The Explosion-Proof Enclosures commanded largest market share of 12.16% in 2023, followed by Hazadeouse Area Control Panel.
Based on Technology, market is studied across Wired and Wireless. The Wired commanded largest market share of 70.88% in 2023, followed by Wireless.
Based on End-Use Industry, market is studied across Chemical & Pharmaceuticals, Energy & Power, Food & Beverages, Mining, Oil & Gas, and Water & Wastewater Treatment. The Oil & Gas commanded largest market share of 22.62% in 2023, followed by Chemical & Pharmaceuticals.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Europe, Middle East & Africa commanded largest market share of 40.73% in 2023, followed by Asia-Pacific.
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FPNV Positioning Matrix:
The FPNV Positioning Matrix is essential for assessing the Hazardous Area Equipment Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).
Market Share Analysis:
The Market Share Analysis offers an insightful look at the current state of vendors in the Hazardous Area Equipment Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.
Key Company Profiles:
The report delves into recent significant developments in the Hazardous Area Equipment Market, highlighting leading vendors and their innovative profiles. These include AB-CO PURGE LLC, ABB Ltd., Abtech UK, Aegex Technologies, LLC, Amphenol Corporation, Andel Ltd., Ashcroft, Inc., ASSA ABLOY, Atexor Oy, BARTEC Top Holding GmbH, Cortem S.p.A., Craig & Derricott Limited, Crowcon Detection Instruments Ltd, Danfoss A/S, Drägerwerk AG & Co. KGaA, Dwyer Instruments, Inc., Eaton Corporation PLC, eltherm GmbH, Emerson Electric Co., Endress+Hauser AG, European Safety Systems Limited, Federal Signal Corporation, Fluke Corporation, General Electric Company, Hitachi, Ltd., Honeywell International Inc., Hubbell Incorporated, Johnson Controls International PLC, Katronic AG & Co. KG, Larson Electronics, LLC, Marechal Electric Group, Mitsubishi Electric Corporation, MSA Safety Incorporated, Omron Corporation, PATLITE Corporation, Petrel Ltd., Phoenix Contact Group, Potter Electric Signal Company, LLC, Process Sensing Technologies, RKI Instruments, Inc., Rockwell Automation, Inc., RSTAHL Aktiengesellschaft, Schneider Electric SE, SICK AG, Siemens AG, Teledyne Technologies Incorporated, Turck Holding GmbH, WEG Holding GmbH, WIKA Alexander Wiegand SE & Co. KG, and Yokogawa Electric Corporation.
Key Topics Covered:
1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Hazardous Area Equipment Market, by Hazardous Area Classifications
7. Hazardous Area Equipment Market, by Equipment
8. Hazardous Area Equipment Market, by Technology
9. Hazardous Area Equipment Market, by End-Use Industry
10. Americas Hazardous Area Equipment Market
11. Asia-Pacific Hazardous Area Equipment Market
12. Europe, Middle East & Africa Hazardous Area Equipment Market
13. Competitive Landscape
14. Competitive Portfolio
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the Hazardous Area Equipment Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Hazardous Area Equipment Market?
3. What is the competitive strategic window for opportunities in the Hazardous Area Equipment Market?
4. What are the technology trends and regulatory frameworks in the Hazardous Area Equipment Market?
5. What is the market share of the leading vendors in the Hazardous Area Equipment Market?
6. What modes and strategic moves are considered suitable for entering the Hazardous Area Equipment Market?
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