Press release
Hazardous Area Equipment Market Size to Exceed USD 8.7 Billion at CAGR of 6.5% by 2026
Hazardous Area Equipment Market
Global industrialization has grown at an exponential rate, necessitating the development of new industrial safety regulations. The demand for hazardous area equipment has expanded globally because to the rising use of explosive components, flammable materials, and hazardous chemicals in businesses.
The market potential for hazardous area equipment will also be further advanced by government regulations aimed at ensuring occupational safety in dangerous settings. In the upcoming years, adoption of hazardous area systems is anticipated to be somewhat limited by the high cost of installation.
๐๐จ๐ฐ๐ง๐ฅ๐จ๐๐ ๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐จ๐ฉ๐ฒ ๐จ๐ ๐๐ก๐ข๐ฌ ๐๐๐ฉ๐จ๐ซ๐ญ:
https://www.factmr.com/connectus/sample?flag=S&rep_id=7308
In order to expand the scope of their business, manufacturers of hazardous area equipment are concentrating on partnerships and collaboration agreements.
Leading brand in the market for hazardous area equipment, Honeywell, announced in December 2020 that it would buy Australian SaaS technology company Sine Group. Better safety will result from this transaction, which will strengthen Honeywell's connected building capabilities.
๐๐๐ฒ ๐๐๐ค๐๐๐ฐ๐๐ฒ๐ฌ ๐๐ซ๐จ๐ฆ ๐๐๐ซ๐ค๐๐ญ ๐๐ญ๐ฎ๐๐ฒ
In 2022, the market for hazardous area equipment is expected to have a net worth of US$ 6.5 billion.
The market for hazardous area systems is expected to reach US$ 8.7 billion by the end of 2026.
Hazardous area equipment demand is expected to rise at a compound annual growth rate (CAGR) of 6.5% between 2022 and 2026.
Sales of hazardous area devices are anticipated to be significantly influenced by the growing emphasis on workplace safety and the stringent regulations enacted by the government to guarantee it during the projected period (2022-2026).
The high cost of hazardous area equipment will impede the expansion of the global market.
By 2022, the hazardous area equipment market in the United States is expected to be worth US$1.7 billion.
By 2026, the hazardous area equipment market in China is expected to have grown at a strong compound annual growth rate of 7.4% and reach a net worth of US$ 799 million.
๐๐ข๐ง๐ง๐ข๐ง๐ ๐๐ญ๐ซ๐๐ญ๐๐ ๐ฒ
To increase their market share and increase sales, makers of hazardous area equipment are concentrating on partnerships, collaborations, acquisitions, and mergers. Vendors of hazardous area equipment should benefit from government regulations aimed at ensuring workplace safety, as these regulations will enable them to generate the most income possible.
Suppliers of hazardous area systems will also use both organic and inorganic growth techniques to get a competitive advantage and expand their global market presence.
๐๐๐ญ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ญ๐ข๐จ๐ง ๐จ๐ง ๐ญ๐ก๐ข๐ฌ ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐จ๐ซ ๐๐ฉ๐๐๐ข๐๐ข๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐จ๐ฅ๐ฎ๐ญ๐ข๐จ๐ง๐ฌ: https://www.factmr.com/connectus/sample?flag=RC&rep_id=7308
๐๐๐ฒ ๐๐๐ ๐ฆ๐๐ง๐ญ๐ฌ ๐๐จ๐ฏ๐๐ซ๐๐ ๐ข๐ง ๐๐๐ณ๐๐ซ๐๐จ๐ฎ๐ฌ ๐๐ซ๐๐ ๐๐ช๐ฎ๐ข๐ฉ๐ฆ๐๐ง๐ญ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ ๐๐๐ฌ๐๐๐ซ๐๐ก
By Product:
Cable Glands & Accessories
Process Instruments
Industrial Controls
Motors
Strobe Beacons
Other Products
By Connectivity:
Wireless Hazardous Area Equipment
Wired Hazardous Area Equipment
By End Use:
Oil & Gas
Chemicals & Pharma
Energy & Power
Mining
Other End Uses
By Region:
North America Latin America Hazardous Area Equipment Market
Europe
East Asia
South Asia & Oceania
MEA
๐๐จ๐ง๐ญ๐๐๐ญ:
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Tel: +1 (628) 251-1583, +353-1-4434-232
Email: sales@factmr.com
๐๐๐จ๐ฎ๐ญ ๐ ๐๐๐ญ.๐๐
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