Global Explosion Proof Equipment Market 2021 is expected to register a CAGR of 8.21%, during forecast period with Impact of Covid 19 Analysis

Explosion

Global “Explosion Proof Equipment Market” Report 2021 (value and volume) by company, regions, product types, end industries, history data and estimate data. Also, Report contains a comprehensive analysis of the important segments like market opportunities, import/export details, market dynamics, key manufacturers, growth rate, and key regions. This report focuses on the Explosion Proof Equipment in the Global market, especially in the United States, Europe, China, Japan, South Korea, North America, India. Explosion Proof Equipment Market report categorizes the market based on manufacturers, regions, type, and application. Explosion Proof Equipment Market reports offer a detailed assessment of the Explosion Proof Equipment including enabling technologies, current market situation, market assumptions, restraining factors.

The Global Explosion Proof Equipment market swot is provided for the international markets including progress trends, competitive landscape breakdown, and key in regions development status. Development policies and plans are discussed as well as manufacturing processes and cost structures are also analyzed.

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The global explosion proof equipment market was valued at USD 4.47 million in 2017 and is expected to reach a value of USD 7.18 million by 2023 at a CAGR of 8.21%, over the forecast period of 2018-2023. The term explosion proof is assigned to those products, which are certified by national rating agencies, such as Factory Mutual or Underwriters Laboratories, after meeting their specifications and passing their tests. Unless certified by one of these agencies, the product does not meet the explosion proof requirements of the National Electrical Code. The scope of the report includes insights on solutions offered by major players providing equipment and professional services. It covers the market dynamics of explosion proof equipment. The regions considered in the report include North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The explosion proof equipment finds its applications in diverse industries, such as aerospace and aircraft maintenance sites, construction sites, HVAC systems, manufacturing and machine processing units, mining fields, and oil & gas extraction fields. Important equipment used in these industries are lighting, surveillance and signaling systems. Therefore, most of the companies working in the field of explosion proof equipment provide numerous product offering in these areas. Apart from these, many other types of electrical equipments used in hazardous areas including, motors, material handling systems, lifting systems, automation & distribution systems, and switch gears, are now being constructed as explosion proof equipment.

Explosion proof equipment does not mean that products will be able to withstand any explosion. Instead, it means that products will contain any source of an explosion within its housings. The term explosion proof also does not indicate, that the product is capable of withstanding an internal explosion without allowing flames or hot gases to escape or trigger an explosion in the surrounding atmosphere. A broader term that can be assigned to these products is explosion protection equipment. This equipment contains in itself various protection principles, like explosion prevention by limiting the operating energy, explosion proof by making the housing robust to withhold any explosion inside itself, and explosion segregation by isolating the source of an explosion inside a protective medium.

Need for Explosion Proof Equipment and Regulations Create Attractive Markets

Explosion protection equipment is used in a wide range of industry verticals to protect devices and products from various hazardous environments. In the wake of increasing industrial accidents and explosions in mines, regulatory bodies, like OSHA and others, are initiating the implementation of stricter regulations both to ensure worker safety and to prevent damage to the atmosphere.

The other driving factor of the market is extensive usage in the oil & gas industry. Discovery of new reserves of oil and shale in countries, like Brazil, Mexico and Greenland, and investments in the United States toward shale gas exploration is expected to drive the market for explosion proof equipment. Preserving the environment is a high priority concern, and the governments are cognizant of this issue, resulting in the implementation of government regulations particularly in the oil & gas exploration industry. Although the major markets for explosion proof equipment are mining and oil & gas industries, they have also found applications in fields like aerospace, construction, and other sectors. Asia-Pacific and Latin America are expected to be high growth regions, with increasing industrialization and exploration of natural resources.

Demand from Industrial Plants and Safety Concerns Creating New Opportunities

Ensuring safe handling of hazardous substances in industrial areas has been a significant concern for all the parties involved. Stringent regulations are being discussed by governmental agencies and trade bodies in all major economies. These regulations are centered on the use of explosion-proof equipment in all major industries, with occupation relating to hazardous materials handling. All major electrical product manufacturers have revamped their operations to account for changes in regulations. The oil & mining sector has witnessed tremendous growth due to the identification of substantial reserves in emerging economies. Explosion proof equipment market is expected to record high growth rates in this sector.

Industrial plants, mining industry, and refineries have invested time and resources in safety equipment to protect their workforce and manufacturing units from explosions. IECEx, NEC/CEC, and OSHA have played a major role in prescribing safety standards and operational regulations. Regulation is usually imposed by a governmental agency and trade units have to comply with the prescribed regulations, while standards are the desirable mode of operations and are not strictly enforced due to differences in compliance frameworks around the world. In the United Kingdom, the Dangerous Substances and Explosive Atmospheres Regulation (DSEAR) has been commissioned to prescribe safety regulations for industrial areas working in a potentially hazardous environment. A preliminary risk assessment is conducted by the agency and is followed by a thorough study of the work environment. DSEAR furnishes a set of guidelines and safety procedures for operations involving detailed steps on “allowable” modes of operations.

To create better awareness for all stakeholders in the explosion-proof equipment market, IEC launched a mobile application to show international certificates for equipment used in explosive atmospheres. The regulatory frameworks and standards are periodically updated to take cognizance of changes in the composition of hazardous substances and to remain relevant in a highly dynamic environment.

Challenges Faced by the Stakeholders due to Ever Evolving Regulations

To efficiently manage explosion risks in hazardous areas, safety organizations make amendments in the standards influencing the designing and installation processes thus affecting the production and installation costs. Whenever there are changes in the regulations, the products are affected in either of these two ways: products do not require any change or product is affected by the changes slightly, which requires a test to be conducted based on the new design features or the product is affected substantially. With each new regulation, there is a whole new procedure to be followed for obtaining certifications and adhering to them.

IECEx has been promoting the use of a single database for recording international trade transactions. However, changes to regulatory standards and need for additional compliances in Europe (ATEX) are affecting these efforts. The greatest challenge for the regulatory bodies and compliance authorities is gaining a trade-off between ensuring safety standards and reducing transaction time for equipment manufacturers.

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The global Explosion Proof Equipment market covers the vision of participant analysis by product types, market share, applications, sales, and revenue.

Explosion Proof Equipment Market Report covers the Top Key-players in 2021:-

  • Pepperl+Fuchs
  • R. Stahl
  • Fluke
  • Omega
  • Rae Systems
  • Eaton
  • Cordex Instruments

Highlighted points of Explosion Proof Equipment Market Size:

  • Covers the varying market dynamics of the industry.
  • In-depth analysis of market risks, opportunities, limitations, and growth of the market.
  • Includes market driving and restraining factors.
  • Participants profiles along with product description, overview, and business data.
  • Include details of five years of forecast analysis by types, regions, and applications.

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This Explosion Proof Equipment Market Research/analysis Report Contains Answers to your following Questions

  • Which Manufacturing Technology is Used for Explosion Proof Equipment? What Developments Are Going On in That Technology? Which Trends Are Causing These Developments?
  • Who Are the Global Key Players in This Explosion Proof Equipment Market? What’s Their Company Profile, Their Product Information, Contact Information?
  • What Was Global Market Status of Explosion Proof Equipment Market? What Was Capacity, Production Value, Cost and PROFIT of Explosion Proof Equipment Market?
  • What Is Current Market Status of Explosion Proof Equipment Industry? What’s Market Competition in This Industry, Both Company, and Country Wise? What’s Market Analysis of Explosion Proof Equipment Market by Taking Applications and Types in Consideration?
  • What Are Projections of Global Explosion Proof Equipment Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What About Import and Export?
  • What Is Explosion Proof Equipment Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
  • What Is Economic Impact On Explosion Proof Equipment Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
  • What Are Market Dynamics of Explosion Proof Equipment Market? What Are Challenges and Opportunities?
  • What Should Be Entry Strategies, Countermeasures to Economic Impact, Marketing Channels for Explosion Proof Equipment Industry?

Key Developments in the Explosion Proof Equipment Market:

  • November 2017: PEC-EX’s latest software module, R. STAHL was introduced exclusively for plant managers working in the explosion-protected plants. The primary objective of this solution is to optimize the planning, execution, and documentation of the inspections and tests conducted periodically in a plant.
  • November 2017: R. STAHL started fitting its Thin Clients for zone 1, zone 2 and safe areas with its new, proprietary, industrial-grade v5 firmware. It is based on Windows 10 IoT Enterprise as the operating system and, as a closed system ensures extremely tough protection against unau

    Reasons to Purchase the Report

  • An outlook of the current and future global explosion proof equipment market.
  • Analyzing various perspectives of the market with the help of Porter’s Five Forces Analysis.
  • Segments and sub-segments expected to dominate the global market.
  • Regions expected to witness the fastest growth during the forecast period.
  • Latest developments, market shares and strategies employed by the major market players.
  • 3-month analyst support along with the Market Estimate sheet (in Excel).

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    Finally, the report Global Explosion Proof Equipment Market 2021 describes the Explosion Proof Equipment industry expansion game plan, the Explosion Proof Equipment industry knowledge supply, appendix, analysis findings, and the conclusion.

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