Explosion Proof Equipment Market analysis and growth drivers by 2023

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In the report "Explosion Proof Equipment Market:By Protection Types (Explosion Prevention, Explosion Proof, Explosion Segregation); By Applications (Automation Systems, Lighting, Material Handling Systems, Surveillance Systems, Signaling Systems) - (2018 - 2023), published by IndustryARC, the market scenario is highly dependent on the technological developments, increasing application and growing investments.Explosion Containment/ Proof equipment led the market in 2015 contributing to nearly 52.9% of the overall market share. This segment is estimated to grow with CAGR of 5.4% throughout the forecast period. However, explosion prevention/ intrinsically safe equipment is estimated as the fastest growing product segment with a growth rate of 6.5% throughout the forecast period.

America with a major share in the Explosion Proof Equipment Market

Americas is the largest market for this industry, contributing to nearly 31% of the overall market share, followed by Europe and APAC, contributing to 27% and 24% respectively. The APAC region displays the highest growth rate for this market, growing with CAGR of 7.2% throughout the forecast period. Former safety regulations adopted by various industries, combined with growth in the automation sector, is the major driver for this market. Also, the discovery of new O&G reserves and mineral reserves in various regions such as in Brazil, Africa, and the Arctic region among others, is estimated to further drive this market.

Selected Protection Analysis done in the full Report:

Global explosion proof market has been modified based on protection type, flammable substance, hazardous area classification, by explosive characteristics and by temperature class in this report. Explosion Containment/ Explosion Proof contributed to almost 53% of the overall market share. This segment is estimated to grow with CAGR of 5.4% through the forecast period, to generate annual revenue of $405 million by 2023. Explosion Prevention/ Intrinsic safety segment displays the highest growth rate, growing with CAGR of 6.5% through the forecast period. Explosion Proof/ Containment equipment is the most preferred type among its counterparts, owing to its reliability.

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https://industryarc.com/Report/109/Explosion-Proof-Equipment-Systems-Market-Report.html

Excerpts on Explosion Proof Equipment Market Growth Factors

• The world is developing well upon coal to utilize its energy requirements properly. For instance, new sites are being explored and constructed. India ties hand with Australia and New Zealand for providing technical support in exploring new coal mining sites. Thus, advancement in technology is leading to constant growth in the power sector.• The automation and instrumentation processes make use of high-end electrical products such as motors, switches, control systems, signaling systems, cables and so on. Therefore, in order to protect these components from the risk of serving as a medium for the explosion, they are manufactured in accordance with explosion-proof standards, hence fostering the growth of explosion proof equipment markets.

Key players of the Explosion Proof Equipment Market

Eaton Corp PLC, Emerson Electric Co., R.STAHL, ABB Ltd and Rockwell Automation are some of the market players, owning a maximum number of shares. The players vary on the basis of the type of products they offer, and the type of market they provide. Eaton leads the market with a 19% market share, followed by Emerson with a share of around 15%. R.STAHL has a market share of 14%, followed by ABB with 9%. The top five players in the market combined have a market share of around 64%, with the remaining companies contributing 36% currently.

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Media Contact:Mr. Venkat ReddySales ManagerEmail 1: sales@industryarc.comOr Email 2: venkat@industryarc.comContact Sales: +1-614-588-8538 (Ext-101)

About IndustryARC:

IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food & Beverages, Information Technology, Life sciences &Healthcare.

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