Explosion-Proof Equipment Market Size, $12,272.30 Mn by 2028, 6.2% CAGR Led by Oil & Gas Industry - Exclusive Research Report by The Insight Partners

The explosion-proof equipment market size is expected to grow from $8,037.29 million in 2021 to $12,272.30 million by 2028; it is estimated to grow at a CAGR of 6.2% during 2021–2028.

New York, Feb. 08, 2022 (GLOBE NEWSWIRE) -- According to our new research study on “Explosion-Proof Equipment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By System (Junction Boxes & Enclosures, Lighting System, Monitoring System, Signaling Devices, Automation System, Cable Glands, HVAC Systems, and Others), Protection Method (Explosion Prevention, Explosion Containment, and Explosion Segregation), and Industry (Pharmaceutical, Mining, Oil & Gas, Manufacturing, Food Processing, Energy & Power, Chemical & Petrochemical, and Others)”, published by The Insight Partners.

Report Coverage Details
Market Size Value in US$ 8,037.29 million in 2021
Market Size Value by US$ 12,272.30 million by 2028
Growth rate CAGR of 6.2% from 2021 to 2028
Forecast Period 2021-2028
Base Year 2021
No. of Pages 192
No. Tables 88
No. of Charts & Figures 91
Historical data available Yes
Segments covered System, Protection Method, and Industry
Regional scope North America; Europe; Asia Pacific; Latin America; MEA
Country scope US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Explosion Proof Equipment Market: Competitive Landscape and Key Developments
BARTEC Gmbh, Intertek Group PLC, R.STAHL AG, ABB Ltd., Emerson, Extronics Ltd., Marechal Electric Group, Eaton Corporation, Siemens AG, and Rockwell are among the key players profiled during this market study. Several other essential explosion proof equipment market players were studied and analyzed to get a holistic view of the market and its ecosystem.

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In 2022, ABB Ltd (India) launched flameproof low voltage motors for applications in potentially explosive environments. The flameproof low voltage motors offer considerable benefits including low vibration levels with increased reliability for an extended lifetime and reduced maintenance requirements for a lower cost of ownership.

In 2021, Cortem S.p.A. launched EJBC series explosion proof enclosures for gas group IIC. The new enclosures of the EJBC series are characterized by a multi-step joint that allows the installation in areas with danger of explosion and/or fire due to the presence of all the Gases of Group IIA - IIB - IIC classified.

North America is expected to dominate the explosion proof equipment market because it has the highest number of manufacturing and oil and gas industries. According to the American Manufacturing Statistics report of May 2021 published by Propel PLM Inc., 292,825 manufacturing factories in the US employed ~12.2 million people. Similarly, for the oil & gas industry, a total of 22 companies are now producing oil and natural gas in Mexico, with another two expected to join the list in 2020, according to local oil and gas association Amexhi. In Canada, there are a total of 1,334 active companies producing oil and gas, while ~9,000 independent oil and natural gas producers exist in the US. Thus, the growth of manufacturing and oil & gas industries in the region also increases the need to employ maximum workers and operators. Therefore, several industries (including manufacturing and oil & gas) are implementing explosion proof equipment for ensuring the safety of the operators and workers. Further, in North America, hazardous location equipment is required to bear the recognized mark of accredited certification bodies. The main recognized, accredited certification bodies include Underwriters Laboratories (UL), the Occupational Safety and Health Administration (OSHA), the Factory Mutual - FM3610, and the National Fire Protection Association (NFPA). Each of these agencies will have a mark indicating compliance with the Canadian Standards (cQPS), the USA Standards (QPSus), or both (cQPSus). Hence, the rise in the number of manufacturing and oil & gas industries and the focus of regulatory bodies on implementing explosion proof equipment in these industries are influencing the growth of the explosion proof equipment market.

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Over the period, IoT has emerged as the most popular trend globally, which is nearly associated with every technology, manufacturing industries, and other industries. The biggest problem with the construction, manufacturing, and agriculture industries is that they tend to have the highest incident/accident rates. Accidents at factories cost millions of dollars in medical expenses, damaged goods, and high insurance premiums yearly for operators and workers, who also face enormous risks by working at hazardous locations. Further, multiple interconnected machines and devices work together, and a minor lapse in judgment can lead to deadly outcomes. Therefore, many businesses are now creating IoT-enabled environments to remove the guesswork from manual processes. Smart monitoring allows workers to make correct decisions and also keep themselves safe.

The demand for the explosion proof equipment is growing in APAC due to rising projects in the oil & gas sector. As per the article published in NS Energy, India is expected to observe the operational commencement of 647 oil & gas projects between 2021 and 2025 as part of the Indian government plan to create a gas-based economy in the country. Similarly, in China, the national oil company Sinopec expects Chinese natural gas demand to reach 395 bcm in 2022, up 7% from ~370 bcm in 2021. According to the National Energy Administration data, China consists of 8 new LNG terminal projects and 2 expansion projects, which will take China's total LNG receiving capacity to over 127 million mt/year in 2022, up from 105.8 million mt/year in 2021. Thus, the growth in the oil & gas projects across APAC will require the need for explosion proof equipment. As the oil & gas industry often requires employees and operators to work in hazardous locations where flammable liquids, gases, vapors or combustible dust exist in sufficient quantities, the priority is to keep them safe. Thus, to combat the high potential for ignition, explosion proof equipment manufacturers produce and rigorously test explosion proof assets.

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Explosion Proof Equipment Market: Protection Method Overview

By protection method, the explosion proof equipment market is subsegmented into explosion prevention, explosion containment, and explosion segregation. The explosion prevention segment led the explosion proof equipment market with a share of 55.9% in 2020. It is expected to account for 50.3% of the total market in 2028. The explosion prevention method restricts thermal and electrical energy to protect the levels under normal operation and faulty scenarios. Common explosion-prevention techniques consists of intrinsically safe equipment, increased safety enclosures, powder-filled enclosures, pressurized enclosures, oil-filled enclosures, and flameproof enclosures. These explosions are prevented by eliminating sufficient energy from the escaping gases. When the energy level is below the minimum ignition energy level, the chances of explosions are similar to none.

In the explosion prevention method, the intrinsic safety and equipment prevent an explosion by restricting the release of sufficient electrical energy to ignite explosive gases. The increased safety method is suitable for Zone 1 and Zone 2 conditions. This technique is used in various applications to protect terminals, lamp sockets, electrical connections, and squirrel gauge motors. It is also used as a combination along with other different methods of protection. The increased safety method originated in Germany and is acclaimed by the CENELEC EN 50.019 standards in Europe.

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