Oil & Gas Segment is Expected to Dominate the Global Hazardous Area Equipment Market
Industrial Growth and Increasing Awareness of Safety are the factors propelling the market growth.
According
to TechSci Research report, “Global Hazardous Area Equipment Market -
Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”. Global Hazardous Area
Equipment is anticipated to project robust growth in the forecast period with a
CAGR of 7.03% through 2028. The demand for hazardous area equipment is being
driven by the implementation of safety regulations by various governments and
the need to prevent accidents and explosions in hazardous environments. The
market growth is also being propelled by technological advancements in
equipment design and the growing emphasis on energy efficiency.
Although
the hazardous area equipment industry has experienced growth, there are several
factors that impede its further development. The significant expenses
associated with the equipment and the necessity for qualified professionals to
operate them are the primary obstacles affecting market expansion. The absence
of uniform standards and certification for hazardous area equipment, along with
the limited accessibility of these products in remote areas, pose substantial
challenges to the market's growth.
There
is also a growing demand for flame- and explosion-proof hazardous area
equipment, such as industrial controllers, cable glands, motors, sensors,
strobe beacons, lighting, and other related items, due to the heightened
emphasis on safety measures in sectors like process and cooling industries.
Also, the increasing focus on enhancing safety measures in various industries,
specifically in process and cooling sectors, is leading to a rise in demand for
hazardous area equipment and is expected to experience substantial growth in
the forecast period.
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over xx market data Figures spread through 188 Pages and an in-depth TOC on " Global
Hazardous Area Equipment Market.”
Based
on End User Industry, Oil & Gas is expected to hold the largest share of
Hazardous Area Equipment market for during the forecast period, In the oil and
gas industry, explosion proofing has two requirements: equipment must be
manufactured to the appropriate standards and installed and maintained in
accordance with additional standards. Also, oil and gas employees are
frequently required to work in dangerous environments. Safety is significant
when flammable liquids, gases, vapors, or combustible dust are present in
substantial amounts. Such requirements are creating increasing demand for
hazardous area equipment in the coming years.
The
market is witnessing various innovations to assist customers in the daily
construction, operation, optimization, and enhancement of their assets and
provide alternative electrical solutions in more hazardous situations.
Moreover, the discovery of oil reserves and upcoming investments in the
exploration processes is expected to drive the demand for hazardous area
equipment. For instance, the International Energy Agency said that by 2040, the
world's demand for oil will go up by 21%, making it the source of 35% of all
energy, and the demand for natural gas will go up by 31%, making it the source
of 17% of all energy.
Additionally,
the increasing demand for crude oil and finished oils, including heating oil
and diesel fuel in the automobile, energy, machinery manufacturing,
electricity, chemicals, and metallurgy sectors has further boosted the need for
more oil and gas exploration processes, indirectly driving the demand for
hazardous area equipment. The demand for crude oil (including biofuels) in 2022
globally amounted to approximately 99.57 million barrels per day, and it is
forecasted to increase to 101.89 million barrels per day in 2023.
Based
on Region, Asia Pacific will dominate the market, China is one of the
significant producers and exporters of manufacturing equipment and machine
tools worldwide. The surge in manufacturing activities over the last decade has
increased the production of equipment and tools. Therefore, this growth is
impacting the rate of adoption of explosion-proof equipment. According to
Semiconductor Equipment and Materials International, in 2022, the sales revenue
from semiconductor equipment in China reached almost CNY 1.38 trillion (USD
0.19 trillion).
The
increasing adoption of automation in manufacturing procedures is expected to
propel the demand for explosion-proof solutions. At many industrial and
manufacturing plants, personnel periodically perform field inspections by
patrolling along defined routes and checking field devices at specific points
to keep facilities and equipment safe and in good working order.
India
is frequently investing in the studied market growth due to the increase of
industrialization and the development of Mining industries in the country.
Additionally, India's mining sector has expanded due to a new government that
is pro-industry. According to MOSPI, at the end of fiscal year 2022, production
of the mining industry across India increased by about 12%.
Key
market players in the Global Hazardous Area Equipment Market are following: -
- ABB
Ltd
- Eaton
Corporation PLC
- Siemens
AG
- Rockwell
Automation Inc.
- Phoenix
Mecano
- R.
Stahl AG
- CZ
Electric Co. Ltd
- Pepperl+Fuchs
GmbH
- Cordex
Instruments Ltd
- Marechal
Electric Group
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“The
global hazardous area equipment market is primarily driven by industrial
growth, stringent safety regulations, technological advancements, the adoption
of automation and Industry 4.0 practices, globalization of operations, and the
ongoing need for maintenance and replacement cycles. As industries expand, the
demand for safety measures in potentially explosive or hazardous environments
increases, making hazardous area equipment a vital component. Additionally,
safety regulations and standards compel compliance, while technological
advances enhance equipment efficiency. Automation and Industry 4.0 practices
improve safety and operational efficiency, and the globalization of operations
requires standardized equipment. Regular maintenance and replacement cycles
ensure equipment compliance and safety.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
Hazardous
Area Equipment Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast Segmented by equipment
(power supply systems, electric motors, surveillance systems, cable glands and
connectors, automation and control products, enclosures, lighting products,
push buttons and signaling devices), by end-user industry (oil and gas, energy
and power generation, chemical, food and beverage, pharmaceuticals), By Region,
By Competition 2018-2028 has
evaluated the future growth potential of Global Hazardous Area Equipment Market
and provides statistics and information on market structure, size, share, and
future growth. The report is intended to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the Global
Hazardous Area Equipment Market.
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