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May 21, 2019 12:43 AM ET

Explosion Proof Equipment market is expected to reach US$ 14.33 billion in 2027 | Leading Players Eaton, Extronics, Emerson Electric, Hubbell, Rockwell Automation


Explosion Proof Equipment market is expected to reach US$ 14.33 billion in 2027 | Leading Players Eaton, Extronics, Emerson Electric, Hubbell, Rockwell Automation

iCrowd Newswire - May 21, 2019
The global explosion proof equipment market accounted to US$ 8.1 Bn in 2018 and is expected to grow at a CAGR of 6.7% during the forecast period 2019 – 2027, to account to US$ 14.33 Bn by 2027.
 

Geographically, the explosion proof equipment market is segmented into North America, APAC, Europe, MEA, and SAM regions. Europe leads the oilfield communication market in 2018 with a significant market share and is anticipated to continue its dominance in the coming years. Increase in the number of ferrous and non-ferrous metal production and processing, petroleum, coal, chemicals, cement, pharmaceuticals, aerospace, passenger and commercial vehicles, rail transportation equipment, industrial equipment, construction equipment, shipbuilding, electronics and telecommunications equipment, electrical power equipment, F&B, paper and textile industries in the region is fueling the explosion proof equipment market in Europe. North America is the second largest market in the explosion proof equipment market. Apart from Europe and North America, APAC remains the third largest geographic segment, as with the support of the government in funding in Asian countries, the explosion proof equipment market in APAC is progressing. Moreover, on a continuous basis, the oil & gas industry of Asia is growing driven by rising demand and investment activities which makes the region to observe a high number of oil & gas projects.

 

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The key players operating in the explosion proof equipment market are ABB Ltd., BARTEC GmbH, CORTEM S.P.A, Eaton Corporation, Extronics Ltd., Emerson Electric Co., Hubbell Inc., Rockwell Automation, Inc., R.STAHL AG, and Siemens AG.

 

In the recent few years, explosion proof equipment market has noticed noteworthy M&A and partnership activity. Some of the significant deals include, in 2017 Hubbell Inc. has completed the acquisition of iDevices of Avon. The acquisition would help the Hubbell to strengthen its way to in the field of innovation with the expertise of iDevices in Internet of Things. Another initiative in respect to contractual alliance, is undertaken by Cortem Group consolidated its presence in Saudi territory by signing an exclusive contract with SPF, Safety and Protection Factory. This new exclusive contract signed with the SPF company for the assembly, production and distribution in Saudi Arabia and new management in charge for the Sister Company in Dubai supports Cortem Group to strengthen its presence in Middle East in 2018.

 

The explosion proof equipment play a crucial role in oil & gas industry. The US has huge network of oil rigs in the North American continent as well as globally. This fact has helped propel the market over the years. The processing facilities of oil & gas are unsafe owing to the presence of hazardous compounds during the operations. The explosion proof equipment systems are deployed for preventing the ignition of spark from the electrical equipment. Also, the existence of dangerous compounds in the facilities of oil and gas denote several safety challenges for the workers. For instance, the hydrocarbon processing including ethane, fossil fuels, methane and propane, is a critical process that needs to be carried out under stable atmospheres. However, the processing plants of oil and gas are far from stable pertained to the exposure to hazardous and flammable compounds.

 

Based on industries, the oil & gas is expected to dominate the explosion proof equipment market during the forecast period followed by mining and energy & power. The oil & gas captures a significant share of the explosion proof equipment network market and is growing continuously as this industry is likely to take high advantage of explosion proof equipment to deliver high quality and safe products. Exploration, Petrochemical-Plants, and Refineries, are hazardous locations to work. Safety is utmost in these places. For the dangerous environment of oil & gas industry, safe and explosion-proof equipment is very important.

 

Key findings of the study:

Germany holds the largest explosion proof equipment market share in the Europe region. Germany is one of the leading producers of automobiles in the world and many major car manufacturing companies are located in the country including Volkswagen, BMW AG, Audi, and others. Being the hub for the major automotive industries, automotive semiconductors are extensively used in this industry. Emergent automotive industry of Germany would give high opportunities to the explosion proof equipment manufacturers to prevent explosives caused due to heat or dust present in automotive manufacturing facilities.

 

In APAC region, India is expected to be the fastest growing country followed by Australia. The Asia Pacific region experiences a balanced situation of oil & gas industry in the region. The region would sustain as a politically stable region globally with Indonesia, China, Australia, and India. These four countries have the biggest capex hotspots and which continue to provide stable political environments. Also, the Southeast Asian, Indonesian, and Philippines government looks forward to making significant investments to capture a vast market among the competitors. Initiatives and steps taken by the government bodies of the Asian region are expected to boost the region’s political stability in the future as well. This would support the growthof industries, economy, safety, and more in Asia.

 

Merger and acquisition are expected to be the key growth strategy to be adopted by players for the next two-three years. However, this strategy could impact competition; it is also expected to generate new market as well as product opportunities as recently combined companies will thrive to maintain position and profitability.

 

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The explosion proof equipment market by the system is further segmented into junction boxes & enclosures, lighting system, monitoring system, signalling devices, automation system, cable glands, hvac systems, and others. Cable galnds dominates the explosion proof equipment market heavily and is expected to continue its dominance throughout the forecast period from 2019 – 2027.

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