By 2032, the Hazardous Area Equipment Market to be worth US$ 16139.80 Billion; Growing Attention on Boosting Safety Measures Says Future Market Insights

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Hazardous Area Equipment Market By Product (Cable Glands & Accessories, Process Instruments, Industrial Controls, Motors, Strobe Beacons), Connectivity (Wireless, Wired), End-Use (Oil & Gas, Chemical & Pharma, Food & Beverage, Energy & Power, Mining, Other End-Uses) & Region - Forecast 2022 - 2032

DUBAI, UAE, March 10, 2022 /PRNewswire/ -- Hazardous Area Equipment Market was valued at US$ 8.84 billion in 2021 and is expected to reach US$ 15.43 billion by 2032, growing at a CAGR of 5.2% from 2022 to 2032.

Hazardous area equipment is devices that may either limit or diminish the damage caused by accidents such as fires or have the capacity to work effectively in harsh settings.

They are used in hazardous locations based on the division, class, or zone and include cable glands and attachments, control panels, buttons, illumination, and strobe beacons.

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The rising emphasis on industry safety measures, as well as the increased use of LED lighting solutions for hazardous and safe environments, is driving the growth of the hazardous area equipment market.

The desire for low-cost solutions is projected to present the substantial potential for hazardous area equipment market participants.

The expansion of industrial safety measures, particularly in process sectors where the operations of hazardous work equipment are required to continue, as well as rising urbanisation and population growth throughout the world, will emerge as the primary factors driving hazardous area equipment market growth.

The expanding progress of emerging countries is causing the rise of various companies that rely heavily on hazardous area equipment, which will exacerbate market worth. However, time-consuming and costly inspection and maintenance function as a hazardous area equipment market restriction.

Certain challenges and restrictions are being encountered, which will impede overall hazardous area equipment market expansion. The expenses of implementation, as well as a lack of knowledge, are impeding the growth of the hazardous area equipment market.

Wireless hazardous area equipment acts as a source of ignition in a hazardous location, followed by time-consuming and costly inspection and maintenance, which are possible restrictions on the worldwide hazardous area equipment market's overall growth.

Technological developments, rising demand for low-cost, high-light-output-per-watt lighting solutions, and untapped potential in emerging countries provide favourable growth possibilities of the hazardous area equipment market.

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Increased demand for low-cost and high light output per watt lighting solutions creates new chances for hazardous area equipment market growth throughout the projection period. The use of wireless hazardous area equipment, which may cause ignite on industrial premises owing to electromagnetic waves radiated by them, is likely to slow growth and provide a threat to the hazardous area equipment market.

Key Takeaways:

• Cable glands and accessories have historically been a significant hazardous area equipment market.
• The oil & gas industry held the largest hazardous area equipment market size and is expected to grow at the highest CAGR.
• The RoW (Middle East, Africa, and Latin America) region led the hazardous area equipment market, followed by North America and Europe.
• Based on Connectivity Service, wired accounted for the largest hazardous area equipment market share.

Competitive Landscape:

Some of the key players in the hazardous area equipment market include Honeywell International, Inc. (US), PATLITE Corporation (US), Eaton Corporation Plc (US), Siemens AG (Germany), Emerson Electric Co. (US), NHP Electric Engineering Products (Australia), Rockwell Automation (US), E2S Warning Signals (US), ABB Ltd. (Switzerland), and R.STAHL AG. (Germany).

• Honeywell said in December 2020 that it has agreed to acquire privately-held Sparta Systems for $1.3 billion in an all-cash transaction from New Mountain Capital. Sparta Systems is a major provider of enterprise quality management software (QMS) for the life sciences industry, featuring a next-generation SaaS platform.
• Honeywell will buy SaaS in December 2020. Honeywell Forge's return-to-work capabilities, mobile device experience, and linked buildings solutions will be enhanced with the purchase of software as a service (SaaS) startup Sine Group.
• Siemens Logistics will launch the new VarioBelt TilterPlus belt conveyor with an unrivalled tilting device in June 2021 for efficient luggage handling at airports.
• Honeywell announced in June 2021 that it would collaborate with the Indian government's Defence Research Development Organization (DRDO) and the Council of Scientific and Industrial Research-Indian Institute of Petroleum (CSIR-IIP) to increase oxygen production in India.
• Siemens AG and Atos, a global pioneer in digital transformation, announced today the renewal of their Customer Relationship Agreement as part of their strategic relationship, which began in 2011.

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Key Segments

By Products:

• Industrial Controls
• Motors
• Strobe Beacons
• Visual and Audible Combination Units
• Cable Glands and Accessories
• Process Instruments
• Lighting Products
• Sensors
• Fire Alarms or Call Points
• Others

By Services:

• Wired
• Wireless

By End-users:

• Oil & Gas
• Mining
• Chemical & Pharmaceutical
• Food & Beverages
• Automotive and aerospace
• Pulp & Paper
• Steel & Metal
• Energy & Power
• others

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SOURCE Future Market Insights