PORTLAND, Oregon and PUNE, India, November 28, 2016 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Explosion Proof Equipment Market by Industry Vertical, Applicable System, Protection Method, Geography - Global Opportunity Analysis and Industry Forecasts, 2014 - 2022," projects that the global explosion proof equipment market is estimated to reach $8,217 million, registering a significant CAGR of 9.3% during 2016 to 2022. North America is expected to dominate the global market throughout the analysis period, registering a notable CAGR of 8.4%.
The market is driven by factors such as increased safety concerns, growth in industrial sector, rise in automation sector, and stringent government regulations. However, lack of standardization restricts the market growth.
Summary of the Explosion Proof Equipment Market Report can be accessed on the website at: https://www.alliedmarketresearch.com/explosion-proof-equipment-market
The usage of spark-resistant devices, automated systems, monitoring and signaling devices among others prevents sparks in explosion-prone industries including oil & gas, manufacturing, and others. Therefore, some of the top-notch players, such as R. Stahl AG, BARTEC Group, and Extronics Ltd. among others have focused on manufacturing equipment using non-flammable materials for heavy industries to reduce sparks generated by friction.
The explosion-prone industries based out in North America need to comply with the NEC standard, which defines the design and development of equipment on the basis of class, division, and group system. Similarly, ATEX or IEC standards are followed in Europe, which segregates an area on the basis of zone. These systems follow a similar modus operandi, and demarcate hazardous areas that are prone to explosive materials apart from assigning the category of equipment that need to be used in such locations. An ATEX-compatible HVAC system offered by Intertek ensures high safety of labor and automatic climate control system. The system is best suited for oil & gas refineries, petrochemical, and manufacturing plants, as it regulates the atmospheric pressure to prevent the entry of dust or gas.
Exposure to flammable gases, contact with harmful substances, and release of hydrocarbon are some of the factors that make oil & gas industry one of the most hazardous sectors. Therefore, the oil & gas sector generated the highest revenue share of 18% in 2015, owing to high adoption of ignition-resistant products and equipment, and is estimated to grow at a prominent CAGR of 10.3% during the forecast period.
Industrial automated products, such as media converters, managed & unmanaged Ethernet switches, industrial monitors, programmable automation controllers (PACs), and automation computers are designed and installed to prevent accidental explosion in harsh conditions. Therefore, automation systems contributed more than 17% share of total revenue in 2015, and is projected to grow at a significant CAGR of 10.8% during the forecast period.
After a massive success of other ignition-resistant products, Larson Electronics launched an explosion-proof analog camera in September 2016 for use in a vessel or tanker to monitor internal operations. The camera features an infrared LED range that assures nocturnal visibility and remote maneuverability from a control room, to save time and money apart from providing safety at workstations.
Protection methods including explosion containment, explosion prevention, and explosion isolation are implemented to permit safe operations of electrical apparatuses in ignition-prone environment. Explosion prevention or intrinsic safety segment is the leading revenue contributor to the global market, and is anticipated to grow with the highest CAGR of 10.1% during the forecast period.
Based on geography, North America generated the maximum revenue in the global market, accounting for over 31% share in 2015, owing to high adoption and production of ignition-proof automated solutions. However, the adoption of explosion-resistant devices in the Middle East has witnessed significant growth over the years, owing to the abundance of oil refineries in the region. Moreover, the use of cost-effective equipment in LAMEA region would create lucrative opportunities for the market. The region is expected to witness a notable growth with a prominent CAGR of 10.4% during the forecast period.
Key Findings of the Explosion Proof Equipment Market:
- Asia-Pacific is projected to be the fastest growing region, in terms of revenue, registering a CAGR of 10.5% during 2016 to 2022.
- Oil & gas industry, being one of the most hazardous sectors, witnessed significant growth in 2014, and is anticipated to dominate the global market growing at the highest CAGR of 10.3%.
- Explosion prevention segment was the highest revenue contributor to the global market, accounting for around 46% share in the year 2014, and is expected to maintain its dominance throughout the forecast period.
- The automation system segment is expected to reach a substantial revenue of $1,598 million by 2022 due to the high cost of explosion proof automated products.
Market players have focused on adopting various strategies, such as product launch, acquisition, and product expansion, among others to expand their market outreach. For instance, in August 2016, R. Stahl AG, an explosion-protected products specialist, launched an Ethernet connectivity with remote I/O system, ideal for Zone 1 and Zone 2 hazardous locations. This system ensures reliability of data transfer in an ignition-prone environment.
The key market players profiled in the report include ABB Group, Rockwell Automation Inc., R. Stahl AG, BARTEC Group, Adalet, Siemens AG, Intertek Group Plc, Pepperl + Fuchs GmbH, and Cooper Industries (Eaton).
Read similar market research reports on Construction & Manufacturing at: https://www.alliedmarketresearch.com/construction-&-manufacturing-market-report
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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SOURCE Allied Market Research