Global Hazardous Area Equipment Market Set to Reach $19.45 Billion by 2032: Ensuring Safety in High-Risk Environments

DUBLIN, Sept. 1, 2023 /PRNewswire/ -- The "Hazardous Area Equipment Market Share, Size, Trends, Industry Analysis Report, By Product, By End-Users, By Region, Segment Forecast, 2023 - 2032" report has been added to ResearchAndMarkets.com's offering.

The global hazardous area equipment market is on a trajectory to achieve substantial growth, with an anticipated value of USD 19.45 billion by 2032. A newly conducted study sheds light on the current market dynamics and presents an in-depth analysis of future growth trends.

Ensuring Safety in High-Risk Environments:

The hazardous area equipment market encompasses a range of products meticulously designed for usage in environments fraught with fire or explosion risks. These environments are susceptible to flammable gases, fumes, dust, fires, and airborne particles. Industries like oil and gas, chemical processing, mining, and pharmaceuticals often operate in such hazardous conditions. Thus, it is imperative to deploy specialized equipment that can withstand the risks of fire and explosions, ensuring employee safety and compliance with regulations.

Industry Growth and Regulatory Compliance:

As industrial sectors worldwide continue to expand, the demand for hazardous area equipment has surged. These industries are mandated to use equipment meeting specific standards to ensure worker safety and environmental protection, resulting in a significant market for such equipment. Governments across the globe, particularly in the oil and gas sector, have implemented stringent regulations to meet these objectives.

Innovations in Asia Pacific:

The Asia Pacific region is witnessing significant investments in research and development to engineer innovative hazardous area equipment, enhancing safety and productivity in hazardous environments. For instance, ABB introduced a new range of hazardous area motors in February 2022, including IE2 & IE3 motors, to offer energy-efficient and reliable solutions for hazardous environments. These low-voltage flame-proof motors adhere to global standards for explosive atmospheres.

Pandemic Impact and Recovery:

The COVID-19 pandemic impacted the market due to reduced demand and revenue losses across industrial sectors worldwide. However, with increasing vaccination rates and the global economic rebound, the hazardous area equipment market is poised for significant growth during the forecast period.

Hazardous Area Equipment Market Highlights:

• Cable Glands & Accessories Dominance: The cable glands and accessories segment is projected to hold the highest market shares due to the extensive use of flame-proof cable glands across multiple sectors.
• Oil & Gas Leadership: The oil & gas segment commands the largest revenue share in 2022, driven by its increasing utilization in shale gas and oil exploration and extraction.
• Asia Pacific's Rapid Growth: The Asia Pacific region is anticipated to exhibit the fastest growth rate due to increasing industrialization, leading to heightened demand for hazardous area equipment across diverse industries.

The report also provides insights into the market's segmentation based on product, end-user, and region.

Market Dynamics:

Drivers and Opportunities:

• Growth in industrial safety measures, especially in process industries
• Rising demand for low-cost and high light output per watt lighting solutions

Restraints and Challenges:

• High initial cost

Companies Mentioned:

• Federal Signal Corporation
• Honeywell International
• NHP Electric Engineering Products
• Tomar Electronics
• Patlite Corporation
• Potter Signal
• E2S Warning Signals
• Eaton Corporation Plc
• Emerson Electric
• R. Stahl AG
• Rockwell Automation
• Siemens AG
• WERMA Signaltechnik
• ABB

For more information about this report visit https://www.researchandmarkets.com/r/a177dc

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