Hazardous Area Equipment Market likely to grow to USD 8.82 billion by 2022
NEW YORK, May 8, 2017 /PRNewswire/ --
Highlights
· Increased usage of cable glands and accessories across diverse explosion-prone industries is fuelling the growth of the hazardous area equipment market.
· The hazardous area equipment market was valued at USD 6.24 billion in 2016 and is expected to reach USD 8.82 billion by 2022, at a CAGR of 5.74% during the forecast period. Wide usage of cable glands for almost all processes and equipment in hazardous areas is resulting in the growing adoption of cable glands.
· Cable glands are greatly influenced by the hazardous area equipment market; these are most widely used products by almost every industry in the modern era and are posing opportunities for the industry players to invest in these products.
· The hazardous area equipment market for the oil & gas industry is expected to grow at a high rate during the forecast period.
· The hazardous area equipment market for the oil & gas industry held the largest market size in 2016 and is expected to grow at the highest CAGR between 2017 and 2022.
· In the process of determining and verifying the market size for several segments and sub segments gathered through secondary research, extensive primary interviews have been conducted with key people in the hazardous area equipment industry.
"Increased usage of cable glands and accessories across diverse explosion-prone industries is fueling the growth of the hazardous area equipment market"
The hazardous area equipment market was valued at USD 6.24 billion in 2016 and is expected to reach USD 8.82 billion by 2022, at a CAGR of 5.74% during the forecast period. Wide usage of cable glands for almost all processes and equipment in hazardous areas is resulting in the growing adoption of cable glands.
Cable glands are greatly influenced by the hazardous area equipment market; these are most widely used products by almost every industry in the modern era and are posing opportunities for the industry players to invest in these products. The growing focus on increasing safety measures in industries, especially process and cooling, is creating a good demand for flame- and explosion-proof hazardous area equipment. Thus, the global hazardous area equipment market is expected to witness a steady growth in the coming years. However, the key factor that is limiting the growth of this market is the usage of wireless hazardous area equipment, which may cause ignition on industry premises due to electromagnetic waves emitted by them. Also, high maintenance costs associated with hazardous area equipment act as a restraint for the market to grow further.
"The hazardous area equipment market for the oil & gas industry is expected to grow at a high rate during the forecast period"
The hazardous area equipment market for the oil & gas industry held the largest market size in 2016 and is expected to grow at the highest CAGR between 2017 and 2022. Fueled by the growing application of these hazardous area equipment such as industrial controls, process instruments, motors, strobe beacons, lighting products, and so on in the exploration and extraction of shale gas and oil; this industry segment is likely to retain its leading position till 2022.
"RoW and North America are the major markets for hazardous area equipment"
The RoW region consists of the Middle East, Africa, and Latin America is expected to hold the largest share and the market in this region is expected to grow at the high during the forecast period. The Middle East and Africa are the major countries driving the growth of the hazardous area equipment market in RoW. A significant number of prominent oil & gas and mining industries, which are highly prone to explosive environments, are based in North America and APAC. This is one of the major factors driving the growth of the hazardous area equipment market in RoW. On the other hand, North America followed the RoW market in 2016, owing to major hazardous area equipment manufacturing companies based out here; this region is expected to grow further in the coming years of the hazardous area equipment market.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key people in the hazardous area equipment industry. The break-up of primary participants for the report has been shown below:
• By Company Type: Tier 1 – 35 %, Tier 2 – 45%, and Tier 3 – 20%
• By Designation: C-Level Executives – 35%, Directors – 25%, and Others – 40%
• By Region: North America – 45%, Europe – 20%, APAC – 30%, and RoW – 5%
The report also profiles the key players in the hazardous area equipment market and analyzes their market ranking. The prominent players profiled in this report are 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), among others.
Research Coverage:
This research report categorizes the hazardous area equipment market on the basis of product type, connectivity service, industry, and geography. The report also provides the Porter's five forces analysis, and their respective impact on the hazardous area equipment; description of major drivers, restraints, challenges, and opportunities pertaining to the market; value chain analysis; and market ranking analysis.
Reasons to Buy the Report:
The report would help leaders/new entrants in this market in the following ways:
1. This report segments the hazardous area equipment market comprehensively and provides the closest market size estimation for all subsegments across different regions.
2. The report helps stakeholders understand the pulse of the market and provides them with the information on key drivers, restraints, challenges, and opportunities for market growth.
3. This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem, product launches and developments, partnerships, and mergers and acquisitions.
Read the full report: http://www.reportlinker.com/p04883660/Hazardous-Area-Equipment-Market-by-Product-Connectivity-Service-Industry-and-Geography-Global-Forecast-to.html
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