The Explosion Proof Equipment Market Size is Projected to Grow From USD 7.4 Billion in 2020 to USD 9.9 Billion by 2025 at a CAGR of 5.9% From 2020 to 2025
The explosion proof equipment market is projected to grow at CAGR of 5.9% from 2020 to 2025, in terms of value
NEW YORK, July 16, 2020 /PRNewswire/ --
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The explosion proof equipment market size is projected to grow from USD 7.4 billion in 2020 to USD 9.9 billion by 2025 at a CAGR of 5.9% from 2020 to 2025. Factors such as the increasing industrial safety measures and rising energy requirements are driving the explosion proof equipment industry.
RoW estimated to hold the largest share of the explosion proof equipment market in 2020.
In 2019, RoW accounted for the largest share of the explosion proof equipment market owing to the presence of the world's largest oil & gas production, mining, and energy & power industries, which are highly prone to explosion in the region. The rising demand in providing utmost safety in oil & gas industries led the manufacturers to certify their products for use in explosive atmospheres.
Cable glands & accessories segment estimated to hold the largest share of the explosion proof equipment market in 2020.
The cable glands & accessories segment holds the largest share of the explosion proof equipment market. These equipment are increasingly being used for mechanical retention, strain relief, and earth continuity.
Break-up of the profiles of primary participants is as follows:
• By Company Type: Tier 1 - 18%, Tier 2 - 22%, and Tier 3 - 60%
• By Designation: C-level Executives - 21%, Directors - 35%, and Others - 44%
• By Region: North America - 45%, Europe - 20%, APAC - 30%, and RoW - 5%
The major players in the explosion proof equipment market are Siemens (Germany), Honeywell International, Inc. (US), ABB Ltd. (Switzerland), Rockwell Automation, Inc. (US), and Eaton Corporation Plc (Ireland).
Research Coverage:
This research report segments the explosion proof equipment market (with COVID-19 impact analysis) based on product, industry, zone classification, connectivity service, and region.The report discusses major drivers, restraints, challenges, and opportunities pertaining to the explosion proof equipment market, as well as its value chain.
The study also includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments undertaken by them, and key growth strategies adopted by them.
Key Benefits of Buying the Report
The report is expected to help market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall explosion proof equipment market and its segments.This report is also expected to help stakeholders understand the competitive landscape of the market and gain insights to enhance the position of their businesses and plan suitable go-to-market strategies.
The report also helps them understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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