Valued to be $8.7 Billion by 2026, Hazardous Area Equipment Slated for Robust Growth Worldwide

SAN FRANCISCO, March 22, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Hazardous Area Equipment - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

FACTS AT A GLANCE
What's New for 2022?

• Global competitiveness and key competitor percentage market shares
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Edition: 7; Released: February 2022
Executive Pool: 41246
Companies: 211 - Players covered include ABB Ltd.; E2S Warning Signals; Eaton Corporation Plc; Emerson Electric Co.; Federal Signal Corporation; Honeywell International, Inc.; NHP Electric Engineering Products; Patlite Corporation; Potter Signal Co.; R.Stahl AG; Rockwell Automation; Siemens AG; Tomar Electronics, Inc.; WERMA Signaltechnik GmbH + Co. KG and Others.
Coverage: All major geographies and key segments
Segments: Product (Cable Glands & Accessories, Process Instruments, Industrial Controls, Motors, Strobe Beacons, Other Products); Connectivity (Wireless, Wired); End-Use (Oil & Gas, Chemical & Pharma, Food & Beverage, Energy & Power, Mining, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.

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ABSTRACT-

Global Hazardous Area Equipment Market to Reach $8.7 Billion by 2026
Hazardous areas are plants or field areas that are at risk of explosion or fire due to the presence of ignitable concentrations of flammable vapor, gas or dust. A minor electrical spark in hazardous areas of chemical plants, refineries or oil & gas facilities can lead to explosions or fire, causing severe damage to facility and equipment and could also lead to loss of human life. Hazardous area equipment is prominently used in industries such as chemical plants, petroleum refineries, grain handling, sewerage treatment, oil, and gas. These industries have equipment that may pose potential risks and so require measures to ensure safety of the area. The role and demand for hazardous area systems and components has changed considerably over the years due mainly to the rapid proliferation of digital networks and technologies at the field level. The high risk presented by hazardous environments is also fueling demand for specialized automation systems and products that are intended to prevent electrical or other types of sparking. In addition technologies such as IoT and Industrial IoT are also leading to considerable changes in hazardous area management supported by the advent of new age field-mounted sensors as well as edge devices.

Amid the COVID-19 crisis, the global market for Hazardous Area Equipment estimated at US$6.5 Billion in the year 2022, is projected to reach a revised size of US$8.7 Billion by 2026, growing at a CAGR of 6.5% over the analysis period. Cable Glands & Accessories, one of the segments analyzed in the report, is projected to record a 7.8% CAGR and reach US$2.7 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Process Instruments segment is readjusted to a revised 6% CAGR for the next 7-year period. The rising in number of refineries and the imperative need to ensure safety is fueling growth in the explosion proof cable glands market. The use of explosion proof cable glands is also growing in mining, oil & gas, processing, manufacturing, and chemicals industries. In underground mining industry, the need to ensure safety of drilling and excavation operations, which are often carried out in hazardous environments, is enhancing deployments of explosion-proof cables and cable glands.

The U.S. Market is Estimated at $1.7 Billion in 2022, While China is Forecast to Reach $799 Million by 2026
The Hazardous Area Equipment market in the U.S. is estimated at US$1.7 Billion in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of US$799 Million by the year 2026 trailing a CAGR of 7.4% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.3% and 5.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.6% CAGR.

Industrial Controls Segment to Reach $1.4 Billion by 2026
In the global Industrial Controls segment, USA, Canada, Japan, China and Europe will drive the 5.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$569.2 Million will reach a projected size of US$849.5 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$95.2 Million by the year 2026, while Latin America will expand at a 7.1% CAGR through the analysis period. More

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About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

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Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]

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SOURCE Global Industry Analysts, Inc.