According to a new market research report published by Acute Market Reports, “Explosion Proof Equipment Market (by End-use Vertical (Oil & Gas, Industrial Manufacturing & Processing, Energy & Mining, Pharmaceuticals, and Other Verticals), by Applicable System Type (Material Handling Systems, Surveillance Systems, Power Supply Systems, Motors, Automation Systems, and Others), by Hazardous Zone (Zone 0, Zone 20, Zone 1, Zone 21, Zone 2, Zone 22), by Geography (North America, Europe, Asia Pacific, and Rest of the World)) - Growth, Future Prospects, and Competitive Landscape, 2023-2031”, the global explosion proof equipment market is expected to expand at a CAGR of 5.5% during the forecast from 2024 to 2032.
Market Insight
In industries such as mining, oil & gas, and industrial manufacturing & processing, personnel and equipment operate in a hazardous environment that is conducive to explosion and fire accidents. Thus, the overriding need to protect assets from explosion or fire accidents has triggered demand for explosion-proof equipment. In the wake of rising incidences of explosions at mine sites, industrial accidents at the workplace, and consequent loss of assets, companies across industry verticals have recognized the need to deploy state-of-the-art safety solutions including explosion-proof equipment. In addition, stringent regulations promoting occupational safety are driving demand for explosion-proof equipment worldwide. With perpetually growing energy demands, the lookout for new oil & shale reserves in economies like Mexico, Brazil, and the U.S. has magnified investments in oil exploration activities. This, in turn, is driving demand for explosion-proof equipment in these countries. All these factors will contribute towards a CAGR of 5.5% over the forecast period from 2024 to 2032.
Browse the full report at https://www.acutemarketreports.com/report/explosion-proof-equipment-market
Worldwide, explosion protection is governed by the legislatures of individual countries. Differences in technical requirements across different countries coupled with requisite approvals for explosion-proof devices make considerable demands on global manufacturers, particularly high investment for development and approval testing. Over the last few years, especially among major industrial economies, efforts have been made to embrace appropriate technical standards and implement uniform safety stands in parallel. Some of the major manufacturers profiled in the research report include R. Stahl, Adalet, Bartec GmbH, G.M. International SRL, Rae Systems (Honeywell International Inc.), Marechal Electric Group, Pepperl+Fuchs, Alloy Industry Co. Ltd, Siemens AG, Intertek Group, Extronics Limited, and Cordex Instruments among others.
