-- Explosion Proof Equipment Market Report, published by Allied Market Research, forecasts that the global market is expected to $8,217 million, registering a significant CAGR of 9.3% during the period 2016 - 2022.North America is expected to dominate the global market throughout the analysis period, registering a notable CAGR of 8.4%.
The usage of spark-resistant devices, automated systems, monitoring and signaling devices among others prevents sparks in explosion-prone industries including oil & gas, manufacturing, and others. Therefore, some of the top-notch players, such as R. Stahl AG, BARTEC Group, and Extronics Ltd. among others have focused on manufacturing equipment using non-flammable materials for heavy industries to reduce sparks generated by friction.
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Market players have focused on adopting various strategies, such as product launch, acquisition, and product expansion, among others to expand their market outreach. For instance, in August 2016, R. Stahl AG, an explosion-protected products specialist, launched an Ethernet connectivity with remote I/O system, ideal for Zone 1 and Zone 2 hazardous locations. This system ensures reliability of data transfer in an ignition-prone environment.
The key market players profiled in the report include ABB Group, Rockwell Automation Inc., R. Stahl AG, BARTEC Group, Adalet, Siemens AG, Intertek Group Plc, Pepperl + Fuchs GmbH, and Cooper Industries (Eaton).
Key Findings of the Explosion Proof Equipment Market:
Asia-Pacific is projected to be the fastest growing region, in terms of revenue, registering a CAGR of 10.5% during 2016 to 2022.
Oil & gas industry, being one of the most hazardous sectors, witnessed significant growth in 2014, and is anticipated to dominate the global market growing at the highest CAGR of 10.3%.
Explosion prevention segment was the highest revenue contributor to the global market, accounting for around 46% share in the year 2014, and is expected to maintain its dominance throughout the forecast period.
The automation system segment is expected to reach a substantial revenue of $1,598 million by 2022 due to the high cost of explosion proof automated products.
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Growth Analysis:
The explosion-prone industries based out in North America need to comply with the NEC standard, which defines the design and development of equipment on the basis of class, division, and group system. Similarly, ATEX or IEC standards are followed in Europe, which segregates an area on the basis of zone. These systems follow a similar modus operandi, and demarcate hazardous areas that are prone to explosive materials apart from assigning the category of equipment that need to be used in such locations. An ATEX-compatible HVAC system offered by Intertek ensures high safety of labor and automatic climate control system. The system is best suited for oil & gas refineries, petrochemical, and manufacturing plants, as it regulates the atmospheric pressure to prevent the entry of dust or gas.
Exposure to flammable gases, contact with harmful substances, and release of hydrocarbon are some of the factors that make oil & gas industry one of the most hazardous sectors. Therefore, the oil & gas sector generated the highest revenue share of 18% in 2015, owing to high adoption of ignition-resistant products and equipment, and is estimated to grow at a prominent CAGR of 10.3% during the forecast period.
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