Hazardous Area Equipment Market to Grow at a CAGR of 20.53% During the Forecast 2022-2027

(IT-NEWSWIRE.COM, April 09, 2022 ) Hazardous Area Equipment Market is analysed to grow at a CAGR of 20.53% during the forecast 2022-2027 to reach $13.96 billion. Hazardous area equipment refers to some products that can minimize the damage from the incidents like fire or the ability to perform optimally in extreme environments. It includes several products ranging from cable glands and accessories, control panels, buttons, to lighting, strobe beacons. The demand for hazardous area equipment is driven by the process industries, where the functions of this equipment are necessary to continue, despite the high heat or radiation or detrimental substances. Hazardous area equipment is utilized based on the division or class or zone of the hazardous areas. With the increasing amount of waste across various parts of the globe, the availability of dangerous substances exposed in public without any safety measures is witnessed to remain high. This often carries potential ignition substances which may harm adversely to the environment. These factors tend to bring significant growth in the demand of hazardous area equipment, further driving its market growth.

Hazardous Area Equipment Market Segment Analysis – By Product

By Product, the Hazardous Area Equipment Market Report is segmented into Cable Glands and Accessories, Industrial Controls, Process Instruments, Strobe Beacons, Lighting, Fire Alarms/Call Points, Sensors, Bells and Horns, Visual & Audible Combination Units and Others. Cable Glands and Accessories segment is analysed to hold highest share 21.47% in 2021 owing to the increasing importance in all the process-oriented industries for the equipment and environmental cabling purposes. Cable glands are used as cable entry devices to provide a safe connection of suitable cables to enclosures and maintain the ingress properties of the installation. In hazardous area classified areas they also need to maintain the explosion protection of equipment. Different material of Cable glands are being adopted by the end-use industries as required which is generally classified in the basis of temperature zones. This wide range of availability with various end-use applications tend to drive its market growth among other products.

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Hazardous Area Equipment Market Segment Analysis – By End Use Industry

By End-use Industry, the Hazardous Area Equipment Market Report is segmented into Oil & Gas, Chemical & Pharmaceutical, Food & Beverage, Energy & Power, Water & Waste Treatment, Mining & Metal and Others. Oil & Gas sector is analysed to hold the highest share 28.11% during the forecast period 2022-2027 owing to the maximum exposure to the hazardous areas which requires majority of the equipment. Among the various end-use industries equipped with different types of hazardous area equipment products, Oil & Gas industry is expected to witness significant market share because there is high risk of fire or explosion hazards occurring due to presence of flammable gases, combustible liquid–produced vapours, flammable liquid–produced vapours combustible dusts, or ignitable fibres/ flying particles present in the air in quantities sufficient to produce explosive mixtures which may ignite on exposure to extreme conditions of temperature and pressure. This vast availability of hazardous areas tend to bring significant growth in the demand of hazardous area equipment, further driving its market growth across Oil & Gas Industry.

Hazardous Area Equipment Market Segment Analysis – By Geography

Asia-Pacific is analysed to be the major region with a share of 30% in 2021 for the Hazardous Area Equipment Market owing to the availability of various end-use industries with huge adoption of hazardous area equipment. With the availability of the world’s largest oil & gas refinery in the world in this region which exists in India tend to possess huge adoption of hazardous area equipment. Moreover, according to World Bank Reports, investments done in manufacturing sector in Asia-Pacific region is highest among other regions. For instance, investment done in Asia-Pacific region accounted for $6.24 trillion in 2020 which is way higher than other regions such as North America which was accounted for $2.51 trillion in 2020. This huge investment in across wide range of manufacturing industries is anticipated to significantly drive the market growth of hazardous area equipment during the forecast period.

Hazardous Area Equipment Market Drivers

Increasing safety concerns across various industries driving the demand of hazardous area equipment

The growing focus on increasing safety measures in industries, especially process and cooling industries, is creating a significant demand for flame and explosion-proof hazardous area equipment such as industrial controls, cable glands, motors, sensors, strobe beacons, lightings, and many others. Thus the hazardous area equipment market is expected to grow at a steady rate during the forecast period. Many industries has witnessed hazardous accidents in last few years across the globe which has caused huge life loss of high amount of human resources. This has brought various safety standards and the manufacturing of various hazardous control equipment. This tend to drive the market growth of hazardous area equipment during the forecast period. Moreover, with the increasing number of industries where such equipment plays a vital role is analysed to drive the growth of the hazardous area equipment market.

Rising government regulations for the manufacturing of various equipment used in hazardous area is propelling the Hazardous Area Equipment Market growth

Rising government regulations across the globe for the manufacturing of various hazardous area equipment is analysed to drive its market growth. Different regulations such as IECEx (International Electrotechnical Commission System) for hazardous area certification relating to equipment to be used in potentially explosive atmospheres. ATEX which is an European Directive which stipulates and certifies equipment intended for hazardous areas explosive atmospheres to be designed and manufactured to minimize the occurrence and limit the severity of accidental explosions. CSA, which is an expert source for Ex testing and Ex certification of explosion-proof equipment used in hazardous locations and potentially explosive atmospheres across North America. EAC EXTR CU which is a certificate of conformity for the Russian Customs Union for safety of equipment for use in explosive atmospheres is mandatory for any electrical equipment that is to be operated, or installed, in hazardous areas and potentially explosive atmospheres in these countries and INMETRO which is a certification body for Brazil to ensure electrical equipment meets requirements for use in hazardous and potentially explosive atmospheres. These governmental regulations has driven the manufacturing of several hazardous area equipment of wide range of materials with high temperature ranges tend to drive its market growth during the forecast period.

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Hazardous Area Equipment Market Challenges

Wireless hazardous area equipment is prone to ignition which is analysed to hamper the Hazardous Area Equipment Market growth

One of the most important factors restraining the market growth of Hazardous Area Equipment Market across the global is the ongoing adoption of wireless connectivity equipment due to ongoing adoption of automation solutions. However, this wireless connectivity hazardous area equipment is prone to ignition which may lead to huge damages across the industry. This tends to bring major challenges in its market growth across various industries. Moreover, factors such as the cost of implementation as well as the lack of awareness of the various regulations in safety standards across industries tend to restrain the hazardous area equipment market growth.

Hazardous Area Equipment Industry Outlook

Production Innovation, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the Hazardous Area Equipment Market. In 2020, the market of Hazardous Area Equipment industry outlook has been fragmented by several companies. Hazardous Area Equipment top 10 companies include

ABB Ltd.

E2S Warning Signals

Eaton Corporation PLC (Cooper Industries)

Emerson Electric Co.

Federal Signal Corporation

·Honeywell International, Inc.

NHP Electrical Engineering Products Pty Ltd.

Patlite Corporation

Rockwell Automation, Inc.

Siemens AG

Recent Developments

In January 2020, ABB Ltd. launched their new Smart Sensor for rotating machines operating in hazardous areas. It further extends the existing scope of applications for ABB Smart Sensors with a new generation design for powertrains in hazardous areas. Chemical and oil and gas customers can now benefit from cost-efficient condition monitoring in a wide variety of applications.

In February 2019, Honeywell International, Inc. launched their new Micro Switch series designed for use in household appliances and other hazardous locations where flammable gasses may be present. It is an explosion-proof-rated, snap-action, electromechanically sealed switch designed for applications such as commercial appliances, valves and actuators, commercial refrigeration, ice makers, and HVAC/R (furnace, refrigeration and ventilation).

Key Takeaways

The growing focus on increasing safety measures across various industries, especially process and cooling industries is analysed to significantly drive the Hazardous Area Equipment Market during the forecast period 2022-2027.

Cable glands and accessories robotics is analysed to hold highest share 21.47% in 2021 owing to the increasing importance in all the process-oriented industries for the equipment and environmental cabling purposes.

Oil & Gas industry is expected to hold the highest market share 28.11% in the forecast period owing to the maximum exposure to the hazardous areas which requires majority of the equipment.

Asia-Pacific is analysed to hold the highest share of 30% in 2021 owing to the availability of various end-use industries with huge adoption of hazardous area equipment.

Relevant Report Titles:

A. Explosion Proof Equipment Market

https://www.industryarc.com/Report/109/Explosion-Proof-Equipment-Systems-Market-Report.html

B. Mechanical Explosion Proof Equipment Market

https://www.industryarc.com/Report/155/Global-Mechanical-Non-Electrical-Explosion-Proof-Equipment-Report.html

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Hazardous Area Equipment Market to Grow at a CAGR of 20.53% During the Forecast 2022-2027