Increasing Need To Meet Energy Requirements Drives The Demand For Exploration Of New Mines And Oil And Gas Resources Will Positively Impact The Explosion Proof Equipment Market

Explosion Proof Equipment Market Size is forecasted to reach $13314.71 million by 2027, growing at a CAGR of 6.18% during the forecast period from 2022-2027. The high demand for explosion proof equipment in mining and oil & gas industries, owing to the growing energy requirements is the major driver contributing to the growth of the market during the forecast period 2022-2027. The Explosion protection equipment are also deployed in various industry verticals, such as Construction, Energy and Power, Chemicals and more to prevent ignition from dangerous substances that could further lead to sudden explosion Therefore, explosion proof products are massively used to withstand an eruption in the hazardous industrial sectors that accelerate the growth of the Explosion Proof Equipment Market. In addition to this, the stringent government regulations and prominence of the national standards such as Atmospheres Explosives and IECEx for certifying equipment and evaluate a product design for initiating explosion proof equipment as per the zone system Zone 0 Zone 1 Zone 2 Zone 20 Zone 21 and Zone 22 hazardous areas are projected to foster the market growth globally. Moreover, increasing investments towards the expansion of oil and gas production is creating opportunities for the growth of the Explosion Proof Equipment market. In November 2021, The Abu Dhabi National Oil Company (ADNOC) announced to invest almost $6 billion (AED22 billion) to allow drilling growth as it boost crude oil production capacity to 5 million barrels per day by 2030 and drives gas self-sufficiency for the United Arab Emirates (UAE). These factors pave the way for the use of explosion proof equipment in industry. Hence all these factors assist the market growth during the forecast period 2022-2027.

With the advancement in aerospace & defence industry, the explosion proof equipment is widely employed in the MROs. As MROs are working with aircraft that often contain fuel and need maintenance of electrical parts, that is dangerous combination and result in explosion if the equipment is not up to the safety standards. Furthermore, lighting systems are required for hangar lighting and aircraft maintenance, and repair operations. These lightings are explosion proof and are especially approved for Class 1. In the aerospace industry, moving and assembling of various appliances are proved to be extremely threatening and in some cases, leakage of unsafe and dangerous materials while moving some appliances can cause potential hazards. So, aerial lifts and material handling equipment such as cranes and others are used for protection purposes. In hazardous environments where explosive dusts and gases are present, EX lifts prevent loss of property and life Therefore there is significant usage of the explosion proof equipment in aerospace industry is analyzed to impact the growth of the market. Moreover, the rising urban middle class and airplane travel will drive the significant growth of the aerospace industry. As stated by the International Air Transport Association (in 2019 there were 3 8 billion air travelers, and it predicts that the number will grow to 7 2 billion passengers by 2035. Thus, the growth of the aerospace industry will automatically drive of the demand for explosion proof equipment market.

APAC Explosion Proof Equipment Market is expected to be the fastest growing region and will grow at CAGR of 7.50% during the forecast period 2022-2027. The increasing adoption of explosion proof equipment’s in Manufacturing, Aerospace & Defense, Petrochemical and oil & gas industries is analyzed to expand Explosion Proof Equipment Market in this region. China is the top contributor in the growth of the Explosion Proof Equipment Market. According to World Bank data, China’s manufacturing sector contributes approximately 26.17% of the national GDP in 2020, which an impeccable in comparison to other sectors, thus increasing the chances of adoption of explosion proof equipment in manufacturing sector. Apart from China, India, South Korea and Japan are the top contributors in the growth of the Explosion Proof Equipment Market in this region. Oil and gas sector in India is considered as a major industry vertical incorporating explosion proof equipment to prevent release of vapour lighting sparks. Production facilities related to oil gas processing as well as refining utilizes a wide range of hazardous and volatile compounds or chemical and this industry are prone to high risks, due to the presence of highly inflammable substances in large quantities They need to be continuously monitored to ensure safety and productivity. Explosion proof communication devices may be used to transmit images, data, and voice to monitor and control such places Hence, these factors emphasize strongly to boost the market growth.

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Explosion Proof Equipment Market Growth Drivers:

Increasing need to meet energy requirements drives the demand for exploration of new mines and oil and gas resources will positively impact the market growth

Increasing demand for Explosion Proof Equipment in the exploration of new mines and Oil and Gas resources will positively impact the market growth. Oil refineries, petrochemical plants, mining quarries, chemical factories, and corn mills are prone to high risks, due to the presence of highly inflammable substances in large quantities, thus explosion proof equipment’s are in high demand to continuously monitor activities and ensure safety and productivity of these places. Additionally, the growing energy requirements will also positively influence the growth of the market during the forecast period. For Instance, in January 2020, according to International Energy Agency, increasing energy demands in Southeast Asia is driving new oil and gas discoveries and is attracting the investment needed to build the region’s oil and gas industry. These rising demand in Southeast Asia is promoting oil and gas companies to look to the region’s own resources to meet the demand the energy requirements. Such explorations will increase the opportunity for the growth of the market. These factors play significant role to develop higher demands for explosion proof equipment’s in these industries resulting into the market growth.

The Major Players in this Market Include

Major players in Explosion Proof Equipment Market include Siemens AG, ABB Ltd, Rockwell Automation Inc, Eaton Corporation plc, R. STAHL Inc, BARTEC Group Honeywell International Inc among others. In June 2020, R. STAHL launched explosion protected installed wireless technology for Wi Fi networking in Zone 1 and 2 across process industry. In order to offer conventional wireless devices for the operation across hazardous areas, R. STAHL provides tested and certified solutions for a range of wireless technologies for the hazardous industries.

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