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The global Explosion Proof Equipment Market size is forecasted to reach US$10.1 billion by 2027, growing at a CAGR of 6.1% from 2022 to 2027. The high demand for explosion proof equipment in the mining and oil and gas industries, as a result of rising energy demands, is the primary factor driving market growth during the forecast period. In November 2021, the Abu Dhabi National Oil Company invested US$6 billion to increase crude oil production capacity to 5 million barrels per day by 2030. However, various safety regulations across different countries restrain manufacturers from offering uniform products. This hampers the market growth.
Moreover, an increasing number of accidents in the Oil
and Gas industry and other industry verticals with hazardous working
environments is significantly boosting the adoption of explosion-proof equipment
for providing a safer working environment. In June 2021, Siemens launched SRF2.0,
an intelligent fire detection system that ensures continued and safe operation
during a short circuit. Such developments boost the Explosion Proof
Equipment market size.
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APAC
generated approximately 29% of the global revenues in the Explosion Proof
Equipment industry in 2021. The region’s growth is attributed to regulations towards industrial
safety measures and investments to produce innovative and better explosion
proof equipment by the manufacturers. In
December 2021, The Indian government planned to invest US$2.86 billion in
upstream oil and gas production in order to double natural gas production which
would also boost the demand for Explosion Proof Equipment.
Explosion Proof Equipment Market Growth Driver:
The rising demand for Explosion Proof Equipment in the exploration of
new mines and oil and gas resources would boost the market growth. Since highly flammable substances are present in large quantities in oil
refineries, petrochemical plants, mining quarries and chemical factories,
explosion proof equipment is in high demand to continuously monitor activities
and ensure the safety and productivity of these places. In January 2020, according
to the International Energy Agency, increasing energy demands in Southeast Asia
are driving new oil and gas discoveries and attracting the investment required
to build the region's oil and gas industry. This factor would positively
influence the Explosion Proof Equipment Industry Outlook over the forecast
period.
The Major Players in the Market
Major players in the Explosion Proof Equipment Market include Siemens AG, ABB Ltd, Rockwell Automation Inc, Eaton Corporation plc, R. STAHL Inc, BARTEC Group and Honeywell International Inc. In November 2020, Eaton launched HPLN Ex LED explosion-proof lighting, designed to deliver dependable performance in harsh operating conditions in Zone 1 and 2 hazardous areas. The HPLN features a compact, high-efficacy design with custom optics to ensure maximum efficiency.
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