(MENAFNEditorial) Market Research Future published a research report on 'Hazardous Area Equipment Market Research Report- Global Forecast 2023' – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Market Scenario:
The Hazardous Area Equipment was valued at USD 6.24 billion in 2016 but it is gaining growth year over year as the work environments are become more challenging. This rapid development in the manufacturing sector is driving the Hazardous Area Equipment Market. The wide usage of cable glands for almost all processes and equipment in the hazardous areas is resulting in the growing demand of these equipment.
The study indicates that 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 so on. However, the key factor which is limiting the growth of the hazardous area equipment is that the wireless hazardous area equipment acts as a source of ignition in hazardous areas.
The Hazardous Area Equipment Market for the oil & gas industry held the largest market size in 2016 and is expected to grow at the highest CAGR. This market is fueled by the growing application of various hazardous area equipment such as motors, industrial controls, strobe beacons, lighting products
The global Hazardous Area Equipment market is expected to grow at USD$ ~8.48 Billion by 2023, at ~7.2% of CAGR between 2017 and 2023.
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Industry News:
March 14, 2018 Larson Electronics LLC has released a powerful explosion proof strobe light. This company is global provider of industrial lighting. With this light, the company is providing solution of notifying and warning in hazardous locations.
March 19, 2018 Weststar Associates Limited, an Authorized General Distributor of Mercedes-Benz in the Federal Republic of Nigeria, has launched Atego 1725 fire fighting truck which deals with fire fighting operations along with proven technology to fight with large flammable liquid and gas fires.
09 FEBRUARY 2018 JT Limited has launched their new CompEx module. This product offers standards and safety requirements of working in Hazardous areas to employees.
23 May 2017- Intertek has launched nanotechnology-based antistatic surface coating that can be helpful in providing protection against damage from UV radiation, field-based control and instrumentation equipment in the oil and gas industries especially in hazardous area.
Key Players
The prominent players in the Hazardous Area Equipment system Market are Siemens AG (Germany), NHP Electric Engineering Products (Australia), Honeywell International Inc. (US), PATLITE Corporation (US), Eaton Corporation Plc (US), Rockwell Automation (US), E2S Warning Signals (US), ABB Ltd. (Switzerland), R.STAHL AG (Germany) and Emerson Electric Co. (US) among others.
Hazardous Area Equipment Global Market - Regional Analysis
North America is dominating the global hazardous area equipment market with the largest market share due to rapid development in the manufacturing sector is gaining demand in hazardous area equipment market in these region, and is expected to gain growth by 2023. Global hazardous area equipment market in European market is expected to grow at a substantial high CAGR during 2016 to 2023 due to various kind of equipment which are used in hazardous areas that can cause threat or explosion. The Asia Pacific market for hazardous area equipment market is expected to grow at a considerable CAGR (2016-2023).
Segments:
The global Hazardous Area Equipment system market has been segmented on the basis of Product, Connectivity Service, end -users and region.
Hazardous Area Equipment System Market by Product:
- Lighting Products
- Sensors
- Fire Alarms/Call Points
- Cable Glands and Accessories
- Process Instruments
- Industrial Controls
- Motors
- Strobe Beacons
- Visual and Audible Combination Units
- Others
Hazardous Area Equipment System Market by Connectivity Service:
Hazardous Area Equipment System Market by End-User:
- Automotive and aerospace
- Pulp & Paper
- Steel & Metal
- Oil & Gas
- Chemical & Pharmaceutical
- Food & Beverages
- Energy & Power
- Mining
- Others
Hazardous Area Equipment System Market by Regions:
- North America
- Europe
- APAC
- Rest of the World
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Intended Audience
- Raw material providers
- Original equipment manufacturers
- Semiconductor component suppliers
- Hazardous area equipment distributors
- Software solution providers
- Connectivity Service providers for hazardous equipment
- Research institutes and organizations
- Technology standards organizations
- Technology investors
- Research institutes,
- System Integrators
- Research/Consultancy firms
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