(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Oct. 03, 2024 (GLOBE NEWSWIRE) -- The "Hazardous Area Equipment - A Global market Overview" report has been added to ResearchAndMarkets.com's offering.
Worldwide, the market for Hazardous Area Equipment is anticipated to register a CAGR of 6.2% between 2024 and 2030 in standing at a projected US$16.9 billion by 2030 from an estimated US$11.8 billion in 2024.
The worldwide demand for Hazardous Area Equipment is expected to maintain a robust growth over the analysis period owing to several reasons. These include implementation of stringent government regulatory safety measures in hazardous industrial environments to enable smooth functioning of operations & occupational safety of employees, adopting connected lighting solutions from traditional lighting systems for conserving energy and cost-effectiveness, technological advancements in manufacturing these devices for enhanced safety & efficiency and increasing number of industries with hazardous environment needing preventive equipment.
Asia-Pacific is estimated to be the largest, as also the fastest growing, region in the global market for Hazardous Area Equipment during the analysis period. This equipment is widely used in a variety of end-use sectors in the region. China and India are among the leading countries in Asia-Pacific for this Hazardous Area Equipment, owing to huge investments in petrochemicals and oil & gas ventures. For instance, Reliance Industries' Jamnagar, Gujarat-based facility is the world's largest oil & gas refinery, where this equipment has been widely used. Furthermore, the Asia-Pacific region has made more investments in the manufacturing sector relative to other regions, according to World Bank reports. The region's fast industrialization has led to an increase in demand for Hazardous Area Equipment across a number of other industries, including mining and pharmaceuticals. Stringent guidelines have been put in place by governments throughout the region to guarantee workers' safety and preserve the environment.
Hazardous Area Equipment Market Analysis by Product Type
On the basis of product type, the global Hazardous Area Equipment market is segmented into Cable Glands & Accessories, Electric Motors, Industrial Controls, Process Instruments, Strobe Beacons and Others (Inc. Alarm Systems, Control Panel Products, Explosion-Proof Enclosures, Gas Detectors, Lighting Products and Measurement Devices). Within these, Cable Glands & Accessories are estimated to be the largest revenue shareholder in the global market for Hazardous Area Equipment. Major factors for this include extensive usage of flame-proof cable glands in various industries for preserving explosion protection and ingress features, in addition to securing cables fastened to enclosures.
Additionally, these are employed in outdoor settings or hazardous environments to prevent equipment from electrical sparks and external pollutants, such as rain, grime and dust. Cable Glands & Accessories are also capable of preventing wires from twisting, tearing and pulling for ensuring better connectivity and reliability. Due to mechanical retention, strain relief and ground continuity, this product has a growing presence in all process-oriented industries and for eco-friendly cabling applications.
Hazardous Area Equipment Market Analysis by End-Use Sector
The Oil & Gas industry has established a leading position in the global market for Hazardous Area Equipment as regards end-use sector. Such equipment is mandatory in this sector for preventing exposure to personnel from dangers of fire or explosion arising from the presence of flammable gases, combustible liquid-produced vapors, combustible dusts or airborne ignitable fibers/flying particles present in quantities sufficient enough to produce explosive mixtures that may ignite when exposed to extreme pressure and temperature conditions. Hazardous Area Equipment is used in a variety of industrial settings to maintain worker safety and as a vital component of emergency management systems.
Many innovations are being introduced to the market for assisting customers with daily maintenance, upkeep, optimization and improvement of their equipment. Further driving the need for more oil and gas exploration procedures is the growing demand for crude oil and finished oils, such as heating oil and diesel fuel in the automotive, energy, machinery manufacturing, power, chemicals and metallurgy sectors.
Hazardous Area Equipment Market Report Scope
This global report on Hazardous Area Equipment analyzes the market based on product type and end-use sector, in addition to providing profiles of major companies operating in this space, the latest corporate and industrial developments have been covered to offer a clear panorama of how and where the market is progressing.
Key Metrics
Historical Period: 2021-2023 Base Year: 2023 Forecast Period: 2024-2030 Units: Value market in US$ Companies Mentioned: 20+
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 233 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $11.8 Billion |
| Forecasted Market Value (USD) by 2030 | $16.9 Billion |
| Compound Annual Growth Rate | 6.2% |
| Regions Covered | Global |
Key Topics Covered:
GLOBAL MARKET PERSPECTIVE
Product Outline Hazardous Area Equipment Defined Hazardous Area Equipment Types Cable Glands & Accessories Electric Motors Industrial Controls Process Instruments Strobe Beacons Others (Inc. Alarm Systems, Control Panel Products, Explosion-Proof Enclosures, Gas Detectors, Lighting Products and Measurement Devices) Hazardous Area Equipment End-Use Sectors Chemical & Pharmaceutical Energy & Power Food & Beverage Mining Oil & Gas Others (Inc. Pulp & Paper, Water & Wastewater Treatment and Transportation)
KEY PLAYERS
ABB Ltd Adalet, Inc. (Scott Fetzer Co) Bartec Yop Holding GmbH Ching Mars Corp Cortem SpA E2S Warning Signals Eaton Corp PLC Emerson Electric Co Extronics Ltd Federal Signal Corp G.M. International Srl Hawke International Honeywell International, Inc. LGM Products Ltd Marechal Electric Group NHP Electrical Engineering Products Pty Ltd Patlite Corp Pepperl+Fuchs GmbH Potter Electric Signal Co R. Stahl AG Raytec Rockwell Automation, Inc. Schneider Electric SE Siemens AG Throne & Derrick International Tomar Electronics, Inc. Werma Signaltechnik GmbH + Co KG
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Hazardous Area Equipment Market
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