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Explosion-proof Cable Glands market Growth
Explosion-Proof Cable Glands Market Projected to Hit $269.4 Million By 2024
Rising refinery numbers, stringent safety regulations, and demand for armored flameproof cable glands drive the explosion-proof cable gland market, with significant growth in Asia-Pacific and the U.S.” - Allied Market ResearchWILMINGTON, DE, UNITED STATES, November 25, 2024 /EINPresswire / -- Allied Market Research, titled, "Explosion-Proof Cable Glands Market By Type, Cable Type, Material, and End User: Global Opportunity Analysis and
industry Forecast, 2018-2024", the global explosion-proof cable glands market was valued at $174.9 million in 2017, and is projected to reach $269.4 million by 2024, registering a CAGR of 6.4% from 2018 to 2024.
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An explosion-proof cable gland, also known as a sealing gland or strain relief, facilitates barrier penetration and offers sealing protection. It can be used with probes, wires, power, and signaling cables.
The government is playing an important role in driving the now $174.9 Bn explosion-proof cable glands market. Stringent government regulations across the globe have made it mandatory for industries with hazardous environments to use safety equipment. For instance, in April 2016, the Bureau of Safety and Environmental Enforcement, U.S. announced new safety rules to secure the safety requirements on underwater drilling equipment and well-controlled operations. The new safety rules, in particular, will tighten controls on industry-standard devices to prevent explosions in undersea oil & gas wells.
In 2017, the flameproof segment dominated the explosion-proof cable gland market, in terms of revenue, due to an increase in several refineries.
Based on region, Asia Pacific was the highest revenue contributor to the market in 2017, accounting for around 33.0% share, due to an increase in the installation of data centers.
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Key Findings of the Market:
- The flameproof segment generated the highest revenue, accounting for $73.1 million in 2017.
- Unarmored cable type accounted for the highest CAGR of 7.5% from 2018 to 2024.
- Asia-Pacific is expected to dominate the market, in terms of market share, during the forecast period.
The report features a competitive scenario of the explosion-proof cable glands market growth and provides a comprehensive analysis of the key growth strategies adopted by the major players. The key players in the global market are CMP Products Limited, Bartec Feam, Elsewedy Electric, Weidmller Interface GmbH & Co., Jacob GmbH, Hummel AG, and Eaton Corporation plc. (Cooper Crouse-Hinds, LLC), Emerson Electric Co. (APPLETON GRP LLC), Amphenol Industrial Products Group, and Cortem Group. These players have adopted various competitive strategies such as innovation, new product development, and market expansion to boost the growth of the market.
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About Us:
Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.
David Correa
Allied Market Research
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