Market Size of Asia-Pacific Explosion Proof Equipment Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 2.76 Billion |
| Market Size (2029) | USD 4.25 Billion |
| CAGR (2024 - 2029) | 9.06 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
APAC Explosion Proof Equipment Market Analysis
The Asia-Pacific Explosion Proof Equipment Market size is estimated at USD 2.76 billion in 2024, and is expected to reach USD 4.25 billion by 2029, growing at a CAGR of 9.06% during the forecast period (2024-2029).
- Explosion-proof equipment is electrical and non-electrical fixtures that can prevent and withstand explosions. An explosion-proof piece of equipment has an apparatus enclosed in a case, capable of withstanding an explosion of a specific gas or vapor that may occur within it.
- Explosion-proof equipment finds its applications in diverse industries, such as aerospace and aircraft maintenance sites, construction sites, HVAC systems, manufacturing and machine processing units, mining fields, and oil and gas extraction fields. Lighting, surveillance, and signaling systems are some of the several most preferred types of equipment across the industries.
- The rise of industrialization in Asian countries, especially in India and China, is expected to drive the market for explosion-proof equipment. Also, the mining industry is growing in India with a pro-industry new government. Also, oil-rich regions like the South China Sea and the Arabian Sea are providing a tempting market for explosion-proof equipment as the guidelines get stricter.
- With the outbreak of COVID-19, the oil and gas and petrochemical industries have been severely affected due to a drastic decrease in product demand, falling prices, and storage shortages. In the Asia-Pacific region, a significant decline in oil and gas demand was reported during the lockdown periods imposed by various governments in the region.
- Owing to this, the explosion-proof equipment market has had mixed impacts owing to the change in demand from various end-user industries. For example, the oil and gas industry is influenced significantly, with consumption rates falling. Even though the industry is part of the government deemed essential activities by governments across the world, the shortage of employees combined with low demand rates is influencing production facilities.
