Explosion-proof Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The global explosion-proof equipment market was valued at USD 9.04 billion in 2020, and is expected to reach a value of USD 12.98 billion by 2026, at a CAGR of 6.09% over 2021-2026. Increasing demand for integrated systems, progress in the automation sector, growth in industrial sectors, and stringent government regulations in handling hazardous areas are projected to foster the market growth, globally.

• With the increasing consumption of energy, the need for fetching energy and fuel also increases. This stimulates the market for explosion-proof equipment, as they are widely used to prevent explosions during the generation of power from natural resources. With the world depending on coal to meet its energy requirements, new sites are being explored for coal reserves.
• Explosion-proof devices cater to highly capital- and machine-intensive markets, like aerospace, manufacturing, and defense. Thus, the cost of safety devices required in these industries is also high.
• Low-voltage explosion-proof motors are used extensively in the market, with many tier 2 and tier 3 manufacturers offering off-the-shelf single-phase and three-phase explosion proof AC and DC motors. Low-voltage motors are used in pumps, compressors, and blowers for application in the oil and gas industry. The growth of low-voltage motors is expected to increase, mainly because of expansion in both onshore (shale extraction) and offshore (FPSO and offshore production units) activities in the oil and gas industry.
• The recent COVID-19 outbreak and nationwide lockdowns have impacted the overall demand of Explosion-proof Equipment Market globally. This also affected demand of electronics in the year 2020b. However the demand is expected to return back to normal with a small kink in the demand in long run.

Scope of the Report

Explosion-proof equipment refers to products that limit any source of explosion within its housings. The Explosion- Proof Equipment market has been segmented on the basis of Method of protection (Explosion Proof, Explosion Prevention, Explosion Segregation), Hazardous Zone (Zone 0, Zone 20, Zone 1,Zone 21,Zone 2, Zone 22), End User (Pharmaceutical, Chemical and Petrochemical, Energy and Power), System (Power Supply System, Material Handling, Motor), and Geography.The key products available in the explosion-proof equipment market, and considered under the scope of the report, include lighting fixtures, switches and plugs, sensors, security cameras, signals and alarms, junction boxes, and cable glands.

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Key Market Trends

Mining Industry to Hold Significant Share

• Among the various industry verticals equipped with explosion proof equipment mining industry is expected to witness significant market share because there is high risk of fire or explosion hazards occurring due to presence of flammable gases, combustible liquid–produced vapors,flammable liquid–produced vapors combustible dusts, or ignitable fibers/ flying particles present in the air in quantities sufficient to produce explosive mixtures which may ignite on exposure to extreme conditions of temperature and pressure.
• A majority of the explosions in underground mines and processing facilities are caused by the accumulation of flammable and toxic gases and combustible dust.
• While countries have made much effort in preventing explosion disasters, mining remains the most hazardous occupation, as the number of people exposed to risk in a mining environment is the maximum, and it also produces multiple fatalities.
• Recently stringent government regulations across the mining industries in various countries are being followed keeping in mind the high fatality rate, such as the Mines Regulations, 2014 by the United Kingdom, state specific health and safety legislation for workers, as well as regarding electrical safety in mines.

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