Explosion-proof Equipment Market Size

Explosion Proof Equipment Market Analysis

The Explosion-proof equipment market is expected to grow by registering a CAGR of 6.5% during the forecast period. The global market growth is anticipated to be aided by rising demand for integrated systems, advancements in the automation industry, expansion of industrial sectors, and strict government rules governing hazardous handling regions.

• Explosion-proof equipment is electrical and non-electrical fixtures that can prevent and withstand explosions. An explosion-proof equipment has an apparatus enclosed in a case, capable of withstanding an explosion of a specific gas or vapor that may occur within it.
• The need for fuel and energy delivery likewise rises as energy usage does. Due to their widespread use in preventing explosions when producing electricity from natural resources, this promotes the market for explosion-proof equipment. New locations are being looked into for coal reserves because the world depends on coal to meet its energy needs.
• Explosion-proof equipment is available in diverse industries, such as aerospace and aircraft maintenance sites, construction sites, HVAC systems, manufacturing and machine processing units, mining, and oil and gas extraction. Lighting, surveillance, and signaling techniques are some of the industry's most preferred types of equipment.
• As a result of an increase in workplace mishaps and mine explosions, regulatory agencies like OSHA are putting more stringent rules into place to protect workers and preserve the environment. Because protecting the environment is a top responsibility, governments are aware that oil and shale reserves are typically situated in environmentally sensitive places. Government rules have been put into place as a result, especially in the oil and gas exploration sector, which is a driving force behind the market.
• 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.
• Moreover, Numerous tier 2 and tier 3 manufacturers produce off-the-shelf single-phase and three-phase explosion-proof AC and DC motors, and low-voltage explosion-proof motors are widely used in the market. Pumps, compressors, and blowers are applications of low-voltage motors in the oil and gas sector. The oil and gas industry's expansion of onshore (shale extraction) and offshore (FPSO and offshore production units) activities is predicted to impact low-voltage motors' growth significantly.
• The lack of standardization in laws makes it difficult for producers and end users to design, test, and install explosion-proof items. The higher installation costs are anticipated to restrain the market's expansion.
• With the outbreak of COVID-19, 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 region's lockdown periods imposed by various regional governments. Owing to this, the explosion-proof equipment market has had mixed impacts due to the change in demand from various end-user industries.