Market Trends of Explosion-proof Equipment Industry
This section covers the major market trends shaping the Explosion-proof Equipment Market according to our research experts:
Mining Industry to Hold Significant Share
- The buildup of toxic and flammable gases and combustible dust is a major cause of explosions in underground mines and processing plants. The greatest number of hazardous zones are found in mining sites, which also puts workers at risk for various health and safety issues. This encourages the mining industry to use or construct explosion-proof equipment widely.
- Since there is a high risk of fire or explosion hazards occurring due to the presence of flammable gases, combustible liquid-produced vapors, combustible dust, or ignitable fibers/flying particles present in the air in quantities sufficient to produce explosive mixtures which may ignite on exposure too, the mining industry is expected to witness significant market share in the future too by installing explosion-proof equipment to tackle the challenges facing in the mining industry.
- Although nations have made great efforts to prevent explosion catastrophes, mining is still the most dangerous profession. In a mining scenario, the maximum number of individuals are at risk, which results in several fatalities. As a result, many businesses now provide equipment to find leaks and stop calamities.
- The regulatory frameworks and standards are periodically revised to remain relevant in a highly dynamic environment and to take into account changes in the composition of hazardous substances. Due to the discovery of significant deposits in developing nations, the mining industry has experienced considerable expansion and is heavily implementing these restrictions.
- There is an increasing demand for enclosures in flameproof equipment, which accounts for a significant share of the market due to an increase in global mining activity and burgeoning automation across all major industry verticals. This is further augmenting the growth of the market.
- Moreover, industrial companies and mining refineries have spent time and money on safety devices to safeguard their staff and production facilities from explosions. IECEx and OSHA have been instrumental in establishing operational guidelines and safety standards.
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Asia-Pacific to Witness Significant Market Share
- The market for explosion-proof equipment is anticipated to be driven by the industrialization of Asian nations, particularly India and China. Additionally, India's mining sector is expanding due to a new government that is pro-industry. Additionally, as the regulations become harsher, oil-rich places like the South China Sea and the Arabian Sea offer a seductive market for explosion-proof technology.
- The manufacture, processing, transportation, and storage of combustible materials are all tasks performed by the chemical and petrochemical industries in the APAC region. This results in the production or release of gases, vapors, or mist into the environment, which has the potential to ignite an explosive atmosphere, seriously injured workers, and harm equipment. Furthermore, the chemical sector is particularly vulnerable to explosions because solids are commonly met in fine forms, like dust. The need for explosion-proof equipment is also anticipated to increase due to the rapid growth of manufacturing facilities by various businesses in foreign nations.
- Moreover, China is one of the leading producers and exporters of manufacturing equipment and machine tools worldwide. The surge in manufacturing activities over the last decade has increased the production of equipment and tools. Therefore, this growth is impacting the rate of adoption of explosion-proof equipment.
- In addition, the rise in demand for processed food products is the key factor fueling the expansion of the Indian processing equipment market. Consumers are gravitating toward food categories with higher levels of value. Technology-advanced equipment is needed to meet the rising demand for processing necessities. During the projection period, these factors are anticipated to accelerate the adoption of explosion-proof equipment.
- The APAC region's expanding economies are expected to benefit from rising demand for integrated systems, advancements in the automation industry, expansion of industrial sectors, and strict government rules governing hazardous handling regions. Various organizations have established specific equipment requirements to guarantee the security of the workers and infrastructure. By establishing workplace requirements, the Occupational Safety and Health Administration (OSHA) has been actively working to provide safe and beneficial working conditions for employees.
- Energy and fuel extraction are becoming more necessary as energy use rises. As they are frequently employed to avoid explosions during power generation from natural resources, this increases the market for explosion-proof equipment. More coal deposits are being explored in countries like India, which depends heavily on coal for its energy needs. As a result, demand for explosion-proof equipment is rising.
- The oil and gas industry is likely to grow, notably in the APAC area, contributing to the adoption of explosion-proof equipment in Zone 0. Additionally, the growing adoption of automation tools for continuous monitoring of the subsurface gas storage and pipelines and growing safety concerns surrounding accidents like natural gas leaks are also anticipated to boost demand for the studied industry.
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