Hazardous Area Equipment Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Hazardous Area Equipment Market Analysis

The hazardous area equipment market was valued at USD 10.39 billion the previous year and is expected to register a CAGR of 6.62%, reaching USD 15.17 billion over the forecast period.

Equipment for hazardous areas is specifically designed for use in environments that are highly explosive due to the presence of combustible air-flammable gases or particulate combinations. There are multiple schemes that outline the standards for the safe design, functioning, and management of such equipment. The terminology used to describe hazards and protective measures can also vary. It is important to note that the presence of such an atmosphere is common or at least possible in numerous industrial, commercial, and scientific settings. Ensuring fire and explosion protection is crucial for the safety of employees and the reliability of operations.

• The demand for hazardous area equipment is being driven by the implementation of safety regulations by various governments and the need to prevent accidents and explosions in hazardous environments. The market growth is also being propelled by technological advancements in equipment design and the growing emphasis on energy efficiency.
• Although the hazardous area equipment industry has experienced growth, there are several factors that impede its further development. The significant expenses associated with the equipment and the necessity for qualified professionals to operate them are the primary obstacles affecting market expansion. The absence of uniform standards and certification for hazardous area equipment, along with the limited accessibility of these products in remote areas, pose substantial challenges to the market's growth.
• There is also a growing demand for flame- and explosion-proof hazardous area equipment, such as industrial controllers, cable glands, motors, sensors, strobe beacons, lighting, and other related items, due to the heightened emphasis on safety measures in sectors like process and cooling industries. Also, the increasing focus on enhancing safety measures in various industries, specifically in process and cooling sectors, is leading to a rise in demand for hazardous area equipment and is expected to experience substantial growth in the forecast period.
• The equipment used in the hazardous area is securely enclosed to prevent any potential hazards. These equipment are typically made of sturdy materials such as die-cast steel and sometimes plastic. The enclosure effectively prevents explosions in case of faulty equipment generating heat or sparks. Additionally, different countries have their own methods of ensuring the safety of equipment used in hazardous areas. While these equipment offers benefits, their deployment can be quite costly, and they can become quite heavy. As a result, the high initial cost of implementing hazardous area equipment is hindering market growth.
• Several macroeconomic factors, primarily the COVID-19 outbreak and the lockdown restriction imposed worldwide, affected global capital investments and industrial activities. Additionally, the uncertainty surrounding Russia's conflict with Ukraine and its impact on global stability suggests that the issue of inflation has not been resolved. The persistence of food and fuel inflation poses an ongoing economic challenge. Additionally, increased retail inflation is likely to affect consumer confidence and spending. However, it has been observed that the increase in industries that rely on hazardous area equipment is driving the growth of the hazardous area equipment industry. Factors such as the growing importance of emerging economies are leading to the establishment of numerous businesses that heavily depend on hazardous area equipment, thus contributing to the expansion of the global hazardous area equipment industry.

Hazardous Area Equipment Market Trends

Oil and Gas End-user Industry Segment is Expected to Hold Significant Market Share

Hazardous Area Equipment Industry Segmentation

Hazardous area and explosion-proof equipment are 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.

Hazardous area 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 preferred types of equipment across industries.

The study tracks the revenue accrued from the sale of hazardous location equipment in the global market. Equipment for hazardous areas is specifically designed for use in highly explosive environments due to combustible air-flammable gases or particulate combinations. Multiple schemes outline the standards for such equipment's safe design, functioning, and management. The terminology used to describe hazards and protective measures can also vary. It is important to note that the presence of such an atmosphere is common or at least possible in numerous industrial, commercial, and scientific settings. Ensuring fire and explosion protection is crucial for employees' safety and operations' reliability.

The hazardous area equipment market is segmented by Equipment (Power Supply Systems, Electric Motors, Surveillance Systems, Cable Glands and Connectors, Automation and Control Products, Enclosures, Lighting Products, Push Buttons and Signaling Devices), by End-user Industry (Oil and Gas, Energy and Power Generation, Chemical, Food and Beverage, Pharmaceuticals), by Geography (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa). The market sizes and forecasts are provided in terms of value in USD for all the above segments.