Explosion protection equipment is used in a wide range of industry verticals to protect devices and products from various hazardous environments. "Explosion proof" products are capable of containing an explosion. The term "explosion proof" does not indicate that the product is capable of withstanding an internal explosion without allowing flames or hot gases to escape to trigger an explosion in the surrounding atmosphere.
Argentina holds 774 trillion cubic feet of recoverable shale gas reserves. It is the third largest in the world. Along with this, the recent discovery of oil reserves and shale gas in Brazil has opened up new avenues for explosion-proof equipment market. The surge in the construction industry is also expected to drive the market ahead with governments being increasingly aware of the advantages of such equipment and are putting regulations in place to ensure their use.
The term "explosion proof" is assigned to those products, which are certified by national rating agencies such as Factory Mutual or Underwriters Laboratories after meeting their specifications and passing their tests. Unless certified by one of these agencies, the product does not meet the "explosion proof" requirements of the National Electrical Code.
In the wake of increasing industrial accidents and explosions in mines, regulatory bodies like OSHA are initiating the implementation of stricter regulations to ensure worker safety and also prevent damage to the atmosphere. Oil and shale reserves are generally found in ecologically sensitive areas like the Arctic circle. Discovery of new oil reserves in countries like Brazil, Italy and Greenland are expected to drive the market for explosion-proof equipment. Preservation of the environment is a high priority concern and the governments are cognizant of the issue. This has resulted in the implementation of government regulations particularly in the oil and gas exploration industry.
Although the major markets for explosion-proof equipment are mining & oil & gas industries, they have also found applications in fields like aerospace, construction and other industries. Asia-Pacific and Latin America are expected to be high-growth regions with increasing industrialization and exploration of natural resources. The report also analyses strategies and new products developed by major players in the market like Intertek Group, Plc Siemens AG, Thomas & Betts Corporation (ABB Ltd) and others.
DRIVERS
- Stricter regulations for handling hazardous areas and substances
- Growing energy requirements are driving the demand for exploration of new mines and oil and gas resources
- Opportunities in different industry sectors
RESTRAINTS
- Safety regulations vary across different geographies
- Slow economic activity directly affects the market
Key Deliverables in the Study
- Market analysis for the Latin America explosion-proof equipment market, with region-specific assessments and competition analysis on a global and regional scale.
- Market definition along with the identification of key drivers and restraints.
- Identification of factors instrumental in changing the market scenario, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale.
- Extensively researched competitive landscape section with profiles of major companies along with their market share.
- Identification and analysis of the macro and micro factors that affect the Latin America explosion-proof equipment market on both global and regional scale.
- A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
- A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market.
- Insights into the major countries/regions where this industry is growing and also identify the regions that are still untapped.
