LA Explosion-Proof Equipment Market Size

Latin America Explosion Proof Equipment Market Analysis

The Latin America Explosionproof Equipment market was valued at USD 1.02 Billion in 2020, and it is expected to reach USD 1.52 Billion by 2026, registering a CAGR of 6.83%, during the period of 2021-2026.

• Explosion-proof equipment is 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.
• Explosion-proof 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 several most preferred types of equipment across the industries.
• There has been a rise in the number of explosions in the extreme environment of manufacturing industries, across various regions, because of the growing presence of chemicals, toxic paints, and other combustible dust.
• The mining industry has resulted in fatal injuries that have caused damage to life and property and death in some cases. Although the incidents have reduced over the years in the mining sector, owing to the increased use of hazardous location safety equipment, a significant number of fires and explosions are being witnessed, specifically in the manufacturing sector.
• Growing energy requirements is a key factor driving the demand for the exploration of new mines and oil and gas resources, which, in turn, demands safe equipment.