The explosion-proof equipment market size is expected to reach US$ 13.69 billion by 2031 from US$ 8.40 billion in 2023. The market is estimated to record a CAGR of 6.3% from 2023 to 2031. Integration of IoT is likely to remain a key market trend.
The explosion-proof equipment market is experiencing substantial growth. This growth is attributed to the growth in the oil & gas industry. Explosion-proof equipment plays a crucial role in the oil and gas industry. Manufacturers produce and rigorously test explosion-proof assets to combat the high probability of ignition. Moreover, factors such as the increasing use of explosion-proof LED lights and growing industrial safety measures are driving the market. Additionally, the construction sector has been witnessing a decent growth rate in the recent time. Governments of various countries are taking initiatives to support the construction industry, increasing the demand for explosion-proof equipment. The rise in product launches and strategic initiatives is anticipated to drive the market. New products often incorporate the latest technology, improving safety and efficiency. This can attract new customers and encourage existing ones to upgrade their equipment. Also, the integration of IoT is expected to fuel the market growth. Construction, manufacturing, and mining industries tend to have the highest incident/accident rates. There are various risks associated with working in hazardous areas. To cater to this problem, the adoption of explosion-proof equipment is increasing worldwide, further fueling the market growth.
Explosion-proof equipment include products, devices, and solutions installed to inhibit sparks that can lead to an explosion. Installing these products in hazardous locations ensures better productivity and increased safety. Incorporating automation and monitoring systems ensures efficient tracking and detection, along with monitoring the functioning of the equipment. These systems help detect leaks of hazardous gases, accidental explosions, or any other complications during production. This provides added safety to the personnel, machinery, and surroundings. The designing and examination of explosion-proof equipment are controlled as per the NEC and ATEX/IEC standards, which create the production of equipment based on the zone/class/group/division.
During the initial stages of LED lights, the LED solutions were expensive. Over the years, manufacturers have developed innovative and cost-effective technologies in order to lower the price of LED solutions. Increasing awareness of energy efficiency among end users and growing government regulations restricting certain energy sources are resulting in additional demand for energy-efficient products. Further, the market is going through a transition from traditional lighting technology systems to connected lighting systems based on user requirements. The shift in the market toward innovative technologies is supporting the LED market growth.
Companies in the market are engaged in launching explosion-proof LEDs. For instance, in January 2023, ARCHON Industries Inc. revealed its new explosion-proof light: EX20-100. The company indicated that the EX20-100 luminaire is designed to continuously illuminate process vessels, tanks, distillation columns, and other industrial items in hazardous and nonhazardous areas. Built with a high-power CREE COB LED and a proven LED driver for ultimate reliability, EX20-100 provides high-grade optics for exceptional performance.
As easy availability and energy efficiency are the key benefits of explosion-proof LED lighting, its demand is increasing in the market. These lighting systems have simpler maintenance requirements than fluorescent and other conventional lighting solutions. The increase in awareness of energy efficiency among end users and stringent regulations imposed by governments to favor certain energy sources propel the demand for energy-efficient products. The demand for lighting systems is rapidly evolving from traditional lighting technology to connected lighting systems with the surging popularity of handheld lighting. Thus, the increasing use of explosion-proof LED lights is driving the explosion-proof equipment market growth globally.
The rise in the number of product launches and strategic initiatives can provide several opportunities for the explosion-proof equipment market. New products often incorporate the latest technology, improving safety and efficiency. This can attract new customers and encourage existing ones to upgrade their equipment. Additionally, new strategic initiatives will help the company expand its product portfolio and geographical footprint.
Various companies in the market are engaged in launching new products and strategic initiatives.
Thus, the rise in product launches and strategic initiatives is anticipated to fuel the explosion-proof equipment market growth in the coming years.
Key segments that contributed to the derivation of the explosion-proof equipment market analysis are systems, protection method, and industry.
The regional trends and factors influencing the Explosion-Proof Equipment Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Explosion-Proof Equipment Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 8.40 Billion |
| Market Size by 2031 | US$ 13.69 Billion |
| Global CAGR (2023 - 2031) | 6.3% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Systems
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Explosion-Proof Equipment Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Explosion-Proof Equipment Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The explosion-proof equipment market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the explosion-proof equipment market are listed below:
(Source: Larson Electronics, Press Release, March 2024)
(Source: Larson Electronics, Press Release, March 2024)
The "Explosion-Proof Equipment Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the areas mentioned below:
The List of Companies - Explosion Proof Equipment Market
The explosion-proof equipment market was estimated to be valued at US$ 8.40 billion in 2023 and is anticipated to grow at a CAGR of 6.3% over the forecast period.
The cable glands segment led the explosion-proof equipment market with a significant share in 2023.
Growth of oil & gas industry, increase in use of explosion-proof LED lights, and rise in industrial safety measures are driving factors in the explosion-proof equipment market.
The explosion-proof equipment market is expected to reach US$ 13.69 Billion by 2031.
The stringent safety regulations and integration of IoT are expected to drive the growth of the explosion-proof equipment market in the coming years.
Asia Pacific is anticipated to grow at the fastest CAGR over the forecast period.
The key players holding majority shares in the explosion-proof equipment market include ABB Ltd; Cortem S.p.A; Emerson Electric Co; Pepperl+Fuchs SE; Honeywell International Inc; Xylem Inc.; OMEGA Engineering, Inc.; Spectec Thunderbird International Corp; Motion Sensors, Inc.; BARTEC Top Holding GmbH; Rockwell Automation Inc; Siemens AG; Schneider Electric SE; Detector Electronics, LLC.; and Larson Electronics LLC.