Global Hazardous Area Equipment Market Size To Grow USD 18.76 Billion by 2032 | CAGR of 7.6%Category: Semiconductors & Electronics
Global Hazardous Area Equipment Market to Grow $18.76 Billion by 2032
According to a research report published by Spherical Insights & Consulting, the Global Hazardous Area Equipment Market Size is to grow from USD 9.67 billion in 2022 to USD 18.76 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 7.6% during the projected period. The rising adoption of enhancing safety measures in several industries including manufacturing, transportation, oil & gas, chemical & pharmaceuticals, industrial, food & beverages, energy & power, mining, and others is expected to boost the demand for the hazardous area equipment market during the forecast period.
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Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on "Global Hazardous Area Equipment Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Cable Glands & Accessories, Measurement Devices, Control Products, Alarm Systems, Motors, Lighting Products, Others), By End-Use Industry (Manufacturing, Transportation, Oil & gas, Chemical & Pharmaceuticals, Industrial, Food & beverages, Energy & Power, Mining, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here:https://www.sphericalinsights.com/reports/hazardous-area-equipment-market
Hazardous area equipment is intended for use in extremely explosive conditions caused by the mixture of combustible air and flammable gases or particulates. The criteria for safe equipment design, operation, and management are defined under several umbrella schemes. The growing emphasis on improving safety measures, particularly in the manufacturing and cooling industries, has increased demand for the hazardous area equipment market, which is predicted to rise significantly over the forecast period. Globally, the market is expected to grow due to increased consumer demand for automated systems, advancements in the automation industry, the expansion of industrial sectors, and stringent government laws governing hazardous sites.
The oil & gas segment accounted for the largest revenue share of more than 43.2% over the forecast period.
On the basis of the end-use industry, the global hazardous area equipment market is segmented into manufacturing, transportation, oil & gas, chemical & pharmaceuticals, industrial, food & beverages, energy & power, mining, and others. Among these, the oil & gas segment is dominating the market with the largest revenue share of 43.2% over the forecast period. This growth can be ascribed to the increased use of hazardous area equipment in the oil and gas industries, which includes measurement devices, control products, motors, detecting systems, and lighting fixtures.
The control products segment is dominating the market with the largest revenue share over the forecast period.
On the basis of product type, the global hazardous area equipment market is segmented into cable glands & accessories, measurement devices, control products, alarm systems, motors, lighting products, and others. Among these, the control products segment is dominating the market with the largest revenue share of 38.6% over the forecast period. With the increased building of new facilities and the development of existing ones, processing industries such as oil and gas and chemical and pharmaceutical are expected to demand efficient control goods with certifications such as relays, enclosures, and signal conditioners.
North America dominates the market with the largest market share over the forecast period.
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North America dominates the market with more than 38.7% share over the forecast period. The North American market for hazardous area equipment is expected to grow as a result of the region's importance as a global hub for large investments and firm expansion. The United States is home to a variety of sectors and is one of the world's most important markets. Furthermore, the government's increased emphasis on occupational safety will drive the country's demand for hazardous equipment over the forecast period.
Major vendors in the Global Hazardous Area Equipment Market include Emerson Electric Co., Rockwell Automation, Siemens AG, Patlite Corporation, R. STAHL AG, E2S Warning Signals, ABB Ltd., NHP Electric Engineering Products, Tomar Electronics Inc., Honeywell International Inc., Potter Signal Co., Eaton Corporation, WERMA Signaltechnik GmbH + Co. KG and among others.
Key Target Audience
- Market Players
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
- On January 2023, Axis Communications, a network video leader, introduces the AXIS P1468-XLE Explosion-Protected Bullet Camera, the world's first explosion-protected camera developed exclusively for Zone and Division 2 hazardous situations. According to international standards (ATEX, IECEx, NEC), the camera is designed for Zone 2, 22, and Class I/II/III Division 2. The AXIS P1468-XLE was created in accordance with North American and European directives for equipment used in potentially explosive atmospheres.
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Hazardous Area Equipment Market based on the below-mentioned segments:
Hazardous Area Equipment Market, End-Use Industry Analysis
- Oil & gas
- Chemical & Pharmaceuticals
- Food & beverages
- Energy & Power
Hazardous Area Equipment Market, Product Type Analysis
- Cable Glands & Accessories
- Measurement Devices
- Control Products
- Alarm Systems
- Lighting Products
Hazardous Area Equipment Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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