Global Hazardous Area Equipment Market Insights Forecasts to 2032
- The Global Hazardous Area Equipment Market Size was valued at USD 9.67 Billion in 2022.
- The Market is Growing at a CAGR of 7.6% from 2022 to 2032
- The Worldwide Hazardous Area Equipment Market Size is expected to reach USD 18.76 Billion by 2032
- North America is expected to Grow the fastest during the forecast period
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The Global Hazardous Area Equipment Market Size is expected to reach USD 18.76 billion by 2032, at a CAGR of 7.6% during the forecast period 2022 to 2032. The increased focus especially industries on enhancing safety measures, notably in the manufacturing and cooling industries, has boosted demand for the hazardous area equipment market, which is expected to grow significantly throughout the projected period. Furthermore, an upward trend in the overall number of prospective oil and gas developments globally, mostly in Asia Pacific, is projected to boost the hazardous area equipment market.
Hazardous area equipment is designed for usage in highly explosive environments created by combustible air-flammable gases or particulate combinations. Several umbrella schemes define the standards for safe equipment design, functioning, and management. However, various nations have taken different approaches to the uniformity and testing of equipment for hazardous areas. The terminology used to describe hazards and protective actions can differ. The presence of such an atmosphere is prevalent, or at least plausible, in many industrial, commercial, and scientific contexts. Fire and explosion protection is important for both employee safety and reliability.
This research report categorizes the market for the global hazardous area equipment market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the hazardous area equipment market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the hazardous area equipment market.
Global Hazardous Area Equipment Market Report Coverage
|Market Size in 2022:||USD 9.67 Billion|
|Forecast Period 2022-2032 CAGR:||7.6%|
|2032 Value Projection:||USD 18.76 Billion|
|Historical Data for:||2020-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||130|
|Segments covered:||By Product Type, By End-Use Industry, By Region, and COVID-19 Impact Analysis|
|Companies Covered:||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|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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The expansion of workplace security policies, especially across industries such as processing where hazardous area equipment services are necessary, in addition to worldwide industrialization and rising populations are likely to be the main factors driving of hazardous area equipment market development. Furthermore, increasing threats in a variety of industries, as well as the increased use of dangerous chemicals, are expected to promote the steady expansion of the hazardous area equipment market over the forecast time frame.
Globally, the market is anticipated to expand as a result of rising consumer demand for automated systems, automation industry developments, an expansion of industrial sectors, and stringent government regulations governing hazardous locations. As a result, this trend is likely to have a significant impact on the global consumption of hazardous equipment systems.
However, high installation expenses and a lack of safety consciousness are the two primary challenges limiting the global hazardous area equipment market growth. Manufacturers of hazardous area equipment are attempting to provide cost-effective solutions to increase acceptance across all industry categories.
By End-Use Industry Insights
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 expansion can be attributed to the higher utilization of hazardous area equipment which includes measurement devices, control products, motors, detection systems, and lighting fixtures in the oil and gas industries. Furthermore, the demand for high-performance hazardous area equipment that can operate effectively in a wide range of extreme conditions is what drives the market for these products in the oil and gas industry. Oil and gas, as well as chemical and pharmaceutical businesses, must have strong environment, health, and safety policies established to safeguard the setup and functioning of appropriate equipment in hazardous locations.
By Product Type Insights
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. Installation of control products regulated for use in hazardous areas is one of the safety precautions which manufacturing industries are obligated to follow. With the increasing construction of new facilities and the development of currently operational ones, processing industries such as oil and gas and chemical and pharmaceutical are anticipated 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. North American market for hazardous area equipment is likely to rise, owing to the region's prominence as a worldwide hub for big investments and company expansion potential. The establishment of key market companies such as Rockwell, Honeywell, and Emerson has been adjacent to the quickest development in the hazardous area equipment market in North America. The U.S. is host to several industries and is one of the world's most important markets. Furthermore, the government's increased emphasis on occupational safety will be driving the demand for hazardous equipment market in the country over the forecast period. Furthermore, numerous businesses in the region are concentrating on the discovery and extraction of oil and gas resources.
Asia Pacific, on the contrary, is expected to grow the fastest during the forecast period. Due to fast industrialization, expanding population, and a growing emphasis on occupational safety, the Asia Pacific market for hazardous area equipment is likely to give lucrative prospects over the forecast period. China is likely to be the most lucrative customer base for the hazardous area equipment market, with the greatest CAGR over the projection period.
List of Key Market Players
- 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
Key Market Developments
- On January 2023, Siemens has released two new aspirating smoke detectors (ASD), FDA261 and FDA262, to address extremely difficult fire safety installations that span huge areas, such as major data centers, e-commerce warehouses, or industrial manufacturing facilities. A single device may cover up to 6,700 m2, making it the market's greatest coverage area.
- On March 2022, DNV and Trainor have established a collaboration in the Hazardous Area training domain, utilizing Trainor's cutting-edge e-Learning. The training covers a wide range of vital safety subjects for persons who work in Hazardous Areas or use associated equipment. These areas are commonly found in oil and gas production and processing facilities, but they can also be found in the chemical, pharmaceutical, agricultural, and food and beverage industries.
- On February 2022, i.safe MOBILE announces the addition of the following products to its portfolio: Based on Seek Thermal technology, the explosion-proof thermal imaging camera IS-TC1A.1 enables industrial users in hazardous regions to monitor industrial and maintenance processes and identify potential hazards early on. Oil, petrochemical, pharmaceutical, and food sectors, as well as energy suppliers and public utilities, are among the businesses targeted.
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
Frequently Asked Questions (FAQ)
1. What is the market size of the Hazardous Area Equipment market?The Global Hazardous Area Equipment Market is expected to grow from USD 9.67 billion in 2022 to USD 18.76 billion by 2032, at a CAGR of 7.6% during the forecast period 2022-2032.
2. Which are the key companies in the market?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
3. Which segment dominated the Hazardous Area Equipment market share?The oil and gas segment in end-use industry type dominated the Hazardous Area Equipment market in 2022 and accounted for a revenue share of over 43.2%.
4. What are the elements driving the growth of the Hazardous Area Equipment market?The implementation of hazardous area equipment employing the industrial Internet of Things (IIoT) and smart wireless sensors is opening up new prospects for market participants.
5. Which region is dominating the Hazardous Area Equipment market?North America is dominating the Hazardous Area Equipment market with more than 38.7% market share.
6. Which segment holds the largest market share of the Hazardous Area Equipment market?The control products segment based on product type holds the maximum market share of the Hazardous Area Equipment market.
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