The global explosion proof equipment market accounted to US$ 8.1 Bn in 2018 and is expected to grow at a CAGR of 6.7% during the forecast period 2019 – 2027
The explosion proof equipment play a crucial role in oil & gas industry. The US has huge network of oil rigs in the North American continent as well as globally. This fact has helped propel the Explosion Proof Equipment Market over the years. The processing facilities of oil & gas are unsafe owing to the presence of hazardous compounds during the operations. The explosion proof equipment systems are deployed for preventing the ignition of spark from the electrical equipment. Further, the usage of advanced technologies in the oil & gas refineries has aided in reinforcing safety measures for unpredictable work environments.
The existence of dangerous compounds in the facilities of oil and gas denote several safety challenges for the workers. For instance, the hydrocarbon processing including ethane, fossil fuels, methane and propane, is a critical process that needs to be carried out under stable atmospheres. However, the processing plants of oil and gas are far from stable pertained to the exposure to hazardous and flammable compounds. Thus, the Explosion Proof Equipment Market is anticipated to be driven at a healthy rate during the forecast period. However, explosion proof equipment can prove extremely effective, the deployment might require a high capital investment. This has limited the adoption particularly, by small-scale industries. These systems also require maintenance which incur a huge cost. Further, retrofitting the equipment in line to the new standards and technologies requires a higher capital investment at the initial stage. This factor is significantly anticipated to restrict the Explosion Proof Equipment Market growth to a certain extent.
The most prominent market players in explosion proof equipment market are R.STAHL AG, Marechal Electric Group, and RAE Systems among others for a considerable share of the market owing to their product offerings to the market. Companies have taken several market initiatives in order to expand their footprint across the world and to fulfill the growing demand of the market. In 2019, Emerson Completed Acquisition of General Electric’s Intelligent Platforms Business. As of February 1, 2019, GE Automation & Control division will operate under Emerson Electric Co.
The players present in explosion proof equipment market mainly concentrate towards the partnership, collaborations, agreements, acquisitions, product development, and other activities for the deployment of explosion proof equipment across the world. This permit the players to maintain its brand name globally. Most of the Explosion Proof Equipment Market initiative were observed in European region, which have high potential of explosion proof equipment market related services. These activities have paved way for the expansion of business and customer base of market players. The market payers from explosion proof equipment market are anticipated to lucrative growth opportunities in the future with the rising demand for explosion proof equipment in the global Explosion Proof Equipment Market. Few on the important market initiatives and acquisitions from the industry are mentioned below:
|2019||Cortem Group puts the lighting fixtures EVE-L series back into production to meet the needs of all those customers who require a more distributed and less concentrated lighting, very similar to the old incandescent bulb||Europe|
|2019||Eaton has extended its washer tank range with a new XWW series. The washer is developed majorly for a use with XP, XF, and XT Series explosion-protected camera stations||Europe|
|2018||Emerson acquired Aventics, a leader in smart pneumatics technologies powering machine and factory automation applications. The acquisition will solidify Emerson’s automation technology presence in Europe.||Europe|