Explosion-Proof Equipment Market Growth Analysis and Report by 2030

Explosion-Proof Equipment Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Systems (Junction Boxes and Enclosures, Lighting System, Monitoring System, Signaling Devices, Automation System, Cable Glands, HVAC Systems, and Others), Protection Method (Explosion Prevention, Explosion Containment, and Explosion Segregation), and Industry (Pharmaceutical, Mining, Oil & Gas, Manufacturing, Food Processing, Energy & Power, Chemical & Petrochemical, and Others)

Publication Month : Sep 2023

  • Report Code : TIPTE100000620
  • Category : Electronics and Semiconductor
  • Status : Published
  • No. of Pages : 195
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[Research Report] The explosion-proof equipment market size is expected to grow from US$ 7.96 billion in 2022 to US$ 12.95 billion by 2030; it is estimated to record a CAGR of 6.3% from 2022 to 2030.

Explosion-Proof Equipment Market Analyst Perspective:

Strong economic conditions and low rates of housing loan interest will help maintain the expansion of construction activities in the world. Scandinavia is expected to show a slightly subdued growth, supported by improved construction sector conditions in various countries, allowing better residential and infrastructural spending. Swedish companies have a reputation for their methods and use of innovative technologies in the field of green buildings and infrastructure. Wooden building technology and low-energy housing solutions are areas where Sweden is at the forefront. These factors are boosting commercial and residential housing constructions, thereby increasing the need for explosion-proof equipment in buildings. For instance, BMarko Structures Inc. provides blast-resistant modular buildings. These blast-resistant modules are explosion-proof portable buildings designed to withstand blast loads. Thus, the growth of the construction sector is anticipated to create opportunities for the explosion-proof equipment market growth because of the need for explosion-proof equipment solutions in commercial and residential buildings.

Explosion-Proof Equipment Market Overview:

Explosion-proof equipment includes the 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. Therefore, these components 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 on the basis of the zone/class/group/division.

The global explosion-proof equipment market is segmented based on protection method, type, and industry. Based on systems, the market is classified into junction boxes & enclosures, lighting systems, monitoring systems, signaling devices, automation systems, cable glands, HVAC systems, and others.  Based on protection method, the explosion-proof equipment market is segmented into explosion prevention, containment, and segregation. In terms of industry, the explosion-proof equipment market is segmented into manufacturing, pharmaceutical, mining, oil & gas, food processing, chemical & petrochemical, energy & power, and others.

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Explosion-Proof Equipment Market: Strategic Insights

Market Size Value inUS$ 7.96 billion in 2022
Market Size Value byUS$ 12.95 billion by 2030
Growth rateCAGR of 6.3% from 2022 to 2030
Forecast Period2022-2030
Base Year2022
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Explosion-Proof Equipment Market Driver:

Growth in Oil & Gas Industry

According to an article published by CEIC Data in December 2022, Denmark's crude oil production was reported at 64.633 barrels/day in December 2022. Norway's crude oil production was reported at 1,685.121 barrels/day in December 2022. Between June 2022 and May 2023, Sweden's crude oil production remained stable at around 10 thousand barrels per day. With the growing oil & gas industry, the demand for explosion-proof equipment is also increasing to ensure the safety of all operators and workers working in oil & gas plants.

Explosion-proof equipment play a crucial role in the oil & gas industry. In this industry, flammable liquids, gases, vapors, or combustible dust exist in sufficient quantities; hence, the safety of workers is the top priority. Generally, refineries, oil plants, and offshore facilities are constantly exposed to flammable substances. To combat the high potential for ignition, manufacturers must produce and rigorously test explosion-proof assets. For instance, in September 2020, the Scandinavian Sugar Mill Plant employed IEP technologies for explosion protection solutions. IEP Technologies proposed a solution that could be seamlessly incorporated into the existing equipment design parameters.

Explosion-Proof Equipment Market Report Segmentation and Scope:

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The global explosion-proof equipment market is segmented based on systems, protection method, Industry, and geography. The segmentation in this research study has been finalized post in-depth secondary research and extensive primary research. In addition, the explosion-proof equipment market is also segmented on the basis of protection methods offered by the leading participants in the industry in order to understand widely used market-specific terminologies. Thus, we have incorporated the segments of the research and have finalized the market segmentation.

Explosion-Proof Equipment Segmental Analysis:

Based on industry, the Explosion-Proof Equipment Market is segmented into Pharmaceutical, Mining, Oil & Gas, Manufacturing, Food processing, Energy & Power, Chemical & Petrochemical, Others.

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Explosion-Proof Equipment Market Regional Analysis:

North America consists of several countries, including the US, Canada, and Mexico. In North America, countries such as the US and Canada are known for adopting advanced technologies, high standards of living, and developed infrastructure. High disposable incomes and technological advancements have been propelling the growth of the explosion-proof equipment market as every type of industry, either SMEs or large enterprises, is focusing on deploying explosion-proof equipment in their factories. North America is expected to dominate the explosion-proof equipment market share as it has the highest number of manufacturing facilities and oil & gas industries. For instance, according to the American Manufacturing Statistics report of May 2021 published by Propel PLM Inc., there were 292,825 manufacturing factories in the US, and ~12.2 million people were employed in the US manufacturing industry in 2021. Similarly, for the oil & gas industry, a total of 22 companies were producing oil & natural gas in Mexico, with another two projected to join the list in 2020, according to the local oil and gas association—Amexhi. In Canada, 1,334 companies are producing oil & gas; in the US, there are ~9,000 independent oil & natural gas producers. Thus, with the growth of manufacturing and oil & gas industries in the region, the need to employ a greater number of workers and maintain the safety of workers and operators present in the factories is also increasing. Hence, there is an increased demand for explosion-proof equipment in these hazardous areas. Therefore, several industries (including oil & gas and manufacturing) are implementing explosion-proof equipment to maintain the safety of the operators and workers.

Explosion-Proof Equipment Market Key Player Analysis:

BARTEC Gmbh, Intertek Group PLC, R. STAHL AG, ABB Ltd., Emerson, Extronics Ltd., Marechal Electric Group, Eaton Corporation, Siemens AG, and Rockwell are among the key explosion-proof equipment market players operating in the report.

Explosion-Proof Equipment Market Recent Developments: 

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies operating in the explosion-proof equipment market. A few recent key explosion-proof equipment market developments are listed below: 

  • In 2022, ARCHON Industries, Inc. announced the launch of its new explosion‐proof light. The EX20‐100 luminaire has been designed to continuously illuminate process vessels, tanks, distillation columns, and other industrial items in hazardous (Haz‐Loc) and non‐hazardous areas. Approved hazardous operating environments are Class I Division I Group C&D and Class I Division II Group C&D locations only.
  • In 2022, Ben Buchele Elektromotorenwerke GmbH launched a new ATEX/IECEx explosion-proof motor, the dKD280, designed especially for the marine and offshore markets.   
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Systems, Protection Method, and Industry

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

Frequently Asked Questions

What will be the global explosion proof equipment market size by 2030?

The global explosion proof equipment market is expected to reach US$ 12.95 billion by 2030.

What are the driving factors impacting the global explosion proof equipment market?

Increasing use of explosion proof LED light, growth in oil & gas industry are the driving factor for the global explosion proof equipment market

What are the future trends of the global explosion proof equipment market?

The Integration with IoT in explosion proof equipment is expected to drive the growth of the global explosion proof equipment market in the coming years.

Which key players hold the major market share of the global explosion proof equipment market?

The key players holding majority shares in the global explosion proof equipment market include ABB Ltd., Pepperl+Fuchs, Eaton Corporation, Siemens AG, and Rockwell Automation.

Which is the fastest-growing region market?

APAC is anticipated to grow with the highest CAGR over the forecast period.

Which regions are registering a high growth rate during the forecast period?

The country anticipated to grow with the highest CAGR are MEA and Europe.

What is the estimated global market size for the global explosion proof equipment market in 2023?

The global explosion proof equipment market was estimated to be valued at US$ 7.96 billion in 2022 and is projected to reach US$ 12.95 billion by 2030; it is expected to grow at a CAGR of 6.3% during the forecast period.

The List of Companies - Explosion Proof Equipment Market

  1. BARTEC Gmbh
  2. Intertek Group PLC,
  3. R. STAHL AG
  4. ABB Ltd.
  5. Emerson,
  6. Extronics Ltd.
  7. Marechal Electric Group
  8.  Eaton Corporation
  9. Siemens AG
  10. Rockwell Automation

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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