DUBLIN, April 05, 2022--(BUSINESS WIRE)--The "Explosion Proof Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global explosion proof equipment market reached a value of US$ 9,464.0 Million in 2021. Looking forward, the publisher expects the market to reach a value of US$ 13,809.3 Million by 2027 exhibiting a CAGR of 6.20% during 2022-2027.
Bosch Rexroth AG (Robert Bosch GmbH)
Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different industries. These insights are included in the report as a major market contributor.
Explosion proof equipment prevents unwanted ignition of flammable substances by monitoring the use of robust materials and proactive builds in hazardous locations. It consists of conduit entries and flanged joints, which can operate under extreme external temperature and withstand an explosion of a specified gas or vapor. It is made using copper-aluminum alloys, silver, aluminum, and stainless and galvanized steel that are durable, non-sparking, and resistant to corrosion, solvents, humidity, moisture, and abrasive cleaning liquids. Several manufacturers are currently introducing explosion-proof equipment manufactured with non-metallic materials like plastics, wood, leather, and thermoplastic polymers.
Electrical sparks are one of the common sources of ignition in various machines and tools used inside an industrial facility. This, in confluence with stringent regulations imposed by governing agencies of numerous countries to ensure the safety of workers and the environment, represent one of the significant factors contributing to the market growth. Apart from this, oil and gas service companies rely on explosion proof equipment to prevent hazardous conditions, such as exposure to flammable gases, the release of hydrocarbon, and contact with harmful substances.
Moreover, a considerable rise in the demand for energy and rapid surge in installations of offshore oil production sites are fueling the adoption of explosion proof equipment to conduct day-to-day oil and gas extractions safely. Besides this, market players are designing equipment that provides remote solutions while performing tasks, such as iron roughnecks, rig tong controls, crane and hoist operations, cement head pumps, rotary tables, and drill hydraulics and pneumatics. Furthermore, they are launching automated products with spark-resistant devices, signaling systems, media converts, and industrial monitors that can work in harsh conditions. These innovations are anticipated to influence the overall sales positively.
Key Questions Answered in This Report:
How has the global explosion proof equipment market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global explosion proof equipment market?
What are the key regional markets?
What is the breakup of the market based on the protection method?
What is the breakup of the market based on the applicable system?
What is the breakup of the market based on the industry vertical?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global explosion proof equipment market and who are the key players?
What is the degree of competition in the industry?
5 Global Explosion Proof Equipment Market
6 Market Breakup by Protection Method
7 Market Breakup by Applicable System
8 Market Breakup by Industry Vertical
For more information about this report visit https://www.researchandmarkets.com/r/smazkn
View source version on businesswire.com: https://www.businesswire.com/news/home/20220405005836/en/
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