Explosion Proof Market is Estimated to Generate $5.6 Billion by 2021.
Browse 59 Market Tables, 77 Figures spread through 285 Pages and an in-depth TOC on “Explosion Proof Market - (2016-2021)”
As the work environments are become more challenging, it is necessary for the manufacturers to provide equally safe work environments. In industries such as Oil & Gas and Chemicals, certain processes are carried out in areas that contain flammable gases/ dust and other particles. Such area is termed as Hazardous Areas. Equipment being used in Hazardous areas is under constant threat of causing an explosion even at the occurrence of slight spark. Hence in order to overcome such risks hazardous area equipment is installed which can inhibit or prevent possibilities of such explosions. This equipment limits/ restricts the explosion thereby reducing the impact of the explosion.
According to a recent report published by IndustryARC, the Explosion Proof equipment market is growing with CAGR of 5% throughout the forecast period (2016 – 2021) and is estimated to generate revenue of $5.6 billion by 2021. Rising concerns regarding work environment safety and growing number of applications are the major drivers for this market. Explosion Proof and Explosion Prevention sectors held major share in the market in 2015 and projected to be dominant in the future as well.
In 2015, Europe emerged out to be the major market for this equipment contributing to nearly 35-40% of the overall market share followed by Americas. The manufacturing base for this market is majorly in Europe and the equipment is mostly exported to Americas and other regions. The highest growth rate is displayed by APAC region which is growing with CAGR of 7.5%.Oil & Gas and Chemicals sector are the major markets for this segment together generating nearly 40% revenue share in 2015.
The leading companies followed product launches, mergers & acquisitions as the major growth strategy. Product launches contributed to nearly 61% of overall strategy share. Expansions and acquisition have 19% and 10% of strategy share respectively. Bartec GmbH acquired top companies such as FEAM, NUOVA ASP, Pixavi, FENEX and few more that assisted the company to expand the its product portfolio and increase its product feature by coupling the existing products with innovative technologies. In October, 2013 R. Stahl Inc. officially opened new production facility centre in Maraimalai Nagar, in India. Recently, in January, 2016 Bartec GmbH expanded its production location in the North of Kazakhstan to facilitate the growing demand.
Key Players profiled in the report include:
- Eaton Corp PLC (Ireland)
- Emerson Electric Co. (U.S.)
- R STAHL (Germany)
- ABB Ltd. (Switzerland)
- Rockwell Automation (U.S.)
- Pepperl + Fuchs (Germany).
- Non Destructive Testing (NDT) Equipment Market: By Industry (Aerospace, Automotive, Power Generation, Others) By Application (Flaw Detection, Dimensional Measurement, Others) By Technology (Ultrasonic, Magnetic Particle, Others) Forecast (2013 - 2019). http://industryarc.com/Report/190/non-destructive-testing-equipment-market.html
- Mechanical Explosion Proof Equipment Market Analysis: By Type (Couplings, Spark Arrestors, Actuators, Compressors, Solenoid Valves, Cable Glands); By Industry (Oil & Gas, Mining, Manufacturing, Marine, Pharmaceuticals) - With Forecast (2015-2020) http://industryarc.com/Report/155/Global-Mechanical-Non-Electrical-Explosion-Proof-Equipment-Report.html