The hazardous area equipment market is projected to grow from USD 10.5 billion in 2023 to USD 14.1 billion in 2028; it is expected to grow at a CAGR of 6.1% during the forecasted period.
Hazardous area equipment is mainly used in industrial applications as a part of the emergency management system and as intrinsic safe equipment to protect the workplace.
Market for control products is expected to grow at highest CAGR during the forecasted period
The hazardous area equipment market is segmented into six types of products cable glands & accessories, measurement devices, control products, alarm systems, motors, and lighting products. Control products mainly considered are solid state relays, surge protection, enclosures, signal conditioners, and power supplies. The key functions of control products are to effectively control power and protect circuits in explosive, wet, and corrosive environments.
Hazardous area equipment market for oil & gas industry is expected to grow at the highest CAGR during the forecasted period
Oil & gas is the major Industry of hazardous area equipment since any damage to assets due to an explosion can lead to a high financial loss. The environment in the oil & gas industry is highly prone to explosives, and the use of equipment in this environment needs to be explosive-protected with all the necessary built-in safety standards. These standards need to be taken by installing effective and efficient hazardous area equipment such as measurement devices, control products, lighting products, strobe beacons, etc. that maintain safety standards and allow the smooth functioning of processes in the oil & gas industry.
Market for North America is to grow at the highest CAGR during the forecasted period
The hazardous area equipment market is expected to grow at the highest CAGR in the North American region. The fastest growth of the hazardous area equipment market in North America can be attributed to the presence of leading market players such as Rockwell (US), Honeywell (US), and Emerson (US), Also, many companies are focusing on the exploration and production of oil & gas assets in the region.
Market Dynamics
Drivers
Rapid Growth in Industrialization and Manufacturing Sector
Rising Government Regulations for Implementing Safety Measures in Hazardous Industrial Environments
Adoption of Technologically Advanced Led Light Fixtures Over Conventional Lighting Solutions in Hazardous Areas
Restraints
High Initial Cost Associated with Deployment of Hazardous Area Equipment
Poor Classification of Hazardous Areas Leads to Time-Consuming and Expensive Inspection and Maintenance
Opportunities
Rapid Transition from Traditional Lighting Systems to Connected Lighting Solutions
Increasing Demand for Low-Cost and High Light-Output-Per-Watt Lighting Solutions
Challenges
Lack of Common Standards
Key Attributes:
Report Attribute
Details
No. of Pages
188
Forecast Period
2023 - 2028
Estimated Market Value (USD) in 2023
$10.5 Billion
Forecasted Market Value (USD) by 2028
$14.1 Billion
Compound Annual Growth Rate
6.1%
Regions Covered
Global
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Hazardous Area Equipment Market, by Product 6.1 Introduction 6.2 Cable Glands & Accessories 6.3 Measurement Devices 6.4 Control Products 6.5 Alarm Systems 6.6 Motors 6.7 Lighting Products
7 Hazardous Zone Classification 7.1 Introduction 7.2 Zone 0 7.3 Zone 1 7.4 Zone 2 7.5 Zone 20 7.6 Zone 21 7.7 Zone 22
8 Connectivity Services in Hazardous Areas 8.1 Introduction 8.2 Wired Connectivity Service 8.3 Wireless Connectivity Service
9 Hazardous Area Equipment Market, by Industry 9.1 Introduction 9.2 Oil & Gas 9.3 Chemical & Pharmaceutical 9.4 Food & Beverage 9.5 Energy & Power 9.6 Mining 9.7 Others
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