Explosion Proof Equipment Market - Opportunities and Challenges


Posted February 3, 2021 by ctom7000

The explosion proof equipment market in RoW is projected to grow at the highest CAGR during the forecast period
 
According to the new market research report on the "Explosion Proof Equipment Market by Product (Cable Glands & Accessories, Industrial Controls, Process Instruments, Sensors, and Signaling Devices), Connectivity Service, Zone Classification, Industry, and Geography – Global Forecast to 2025", published by MarketsandMarkets™, the Explosion Proof Equipment Market size is projected to grow from USD 7.4 billion in 2020 to USD 9.9 billion by 2025, at a CAGR of 5.9% from 2020 to 2025. Factors such as the increasing industrial safety measures and rising energy requirements are driving the explosion proof equipment market.

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The oil & gas industry holds the largest share of the explosion proof equipment market in 2019

The oil & gas industry accounted for the largest share of the explosion proof equipment market in 2019 and is expected to grow at a high growth rate during the forecast period. The demand for explosion proof equipment in this industry is high due to its flammable and challenging environmental conditions. This equipment are used across applications such as exploration, drilling, gas lifting/injection, oil & gas pipelines, storage handling, and gas and refinery process.

The market for wireless connectivity services is projected to grow at a high growth rate during the forecast period

The market for wireless connectivity services is projected to grow at a high growth rate during the forecast period. The growth of the segment can be attributed to its lower installation cost, requirement for cable-free operations, and reduction in space occupied and weight. Wireless devices can minimize the number of devices installed, such as cabling and other installation equipment leading to low installation expenditure and low labour costs.

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The major players in the Explosion proof equipment market are Siemens (Germany), Honeywell International, Inc. (US), ABB Ltd. (Switzerland), Rockwell Automation, Inc. (US), and Eaton Corporation Plc (Ireland).
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Issued By Tom
Country United Arab Emirates
Categories Semiconductors
Tags explosion proof equipment market
Last Updated February 3, 2021