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 industry.
The explosion proof equipment market for wireless connectivity services is expected to grow at a higher 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 cable glands & accessories segment held the largest share of the explosion proof equipment market in 2019
The cable glands & accessories segment held the largest share of the market in 2019. Cable glands and accessories are increasingly used for mechanical retention, strain relief, and earth continuity.
The explosion proof equipment market in RoW is projected to grow at the highest CAGR during the forecast period
The Rest of the World is expected to grow at the highest CAGR during the forecast period, due to the presence of the world’s largest oil & gas production, mining, and energy & power industries, which are highly prone to explosions in the region. The rising demand for protection in the oil & gas industry led the manufacturers to certify their products for use in explosive atmospheres.
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Key Market Players
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).