The Hazardous Area Equipment by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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Market:
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According to The Business Research Company’s Hazardous Area Equipment , The
hazardous area equipment market size has grown strongly in recent years. It
will grow from $9.01 billion in 2023 to $9.74 billion in 2024 at a compound
annual growth rate (CAGR) of 8.0%.
The growth in the historic period
can be attributed to industrialization and manufacturing growth, stringent
safety regulations, globalization and cross-border trade, energy exploration
and extraction, increased focus on worker safety..
The hazardous area equipment market size is expected to see strong growth in
the next few years. It will grow to $13.06 billion in 2028 at a compound annual
growth rate (CAGR) of 7.6%. The growth
in the forecast period can be attributed to global shift towards renewable
energy, demand for modular solutions, focus on cybersecurity in industrial
systems, emergence of new hazardous substances, regulatory changes and
compliance standards.. Major trends in the forecast period include iot
integration, automation in hazardous areas, increased adoption of led lighting,
customization of solutions, training and certification programs, development of
intrinsically safe technologies..
Rising demand for industrial safety is expected to propel the growth of the
hazardous area equipment market going forward. Industrial safety refers to a
collection of safety procedures, guidelines, and rules to safeguard the
environment, workplace, and workers from danger. To provide a secure workplace
and long-lasting business operations, it serves as a corrective action that is
periodically assessed and approved by safety specialists. Hazardous area
equipment is installed in hazardous areas to prevent an explosion and ensure
the safety of people. Thus, the use of hazardous area equipment for industrial
safety will increase the demand for hazardous area equipment. For instance, in
July 2022, according to a report shared by the Centers for Disease Control and
Prevention, a US-based national public health agency, in 2020, nearly 196,140
accidents involving objects and machinery required time off work owing to their
severity and 1,038 American workers lost their lives in work-related car
accidents in 2020 (22% of all fatalities). Also, emergency rooms will have
treated 1.8 million workers who suffered work-related injuries. Therefore, the
rising demand for industrial safety is driving the growth of the hazardous area
equipment market.
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The hazardous area equipment market covered in this report is segmented –
1) By Product: Cable Glands And Accessories, Process Instruments, Industrial
Controls, Motors, Strobe Beacons, Lighting
2) By Service: Wired, Wireless
3) By Industry: Oil And Gas, Chemical And Pharmaceutical, Food And Beverages,
Energy And Power, Mining
Technological advancements have emerged as a key trend gaining popularity in
the hazardous area equipment market. Major companies operating in hazardous
area equipment are focused on innovating new technologies to sustain their
position in the market. In February 2022, i.safe MOBILE GmbH, a Germany-based
manufacturer of mobile communication equipment for use in hazardous areas,
launched the IS-TC1A.1, an ex-protected thermal imaging camera. This equipment
is designed for predictive maintenance in hazardous areas. Based on Seek
Thermal technology, the explosion-proof thermal imaging camera IS-TC1A.1
enables industrial users in risky areas to monitor industrial and maintenance
processes and spot danger signs before they become serious. Predictive
maintenance aims to save energy costs, improve process dependability, and
prevent unscheduled equipment downtime.
The hazardous area equipment market
report table of contents includes:
1. Executive Summary
2.
Hazardous Area Equipment Market Characteristics
3.
Hazardous Area Equipment Market Trends And Strategies
4.
Hazardous Area Equipment Market - Macro Economic Scenario
5. Global
Hazardous Area Equipment Market Size and Growth
.
31. Global Hazardous Area Equipment Market Competitive Benchmarking
32. Global
Hazardous Area Equipment Market Competitive Dashboard
33. Key
Mergers And Acquisitions In The Hazardous Area Equipment Market
34.
Hazardous Area Equipment Market Future Outlook and Potential Analysis
35.
Appendix
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