The global explosion-proof equipment market is expected to grow from US$ 7,272.9 Million in 2022 to US$ 10,037.2 Million in 2032. According to FMI, the market is predicted to grow at a CAGR of 3.3% over the forecast period from 2022 to 2032.
An uncontrolled rise in a system’s energy, whether it be nuclear, mechanical, or nuclear, which causes a rise in temperature and the evacuation of gas is referred to as an explosion. Explosions can be caused by a variety of factors, such as rising pressure, nuclear reactions, gas leaks, dust, and others.
Explosion-proof devices and products are those that incorporate various types of protection measures into the development of items for use in electrical, mechanical, nuclear, and chemical applications in order to prevent these explosions.
According to a report from Future Market Insights, the market for explosion-proof equipment is expected to grow at a CAGR of 3.3% between 2022 and 2032, reaching a total of US$10,037.2 Million in 2032. (FMI). Sales increased significantly between 2016 and 2021, registering a CAGR of 2.6%.
Rising demand for integrated systems, developments in the automation sector, the expansion of industrial sectors, and strict government regulations for managing hazardous regions are all expected to contribute to global market growth.
Along with rising energy consumption, there is an increase in the demand for fuel and energy. This increases demand for explosion-proof equipment, which is frequently used to prevent explosions during the production of natural resource power.
Thus, due to the aforementioned reasons, North America is expected to possess an 18.1% market share in 2022, registering a CAGR of 3.2% for the explosion-proof equipment market in the assessment period 2022-2032.
- Honeywell International Plc.
- Rockwell Automation Inc.
- Eaton Corporation
- Emerson Electric Co.
- Waram Technology Inc.
- WorkSite Lighting
- Extronics Ltd.
- Allay Industry Co. Ltd.