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Hazardous Location Equipment Market is Expected to Grow at a High CAGR of 6.5% by 2026

hazardous-area-equipment-market-forecast-2022-2026

Hazardous location equipment sales are expected to surge at a CAGR of  6.5 %  from 2022 to 2026. End of 2026.  In China, the consumption of hazardous area equipment is expected to grow at a high CAGR of 7.4%, and this market is expected to reach USD 799 million by 2026. Since then, the demand for hazardous work equipment has increased.

This part of the offer comes with many open doors, including item manufacturing, diversion, retail, and display management. Fact.MR examiners have utilized a wide range of mandatory and extensive optional studies to make various assessments and projections of demand for the hazardous area equipment market, both at the global and local levels.

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The global hazardous area equipment market has experienced consistent growth, reflecting the critical importance of safety in industries dealing with potentially explosive atmospheres. Hazardous areas, commonly referred to as “Ex zones,” require equipment that complies with rigorous safety standards to prevent ignition sources that could lead to catastrophic accidents. The market includes a wide range of products, such as explosion-proof enclosures, intrinsically safe instrumentation, and lighting fixtures, designed to operate safely in hazardous environments.

Key factors driving the growth of this market include the expansion of industries like oil and gas, increased industrialization, and stricter safety regulations. Oil refineries, chemical plants, and mining operations, in particular, rely heavily on hazardous area equipment to minimize the risk of explosions and ensure the safety of workers and assets.

Market players: –

  • Federal Signal Corporation
  • Honeywell International Inc.
  • NHP Electrical Engineering Products
  • Tomar Electronics Co., Ltd.
  • PATLITE Co., Ltd.
  • Potter Signal, Inc.
  • E2S warning signal
  • Eaton Corporation Plc
  • emerson electric company
  • R. Stahl AG
  • rockwell automation
  • Siemens AG
  • WEMA Signaltechnik GmbH + Co. KG
  • ABB Co., Ltd.

Key partners in the market, including industry players, policy makers and financial backers in various countries, have continually recalibrated their systems and tactics to take advantage of the newly opened doors. Many organizations have recently updated their procedures to stay coordinated during the overall chaos wrought by the COVID-19 pandemic.

Key Segments Covered in Hazardous Location Equipment Industry Study

  • By Product :
    • Cable glands and accessories
    • process equipment
    • industrial control
    • motor
    • strobe beacon
    • Other products
  • Connection Gender :
    • wireless hazardous area equipment
    • Wired hazardous area equipment
  • By end use:
    • oil gas
    • Chemistry/Pharmaceutical
    • energy and power
    • mining
    • Other end uses

Current Industry News and Trends:

  • Increasing Demand for Intrinsically Safe Equipment: Intrinsically safe equipment, which is designed to prevent the release of enough energy to cause ignition in hazardous areas, is seeing increased demand. This trend is driven by the need for safety and reliability, especially in oil and gas exploration and petrochemical industries.
  • Adoption of Advanced Explosion-Proof Technologies: Technological advancements have led to the development of more efficient and cost-effective explosion-proof equipment. Industries are adopting these advanced technologies to improve safety measures while optimizing operational efficiency.
  • IoT Integration and Smart Hazardous Area Equipment: IoT (Internet of Things) integration is making its way into hazardous area equipment. Smart sensors and monitoring systems are becoming increasingly important for real-time data collection and safety management in hazardous environments.
  • Renewable Energy Industry: The renewable energy sector, including wind and solar power, is also driving demand for hazardous area equipment. Explosive atmospheres can be present in battery storage facilities and hydrogen production plants, necessitating the use of specialized safety equipment.
  • Stricter Safety Regulations: Regulatory bodies worldwide are continuously updating and tightening safety regulations related to hazardous areas. Compliance with these regulations is paramount, and industries are investing in compliant equipment to avoid potential accidents and legal repercussions.
  • Global Expansion of Chemical and Pharmaceutical Industries: The global expansion of the chemical and pharmaceutical industries, with facilities in various regions, has created a need for standardized hazardous area equipment that complies with international safety standards. This trend encourages global suppliers to offer consistent solutions.

Regional analysis includes

  • North America (USA, Canada)
  • Latin America (Brazil, Mexico, Argentina, Chile, Peru, Rest of LATAM)
  • EU – (Germany, France, Italy, Spain), UK, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Iceland, Sweden), Eastern Europe (Poland, Ukraine, Czech Republic, etc.), Rest of Europe
  • CIS & Russia
  • Japan
  • Asia Pacific Excluding Japan (Greater China, India, Korea, ASEAN Countries, Rest of APEJ)

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