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Hazardous Area Equipment Market Projected to Hit USD 23.5 Billion at a 6.80% CAGR by 2030 - Report by Market Research Future (MRFR)

Market Research Future
Market Research Future

Hazardous Area Equipment Market Growth Drive by Rise in Oil & Gas Industry and Increasing Demand for Safety Measures Equipment

New York, US, Sept. 27, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Hazardous Area Equipment Market, By Product, End-User, Connectivity Services, and Region- Forecast 2030”, to flourish substantially during the review era from 2022 to 2030 at a healthy CAGR of approximately 6.80%. The report further anticipates the market to attain a valuation of around USD 23.5 Billion by 2030.

Hazardous Area Equipment Market Overview:

Hazardous area equipment refer to the products that can minimize or lower the damage from the events like fire or the ability to carry out optimally in extreme environments. Depending on the class, division, or zone of the hazardous areas, they comprise lighting, buttons, control panels, strobe beacons, and cable glands & accessories. The hazardous area equipment market provides several pieces, such as strobe beacons, cable glands, lighting, sensors, industrial controls, motors, and many others, to the market players and industrialists. The market has increased in the last few years. The prime aspect supporting the market's growth is the systematic development in the manufacturing sector.

Competitive Analysis

The list of prominent participants across the hazardous area equipment market includes players such as:

  • NHP Electric Engineering Products (Australia)

  • PATLITE Corporation (US)

  • Honeywell International Inc. (US)

  • Eaton Corporation Plc (US)

  • E2S Warning Signals (US)

  • Rockwell Automation (US)

  • ABB Ltd. (Switzerland)

  • Emerson Electric Co. (US)

  • STAHL AG (Germany)

  • Siemens AG (Germany)

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Furthermore, the need for the equipment in hazardous areas and the cable glands' usability for all procedures is another crucial aspect causing an upsurge in the market's growth. The growing market valuation over the period can be a little tricky for the work surrounding the regions. Moreover, the growing demand for the cooling and process industries' safety measures is predicted to boost the market's growth over the review timeframe. In addition, the expanding oil & gas industry has boosted the demand for this equipment, which is anticipated to boost the market's growth over the coming years. On the other hand, wireless equipment can be an ignition source that can hamper the market.

Market USP Covered

Market Drivers

The hazardous area equipment market has increased in the last few years owing to the growing demands for the cooling & process industries' safety measures, cable glands usability, and increasing demand for safety measures equipment.

Report Scope:

Report Metrics

Details

Market Size by 2030

USD 23.5 Billion

CAGR during 2022-2030

6.80% CAGR

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Key Market Opportunities

The manufacturing and selling of the global products will increase

Key Market Drivers

The increasing demand for safety measures equipment

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Market Restraints

On the other hand, the expensive equipment costs may restrict the market's growth.

COVID-19 Impact

The global health crisis in the form of COVID-19 has had a massive impact on the majority of the industry areas across the globe. Like all the other market areas, the hazardous area equipment market also faced several unexpected challenges during the pandemic, such as the fall in demand and loss of revenues. On the other hand, with the vaccination rates and recovery in global economic activities, the hazardous area equipment market is predicted to grow substantially over the assessment era.

Segment Analysis

Based on category, the cable glands and accessories segment is predicted to dominate the hazardous area equipment market over the coming years. the growing requirement to guarantee the safety of cables in an explosion-prone environment is the main factor boosting the growth of the segment. Furthermore, the growing demand from manufacturing, oil & gas, mining, and processing is another prime parameter boosting the segment's growth.

Among all the application areas, the industrial controls segment is predicted to lead the hazardous area equipment market over the assessment era. The segment's growth is credited to the growing adoption in the extensive manufacturing industries.

Among all the end use sectors, the oil & gas industry segment is anticipated to dominate the hazardous area equipment market over the coming years.

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Regional Analysis

The hazardous area equipment market is analyzed across five major regions: North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa.

According to the analysis reports by MRFR, the North American region is predicted to hold the top position across the hazardous area equipment market over the review timeframe. The region has the US as the leading growth contributor. The primary parameter supporting the growth of the regional market is the presence of several industry leaders across the regional market. The region has always been known for the early adoption of multiple advanced technologies, which in turn is boosting the adoption of this equipment across the region. In addition, the government's growing emphasis on occupational safety is predicted to catalyze the growth of the regional market over the assessment era.

The hazardous area equipment market for the European region is predicted to increase over the assessment era. The rapidly expanding chemical manufacturing industries across the region are the central aspect causing a rise in the regional market growth. Furthermore, the constantly growing energy and pharmaceutical industries are predicted to cause an upsurge in the regional market's growth over the review timeframe. Moreover, aspects such as the growing concerns for occupational safety and stringent mandates by governments, shipments of hazardous area equipment in Germany, and the growing chemical sector of France are also likely to catalyze the growth of the regional market over the assessment era.

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The Asia-Pacific regional market for hazardous area equipment is anticipated to exhibit the highest CAGR over the coming years. the region has China as the leading growth contributor across the region. Rapid industrialization and an expanding emphasis on occupational safety are the primary factors supporting regional market growth.

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About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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