Hazardous Area Equipment Market Overview, Emerging Opportunities, Business Strategy, Sales Revenue and Forecast 2023
Research Reports
Jan 05, 2021
Market Research Future published a research report on “Hazardous Area Equipment Market Research Report- Global Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Market Outlook
The global hazardous area equipment market is touted to touch a valuation of USD 8.48 billion by 2023, as per MRFR. It is estimated to accrue revenue at 7.2% CAGR from 2017 to 2023 (forecast period). The focus on worker safety in industrial zones is the primary driver of the market. Classification of hazardous zones according to gas and dust levels as well as the rising challenges in the work environment can augment the market size.
Rapid development of the manufacturing sector is expected to bode well for the market. The use of cables and glands in all processes in industrial zones combined with focus on safety measures in process and cooling industries is an indicator for hazardous area equipment. Massive demand for lightings, strobe beacons, sensors, and industrial controls which can limit chances of injury or accidents is anticipated to bode well for the Hazardous Area Equipment Market till 2023.
Key Players
The prominent players in the Hazardous Area Equipment system Market are –Siemens AG (Germany), NHP Electric Engineering Products (Australia), Honeywell International Inc. (US), PATLITE Corporation (US), Eaton Corporation Plc (US), Rockwell Automation (US), E2S Warning Signals (US), ABB Ltd. (Switzerland), R.STAHL AG (Germany) and Emerson Electric Co. (US) among others.
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Hazardous Area Equipment Market – Segmentation
The global hazardous area equipment market is segmented by product, connectivity service, and end-user.
- By product, it is segmented into lighting products, motors, industrial controls, visual and audible combination units, sensors, process instruments, strobe beacons, fire alarms/call points, cable glands and accessories, and others.
- By connectivity service, it is segmented into wired and wireless.
- By end-user, it is segmented into chemical & pharmaceutical, steel & metal, oil & gas, food & beverages, energy & power, automotive & aerospace, mining, government & defense, and others. The oil & gas end-user can fetch maximum revenue for the market due to mandates of protective equipment to be installed in offshore and onshore sites.
Hazardous Area Equipment Market – Regional Analysis
The hazardous area equipment market looks upon the following regions – Asia Pacific (APAC), Europe, North America, and Rest-of-the-World (RoW), for a careful consideration of the impending demand.
North America is expected to be one of the best performing regions for the hazardous area equipment market due to adoption of Industry 4.0, an initiative for digitizing all processes and systems. Availability of various devices and sensors which can control any unseen events can drive the market growth. Strict government policies regarding emissions and safety measures to curb dangerous situations can work in favor of the regional market.
The APAC region can display a stupendous growth rate due to advances of technologies coupled with presence of various industry stalwarts. China is one of the biggest countries capable of driving market revenue due to the glut of various industry majors making the country their base of operations. Awareness of technological developments as well as worker safety policies are likely to favor the region.
The Europe hazardous area equipment market is driven the rampant production of goods in the manufacturing sector. Implementation of various directives to reduce emissions and ensure worker safety are expected to drive the regional market growth. The vacuum pump in a diesel mobile unit developed by EnerMech Ltd has been used in industrial zones which adhere to emission regulations.
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