The global explosion proof equipment market size is projected to grow from USD 7.4 billion in 2020 to USD 9.9 billion by 2025, at a CAGR of 5.9% from 2020 to 2025. Factors such as the increasing industrial safety measures and rising Energy Requirements are expected to fuel the growth of the explosion proof equipment industry.
The major players in the explosion proof equipment market are Siemens (Germany), Honeywell International, Inc. (US), ABB Ltd. (Switzerland), Rockwell Automation, Inc. (US), and Eaton Corporation Plc (Ireland).
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By product type, the cable glands & accessories segment holds the largest share of the explosion proof equipment market. Cable glands & accessories are increasingly being used for mechanical retention, strain relief, and earth continuity. Cable glands come with different protection types, such as inner and outer sheath seal with armor clamp for steel wire, steel tape, screened or braided cables, and lead sheathed cables. The pioneers in manufacturing cable glands and related accessories for explosion proof equipment include Eaton Corporation Plc (Ireland), Hawke International (UK), and Emerson Electric Co. (US).
Based on connectivity service, the wireless connectivity services segment is projected to grow at a higher growth rate as compared to the wired connectivity services segment during the forecast period.
The growth of the wireless services segment can be attributed to its lower installation cost, the requirement for cable-free operations, and reduction in space occupied and weight. Wireless devices can minimize the number of devices installed, such as cabling and other installation equipment leading to low installation expenditure and low labor costs.
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For example,the wireless fire alarm system is an effective alternative to traditional wired fire alarm systems across end-use industries, ranging from oil & gas to mining and pulp & paper. They make use of secure, license-free radio communications to interconnect the sensors and devices such as detectors and call points with controllers.
The explosion proof equipment market in RoW is projected to grow at the highest CAGR during the forecast period.
The explosion proof equipment market in Rest of the World is expected to grow at the highest CAGR during the forecast period, due to the presence of the world’s largest oil & gas production, mining, and energy & power industries, which are highly prone to explosions in the region. The rising demand for protection in the oil & gas industry led the manufacturers to certify their products for use in explosive atmospheres.