Summary
Major players in the hazardous area equipment market are PATLITE Corporation, Eaton Corporation PLC., Rockwell Automation, Emerson Electric Co., Siemens AG, NHP Electric Engineering Products, Honeywell International Inc., E2S Warning Signals, ABB Ltd., STAHL AG, Federal Signal Corporation, Potter Signal Co., Tomar Electronics Inc., WERMA Signaltechnik GmbH + Co. KG, and Mitsubishi Electric Corporation.
The global hazardous area equipment market is expected to grow from $8.35 billion in 2022 to $9.00 billion in 2023 at a compound annual growth rate (CAGR) of 7.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The hazardous area equipment market is expected to reach $11.92 billion in 2027 at a CAGR of 7.3%.
The hazardous area equipment market consists of sales of cable transits, duct seals, and cable terminations.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Hazardous area equipment refers to the electrical equipment that is used within hazardous areas that have an operational temperature band or limit. Hazardous area equipment is installed in hazardous areas to prevent an explosion and ensure the safety of people
North America was the largest region in the hazardous area equipment in 2022. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The major products of hazardous area equipment are cable glands and accessories, process instruments, industrial controls, motors, strobe beacons, and lighting.Cable glands and accessories are used as wiring for electrical, instrumentation and control, and automation systems, such as lighting, power, data, and telecoms.
The major services involved in hazardous area equipment are wired and wireless and are by several end-user industries such as oil and gas, chemical and pharmaceutical, food and beverages, energy and power and mining.
Rising demand for industrial safety is expected to propel the growth of the hazardous area equipment market going forward.Industrial safety refers to a collection of safety procedures, guidelines, and rules to safeguard the environment, workplace, and workers from danger.
To provide a secure workplace and long-lasting business operations, it serves as a corrective action that is periodically assessed and approved by safety specialists.Hazardous area equipment is installed in hazardous areas to prevent an explosion and ensure the safety of people.
Thus, the use of hazardous area equipment for industrial safety will increase the demand for hazardous area equipment.For instance, in July 2022, according to a report shared by the Centers for Disease Control and Prevention, a US-based national public health agency, in 2020, nearly 196,140 accidents involving objects and machinery required time off work owing to their severity and 1,038 American workers lost their lives in work-related car accidents in 2020 (22% of all fatalities).
Also, emergency rooms will have treated 1.8 million workers who suffered work-related injuries. Therefore, the rising demand for industrial safety is driving the growth of the hazardous area equipment market.
Technological advancements have emerged as a key trend gaining popularity in the hazardous area equipment market.Major companies operating in hazardous area equipment are focused on innovating new technologies to sustain their position in the market.
In February 2022, i.safe MOBILE GmbH, a Germany-based manufacturer of mobile communication equipment for use in hazardous areas, launched the IS-TC1A.1, an ex-protected thermal imaging camera. This equipment is designed for predictive maintenance in hazardous areas. Based on Seek Thermal technology, the explosion-proof thermal imaging camera IS-TC1A.1 enables industrial users in risky areas to monitor industrial and maintenance processes and spot danger signs before they become serious. Predictive maintenance aims to save energy costs, improve process dependability, and prevent unscheduled equipment downtime.
In June 2021, Proserve, a Scotland-based oil and gas company, acquired Dron & Dickson’s Abu Dhabi Business for an undisclosed amount.This acquisition strengthens and broadens Proserv’s expertise and range of offerings throughout the Middle East and North Africa, where it operates from several locations, including Abu Dhabi, Dubai, Doha, and Dammam.
Dron & Dickson is a UK-based company specializing in the manufacturing, assembly, and maintenance of hazardous areas and industrial electrical equipment.
The countries covered in the hazardous area equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The hazardous area equipment market research report is one of a series of new reports that provides hazardous area equipment market statistics, including hazardous area equipment industry global market size, regional shares, competitors with a hazardous area equipment market share, detailed hazardous area equipment market segments, market trends and opportunities, and any further data you may need to thrive in the hazardous area equipment industry. This hazardous area equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
