According to the new research report on "Explosion-Proof Equipment Market Size and Forecast (2021-2031), Global and Regional Share, Trends, and Growth Opportunity Analysis," published by The Insight Partners, the market is expected to reach US$ US$ 13.69 billion by 2031 and register a CAGR of 6.3% from 2023 to 2031.
The report includes growth prospects owing to the current explosion-proof equipment market trends and their foreseeable impact during the forecast period. In North America, countries such as the US and Canada are known for adopting advanced technologies, high standards of living, and developed infrastructure. High disposable incomes and technological advancements have been propelling the growth of the explosion-proof equipment market as every type of industry, either SMEs or large enterprises, is focusing on deploying explosion-proof equipment in their factories. North America is expected to dominate the explosion-proof equipment market as it has the highest number of manufacturers and oil & gas fields. For instance, according to the National Association of Manufacturers, manufacturers in the US accounted for 10.70% of the total output in the country, employing 8.41% of the workforce. Total output from manufacturing was US$ 2.5 trillion in 2021.
Canada's total refining capacity is approximately 2 million bpd. New clean fuel regulations established by the Canadian federal government require an increasing number of refiners to reach net-zero emissions by 2050. Due to this, various companies in the region are announcing investments in oil and gas plant facilities. For instance, in January 2023, Imperial Oil announced that it was investing US$ 527 million to build the largest renewable diesel facility in Canada. Initial production has already begun at Imperial's Strathcona refinery near Edmonton, Alberta. When the module is commissioned in 2025, it will be able to produce 20,000 bpd from a feedstock of locally sourced canola and soy, as well as blue hydrogen. Tidewater Renewables invested US$ 315 million to build Canada's first stand-alone renewable diesel refinery. The plant, located in Prince George, British Columbia, entered production in mid-2023. With the growth of manufacturing and oil & gas industries in the region, the need to employ a larger number of workers and operators and maintain their safety in the factories is also increasing. Furthermore, in North America, the water and wastewater industry is growing as the governments in the countries are investing in this industry. For instance, in September 2023, the governments of Canada and British Columbia, alongside the municipalities of Burns Lake, Fraser Lake, and the District of Mackenzie, are investing over US$ 10 million into three transformative water and wastewater projects. These initiatives are poised to bring cleaner and more dependable municipal services to the region, marking a crucial step in infrastructure enhancement. Hence, there is an increased demand for explosion-proof equipment in the above industries, which is driving the explosion-proof equipment market growth in North America.
Furthermore, France hold the significant explosion-proof equipment market share in Europe. With the rising oil demand from the industrial sector, the rate of oil import is high. However, in 2022, France exported US$ 24.5 million in crude petroleum, making it the 89th largest exporter of Crude Petroleum in the world. In the same year, crude petroleum was France's 837th most exported product. Also, low electricity consumption makes the nuclear energy industry in France an advanced industry across the globe. France has a high level of energy independence and records lower electricity bills than other countries in Europe. The country's explosion-proof equipment market is developing with rising investment in the energy sector. The growth of this sector will lead to a rise in the number of workers employed and the need for explosion-proof equipment for their safety. Also, the high usage of oil in the energy sector and the regulations regarding safety in this industry are a few factors responsible for boosting the overall demand for explosion-proof equipment in the country.
Furthermore, The manufacturing industry employs 2.7 million people in the UK. With an annual output of US$ 234 billion, the UK remains the ninth-largest manufacturing nation in the world. A few of the prominent manufacturing sectors of the country include chemicals, food & beverages, aerospace, plastics, and high-tech manufacturing. Further, the country's water and wastewater industry is anticipated to grow considerably as the investments by the government in the industry are growing. For instance, in May 2024, The UK government unveiled plans to inject US$ 1.94 million into local projects aimed at enhancing water quality management across England. All these industries employ numerous workers, and the use of explosion-proof equipment is necessary to ensure the safety of employees as the above sectors may possess explosive atmospheres due to the presence of chemicals and other materials. This factor is expected to further boost the demand for explosion-proof equipment in the country during the forecast period.
Explosion-Proof Equipment Market Report: Key Findings
The explosion-proof equipment market analysis is based on segmental assessment. Based on systems, the market is categorized into junction boxes and enclosures, lighting system, monitoring system, signaling devices, automation system, cable glands, HVAC systems, and others. The cable glands segment held the largest explosion-proof equipment market share in 2023, whereas the lighting system segment is anticipated to record the highest CAGR during 2023-2031. Explosion-proof cable glands are devices intended for grinding and fixing armored and unarmored cables with rubber and plastic insulation flexibly with a round section when laying into stationary, mobile, or portable electrical equipment. The cable glands are capable of preserving the integrity of the equipment to which it is connected. The explosion-proof cable glands are widely used in both outdoor and indoor applications. These cable glands are deployed at hazardous sites to stop or limit the effects of flames, hot gases, etc. The explosion-proof cable glands are commonly used in workshops or factories that generate hot gases, smoke, or dust. The explosion-proof cable glands are widely used in the oil & gas, petrochemical, and marine industries.
Explosion-proof lighting is used in harsher temperatures and environments, such as chemicals, gases, or intense heat, and is meant to prevent the fixture from exploding. The lighting systems are part of explosion-proof equipment. Different lighting products, such as floodlights, general lighting, compact lights, emergency lighting systems, or hand lamps, are provided for the explosion-proof environment. LEDs are used to provide a vivid outlook in hazardous areas. The explosion-protected LED solutions play a major role in preventing explosives from occurring in factories or mines. Many countries use harmonized certification systems such as the IECEx Systems and ATEX Directive as a certification market for offering explosion-proof lighting. The explosion-proof lighting is approved for use in harsh environments, which various certifying agencies regulate.
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