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BANGALORE, India , Dec. 2, 2021 /PRNewswire/ -- The Explosion Proof Equipment Market is Segmented by Type (Explosion-proof Lamp, Explosion-proof Electrical Equipment, Explosion-proof Instrument), by Application (Manufacturing Processing, Mining, Oil & Gas). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports under Heavy Machinery Category.
In 2020, the global Explosion Proof Equipment market size was USD 7562 Million and it is expected to reach USD 9884.3 Million by the end of 2027, with a CAGR of 3.9% during 2021-2027.
Major factors driving the growth of the explosion-proof equipment market:
The explosion-proof equipment market is being driven by factors such as increased industrial safety procedures and rising energy demands.
The Explosion Proof Equipment market is being driven by the increased use of integrated systems in manufacturing facilities, as well as an increase in safety concerns as a result of the rising incidence of various accidents in various hazardous environment industries.
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TRENDS INFLUENCING THE GROWTH OF EXPLOSION-PROOF EQUIPMENT MARKET
The demand for energy and fuel grows in tandem with the increase in energy consumption. This boosts the explosion proof equipment market, which is frequently employed to prevent explosions during natural-resource-based power generation. With the world's need for coal to meet its energy needs, new places for coal reserves are being examined.
The mining industry is expected to hold the largest explosion proof equipment market share, because there is a high risk of fire or explosion hazards. Some of the factors leading to the high risks are the presence of flammable gases, combustible liquid–produced vapors, combustible dust, or ignitable fibers/flying particles present in the air in quantities sufficient to produce an explosion. The accumulation of flammable and toxic gases, as well as combustible dust, causes the majority of explosions in underground mines and processing plants. While governments have made significant efforts to minimize explosion disasters, mining remains the most dangerous occupation since the number of individuals exposed to risk in a mining environment is the greatest, and it also results in the most fatalities.
Due to lower installation costs, the need for cable-free operations, and a reduction in space and weight, the explosion proof equipment market for wireless communication services is predicted to rise at a faster rate over the forecast period. Wireless devices can reduce the number of devices placed, as well as the amount of cabling and other installation equipment required, resulting in lower installation costs and labor costs.
Various governments throughout the world are launching programs to help the building industry. The increase in commercial building construction is expected to give lucrative chances for the Explosion Proof Equipment market to expand.
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EXPLOSION PROOF EQUIPMENT MARKET SHARE ANALYSIS:
Based on application, the mining industry holds a significant share during the forecast period. Based on region, North America is the major region of the global market, which takes about 30% market share. Eaton, Emerson, R.Stahl Inc. are the leaders of the Explosion Proof Equipment industry, which take about 25% market share.
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EXPLOSION PROOF EQUIPMENT MARKET SEGMENTATION
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