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Explosion-Proof Equipment Market is expected to reach US$ 12.95 billion by 2030

The explosion proof equipment market size is projected to grow at a CAGR of 6.3% during 2022-2030, to surpass USD 12.95 billion by 2030, from USD 7.96 billion in 2022

By The Insight Partners

Growth in Construction Sector to Provide Opportunities for Explosion-Proof Equipment Market Growth During 2023–2030

According to our latest market study on " Explosion-Proof Equipment Market Size and Forecast (2020–2030), Global and Regional Share, Trends, and Growth Opportunity – by System, Protection Method, and Industry," the explosion-proof equipment market is expected to grow from US$ 7.96 billion in 2022 to US$ 12.95 billion by 2030; it is estimated to record a CAGR of 6.3% from 2022 to 2030.

The construction sector is witnessing a decent growth rate in the recent time. Governments of various countries are taking initiatives to support the construction industry. The increase in the construction of commercial and residential buildings is expected to provide growth opportunities for the explosion-proof equipment market in the region.

Residential and commercial housing constructions are continuously growing in the region, majorly in developing countries. For instance, according to the Russian news agency, the commissioning of housing in Russia increased by 28.4% in the first five months of 2021 compared to the previous year. In May 2021, 5 million square meters of housing was built, which was ~31% more than in May 2020. Similarly, according to the Ridgewater Homes website data, in 2021, there was a boom in residential building construction in Australia, with a 10% growth. This growth can be attributed to the surge in demand for houses because of record-low interest rates and government programs such as HomeBuilder. As the demand for construction continues to rise, so does the need for innovative solutions prioritizing resource efficiency, waste reduction, and the circular economy.   

Explosion-Proof Equipment Market – by Geography, 2022 & 2030

To get free sample copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/brochure/TIPTE100000620

Source: The Insight Partners Analysis

BARTEC Gmbh, Intertek Group PLC, R. STAHL AG, ABB Ltd., Emerson, Extronics Ltd., Marechal Electric Group, Eaton Corporation, Siemens AG, and Rockwell are among the key explosion-proof equipment market players profiled during the report, which provide alternative data solutions. Several other major explosion-proof equipment market players were studied and analyzed during this Explosion-Proof Equipment Market research study to get a holistic view of the market and its ecosystem. The explosion-proof equipment market report provides detailed Explosion-Proof Equipment Market insights, which helps the key players strategize their Explosion-Proof Equipment Market growth.

The explosion-proof equipment market in APAC is segmented into India, Japan, Australia, South Korea, China, and the Rest of APAC. The demand for explosion-proof equipment market is growing in the region due to rising projects in the oil & gas sector. For instance, as per the article published in NS Energy, India is expected to observe the operational commencement of 647 oil & gas projects between 2021 and 2025 as part of the government plan to create a gas-based economy. Similarly, according to Sinopec, the national oil company, the natural gas demand in China reached 395 bcm in 2022, an increase of 7% from an estimated 370 bcm in 2021. Further, China has eight new LNG terminal projects and two expansion projects, which took the country’s total LNG receiving capacity to over 127 million MT/year in 2022, up from 105.8 million MT/year at the end of 2021, according to the National Energy Administration data. The oil & gas industry often requires workers to operate in hazardous locations, including areas where flammable liquids, gas vapors, or combustible dust exist in sufficient quantities. Hence, safety is the priority for workers as well as for the operators. Thus, to combat the high potential for ignition, explosion-proof equipment manufacturers produce and rigorously test explosion-proof assets.

 

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