The UK explosion protection equipment market is going through a boom time thanks to rising demand and regulatory effects from a wide range of different sectors.
According to a newly published report by Allied Market Research, the UK explosion protection equipment market was valued at nearly $80 million (£60 million) in 2018.
Growth in explosion protection equipment
By 2026, this is predicted to grow to reach $112.5 million, at a compound annual growth rate of 4.5% for each year in between.
Because of this, the influences driving demand and market value higher are equally varied, from government safety regulations to interest in safe location lighting.
Safety regulations across all industries
The oil and gas sector contributes the largest demand by industry, but there are also substantial orders from the mining segment, pharmaceuticals, food and beverage production, and growing interest from aerospace and defence.
It’s testament to the broad reach of this important market for industrial safety, which appropriately enough is set to experience explosive growth of its own over the coming 6-7 years.