The global market for explosion protection equipment is on track to break through the $5 billion benchmark (£3.3 billion) in 2017, according to a recently published report from IndustryARC.
According to the study, there are 11 main categories of products, including exd cable glands, enclosures and junction boxes, switches and sockets, surveillance systems, power generation and distribution, lifting systems, material handling systems, panel boards, signalling systems and switchgears.
Combined, these categories are all helping to drive steady growth in the global market – 10.8% in 2013, the first year included in the report.
The forecasted growth rate through until 2018 is 9.4%, from a value of nearly $3.5 billion in 2013, which should smash through the $5 billion benchmark sometime in 2017.
Primary markets for exd cable glands and other explosion protection equipment include waste management and construction, which are currently the two fastest-growing verticals for sales of the equipment.
However, the report adds that almost all industries have some need for explosion proof equipment – including pharmaceuticals, oil and gas, petrochemicals, grain processing, textiles and general chemical companies.