Future Market Insights valued the industry at $8.84 billion in 2021, while forecasting a compound annual growth rate of 5.2% over the next decade to reach $15.43 billion.
Why is the market growing?
Several factors are combining to accelerate the Hazardous Area Equipment Market, including industrial demand for hazardous area equipment and the growth of emerging economies.
“The rise in the use of LED lighting solutions for hazardous and safe environments, as well as an increasing focus on industry safety measures, are driving the growth of this market,” the report stated.
“As a result, the market for hazardous area equipment is predicted to develop steadily over the next five years.”
Challenges to market growth
- Preventing hazardous area equipment from acting as a source of ignition;
- Manufacturing hazardous area equipment suitable for large spaces;
- Ensuring hazardous area equipment can function in high noise levels.
As leading brands continue to meet these challenges and industries increase their focus on safety measures, the market is expected to hit an interim value of $11.39 billion by 2026.
Find out more
For more information about any of the hazardous area equipment available from Cable Systems, you’ll find downloadable datasheets and informational videos across our website.