The global explosion proof equipment market is set to experience strong demand for much of the next decade, according to a report from Research Nester.
In the recently published market research report, the agency notes the impact of stringent safety standards on explosion risks in hazardous areas.
This leads to demand for explosion proof equipment in a variety of areas, including:
- Ex power supplies
- Material handling
- Automated systems
- Ex motors
End users are found in a wide variety of industrial sectors: petrochemicals, oil & gas; food processing; pharmaceuticals; energy and power.
“There is an increase in the adoption of explosion proof equipment in the oil and gas industries [and] exploration of new mining sites that increases the need for explosion proof equipment,” the report states.
It values the global explosion proof equipment market at $8.43 billion in 2018 and forecasts that this will rise to $11.84 billion by 2027, a compound annual growth rate of 5.6% for the decade.
Over half of this market value is located in North America and Europe, with the Middle East and Africa accounting for the majority of the rest.