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The explosion-proof equipment market size is expected to reach US$ 13.69 billion by 2031 from US$ 8.40 billion in 2023. The market is estimated to record a CAGR of 6.3% from 2023 to 2031. Integration of IoT is likely to remain a key market trend.
Explosion-Proof Equipment Market Analysis
The explosion-proof equipment market is experiencing substantial growth. This growth is attributed to the growth in the oil & gas industry. Explosion-proof equipment plays a crucial role in the oil and gas industry. Manufacturers produce and rigorously test explosion-proof assets to combat the high probability of ignition. Moreover, factors such as the increasing use of explosion-proof LED lights and growing industrial safety measures are driving the market. Additionally, the construction sector has been witnessing a decent growth rate in the recent time. Governments of various countries are taking initiatives to support the construction industry, increasing the demand for explosion-proof equipment. The rise in product launches and strategic initiatives is anticipated to drive the market. New products often incorporate the latest technology, improving safety and efficiency. This can attract new customers and encourage existing ones to upgrade their equipment. Also, the integration of IoT is expected to fuel the market growth. Construction, manufacturing, and mining industries tend to have the highest incident/accident rates. There are various risks associated with working in hazardous areas. To cater to this problem, the adoption of explosion-proof equipment is increasing worldwide, further fueling the market growth.
Explosion-Proof Equipment Market Overview
Explosion-proof equipment include products, devices, and solutions installed to inhibit sparks that can lead to an explosion. Installing these products in hazardous locations ensures better productivity and increased safety. Incorporating automation and monitoring systems ensures efficient tracking and detection, along with monitoring the functioning of the equipment. These systems help detect leaks of hazardous gases, accidental explosions, or any other complications during production. This provides added safety to the personnel, machinery, and surroundings. The designing and examination of explosion-proof equipment are controlled as per the NEC and ATEX/IEC standards, which create the production of equipment based on the zone/class/group/division.
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Explosion-Proof Equipment Market: Strategic Insights
Market Size Value in US$ 7.96 billion in 2022 Market Size Value by US$ 12.95 billion by 2030 Growth rate CAGR of 6.3% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Explosion-Proof Equipment Market: Strategic Insights
| Market Size Value in | US$ 7.96 billion in 2022 |
| Market Size Value by | US$ 12.95 billion by 2030 |
| Growth rate | CAGR of 6.3% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Explosion-Proof Equipment Market Drivers and Opportunities
Increase in Use of Explosion-Proof LED Lights
During the initial stages of LED lights, the LED solutions were expensive. Over the years, manufacturers have developed innovative and cost-effective technologies in order to lower the price of LED solutions. Increasing awareness of energy efficiency among end users and growing government regulations restricting certain energy sources are resulting in additional demand for energy-efficient products. Further, the market is going through a transition from traditional lighting technology systems to connected lighting systems based on user requirements. The shift in the market toward innovative technologies is supporting the LED market growth.
Companies in the market are engaged in launching explosion-proof LEDs. For instance, in January 2023, ARCHON Industries Inc. revealed its new explosion-proof light: EX20-100. The company indicated that the EX20-100 luminaire is designed to continuously illuminate process vessels, tanks, distillation columns, and other industrial items in hazardous and nonhazardous areas. Built with a high-power CREE COB LED and a proven LED driver for ultimate reliability, EX20-100 provides high-grade optics for exceptional performance.
As easy availability and energy efficiency are the key benefits of explosion-proof LED lighting, its demand is increasing in the market. These lighting systems have simpler maintenance requirements than fluorescent and other conventional lighting solutions. The increase in awareness of energy efficiency among end users and stringent regulations imposed by governments to favor certain energy sources propel the demand for energy-efficient products. The demand for lighting systems is rapidly evolving from traditional lighting technology to connected lighting systems with the surging popularity of handheld lighting. Thus, the increasing use of explosion-proof LED lights is driving the explosion-proof equipment market growth globally.
Rise in Product Launches and Strategic Initiatives
The rise in the number of product launches and strategic initiatives can provide several opportunities for the explosion-proof equipment market. New products often incorporate the latest technology, improving safety and efficiency. This can attract new customers and encourage existing ones to upgrade their equipment. Additionally, new strategic initiatives will help the company expand its product portfolio and geographical footprint.
Various companies in the market are engaged in launching new products and strategic initiatives.
- In March 2024, Axis Communications launched the world's first explosion-protected thermometric camera specifically designed and certified for use in Zone and Division 2 hazardous locations. The new camera enables remote temperature monitoring to optimize operational efficiency, with a detection range that can extend into Zone and Division 1 hazardous locations.
- In June 2024, Fuji Electric launched the EXV1000-7W 10 HP explosion-proof blower. The model is a direct drive single-stage blower with a motor defined as explosion proof: T4(T3C): Class 1, Div.1, Group C, D, with a UL certificate, and equipped with a motor suitable for explosion-proof requirements. It provides the same high quality, reliability, and durability as Fuji Electric's standard products and is similar in design to its standard 10 HP blower.
Thus, the rise in product launches and strategic initiatives is anticipated to fuel the explosion-proof equipment market growth in the coming years.
Explosion-Proof Equipment Market Report Segmentation Analysis
Key segments that contributed to the derivation of the explosion-proof equipment market analysis are systems, protection method, and industry.
- Based on systems, the market is segmented into junction boxes and enclosures, lighting system, monitoring system, signaling devices, automation system, cable glands, HVAC systems, and others. The monitoring system segment is subsegmented into data loggers, cameras, sensors, and others. The cable glands segment dominated the market in 2023.
- Based on protection method, the market is segmented into explosion prevention, explosion containment, and explosion segregation. The explosion prevention segment dominated the market in 2023.
- In terms of industry, the explosion-proof equipment market is segmented into manufacturing, pharmaceutical, mining, oil & gas, water and wastewater, chemical & petrochemical, energy & power, and others. The manufacturing segment dominated the market in 2023.
Explosion-Proof Equipment Market Share Analysis by Geography
- The explosion-proof equipment market is segmented into five major regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. North America dominated the market in 2023, followed by Europe and APAC.
- The North America explosion-proof equipment market is growing significantly due to the rising number of oil and gas projects. For instance, according to the US Energy Information Administration, crude oil production in the US, including condensate, averaged 12.9 million barrels per day (b/d) in 2023, breaking the previous US and global record of 12.3 million b/d, set in 2019. Average monthly US crude oil production established a monthly record high in December 2023 at more than 13.3 million b/d. The crude oil production record in the US in 2023 is unlikely to be broken in any other country in the near term because no other country has reached a production capacity of 13.0 million b/d. This can demand more crude oil plants in the country. Thus, with the increase in oil and gas projects in the US, the industry needs to employ a greater number of workers and operators in the factories. This is increasing the need for explosion-proof equipment in these hazardous areas.
Explosion-Proof Equipment Market Report Scope
Explosion-Proof Equipment Market News and Recent Developments
The explosion-proof equipment market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the explosion-proof equipment market are listed below:
- Larson Electronics announced the release of an explosion-proof motor for use in Class I, Divisions 1 and 2 hazardous locations. This 1.5-horsepower motor is compatible with 230 V AC single-phase 60 Hz and offers 7.8 FLA. This unit is Class F insulation rated and features a NEMA 56H motor frame that can be installed with industrial systems through an integrated mounting foot.
(Source: Larson Electronics, Press Release, March 2024)
- Larson Electronics announced the release of an explosion-proof LED exit sign with emergency battery backup for use in Class I, Divisions 1 and 2 hazardous locations. This exit sign is equipped with a 1.1-watt LED lamp and offers a 3-hour runtime. This unit features a self-diagnostic system and 8" letters for marking emergency exits. This sign is multi-voltage capable and offers three mounting options.
(Source: Larson Electronics, Press Release, March 2024)
Explosion-Proof Equipment Market Report Coverage and Deliverables
The "Explosion-Proof Equipment Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the areas mentioned below:
- Explosion-proof equipment market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Explosion-proof equipment market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Explosion-proof equipment market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the explosion-proof equipment market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Systems, Protection Method, and Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The explosion-proof equipment market was estimated to be valued at US$ 8.40 billion in 2023 and is anticipated to grow at a CAGR of 6.3% over the forecast period.
The cable glands segment led the explosion-proof equipment market with a significant share in 2023.
Growth of oil & gas industry, increase in use of explosion-proof LED lights, and rise in industrial safety measures are driving factors in the explosion-proof equipment market.
The explosion-proof equipment market is expected to reach US$ 13.69 Billion by 2031.
The stringent safety regulations and integration of IoT are expected to drive the growth of the explosion-proof equipment market in the coming years.
Asia Pacific is anticipated to grow at the fastest CAGR over the forecast period.
The key players holding majority shares in the explosion-proof equipment market include ABB Ltd; Cortem S.p.A; Emerson Electric Co; Pepperl+Fuchs SE; Honeywell International Inc; Xylem Inc.; OMEGA Engineering, Inc.; Spectec Thunderbird International Corp; Motion Sensors, Inc.; BARTEC Top Holding GmbH; Rockwell Automation Inc; Siemens AG; Schneider Electric SE; Detector Electronics, LLC.; and Larson Electronics LLC.
The List of Companies - Explosion Proof Equipment Market
- ABB Ltd
- Cortem S.p.A
- Emerson Electric Co
- Pepperl+Fuchs SE
- Honeywell International Inc
- Xylem Inc.
- OMEGA Engineering, Inc.
- Spectec Thunderbird International Corp
- Motion Sensors, Inc.
- BARTEC Top Holding GmbH
- Rockwell Automation Inc
- Siemens AG
- Schneider Electric SE
- Detector Electronics, LLC.
- Larson Electronics LLC.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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