Hyderabad, India (PressExposure) September 04, 2014 -- The global explosion protection equipment market which consists of a number of extremely popular products, with a steady demand in their favor presently has a healthy growth rate of 9.4% during 2013 - 2018. The overall market size currently stands at $3.45 billion in 2013, which is a 10.8% increase over the revenues from 2012. The market size is predicted to cross the $5 billion mark in 2017, and it will continue to increase to $5.41 billion in 2018, which is a steady and extremely promising growth.
The equipment can be categorized into different paradigms, like intrinsically safe, explosion proof, or explosion containable and explosion segregated. The prominent players in this field are BARTEC GmbH, Crouse-Hinds (Cooper Industries), E2S Warning Signal, Extronics Ltd., Feam SRL, R. STAHL GmbH and others. Also, 11 key product segments were identified and analyzed, which included cable glands, power generation and distribution systems, junction boxes and enclosures, lifting systems, material handling systems, panel boards, switches and sockets, surveillance and monitoring systems, signaling systems, and switchgears.
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In the near future, surveillance systems and lighting systems will have the fastest growth rate among all the product segments during 2013-2018. Presently, the emerging markets in Asia Pacific and Middle East are expected to be the major contributors in the future, due to their increased construction activity, manufacturing and toxic waste treatment necessities.
Presently, the biggest driving factor for explosion proof electrical equipment market is the exploration of new oil sites across the world. Much of these oil sites have been found in Arctic Zone, and often attributed to be an eco-sensitive area. Federal officials in Canada are presently assessing the potentials of oil and gas related exploration in eastern Arctic region. The rapid production boom in shale, oil and gas, due to the hike in petroleum prices has opened new dimensions for the explosion proof electrical equipment market.
At the same time, the sharply declining reserves in the North Sea have resulted in Italy getting the top spot for the huge amount of natural oil reserves she presently possesses. As a result, the government plans to double the domestic oil production rates through more investments from Oil and Gas Companies. This in turn will spur up the market for explosion proof equipment that will be required to be installed in the new exploration sites, in compliance with the safety standards.
Explosion proof equipment are used in almost all industries, like pharmaceuticals, chemicals, textiles, grain processing, oil and gas, petrochemicals, and other industries, for the protection of different types of machinery. The market is analyzed on these key end user verticals and the conclusions were drawn subsequently. Waste management and construction industry are two of the fastest growing end user verticals in this field, according to a report compiled by IndustryARC, with high growth rates to be seen in the near future.
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