The hazardous area equipment global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Hazardous Area Equipment Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The hazardous area equipment market size has grown strongly in recent years. It will grow from $9.01 billion in 2023 to $9.74 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to industrialization and manufacturing growth, stringent safety regulations, globalization and cross-border trade, energy exploration and extraction, increased focus on worker safety..
The hazardous area equipment market size is expected to see strong growth in the next few years. It will grow to $13.06 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to global shift towards renewable energy, demand for modular solutions, focus on cybersecurity in industrial systems, emergence of new hazardous substances, regulatory changes and compliance standards.. Major trends in the forecast period include iot integration, automation in hazardous areas, increased adoption of led lighting, customization of solutions, training and certification programs, development of intrinsically safe technologies..
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Scope Of Hazardous Area Equipment Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Hazardous Area Equipment Market Overview
Market Drivers –
Rising demand for industrial safety is expected to propel the growth of the hazardous area equipment market going forward. Industrial safety refers to a collection of safety procedures, guidelines, and rules to safeguard the environment, workplace, and workers from danger. To provide a secure workplace and long-lasting business operations, it serves as a corrective action that is periodically assessed and approved by safety specialists. Hazardous area equipment is installed in hazardous areas to prevent an explosion and ensure the safety of people. Thus, the use of hazardous area equipment for industrial safety will increase the demand for hazardous area equipment. For instance, in July 2022, according to a report shared by the Centers for Disease Control and Prevention, a US-based national public health agency, in 2020, nearly 196,140 accidents involving objects and machinery required time off work owing to their severity and 1,038 American workers lost their lives in work-related car accidents in 2020 (22% of all fatalities). Also, emergency rooms will have treated 1.8 million workers who suffered work-related injuries. Therefore, the rising demand for industrial safety is driving the growth of the hazardous area equipment market.
Market Trends –
Technological advancements have emerged as a key trend gaining popularity in the hazardous area equipment market. Major companies operating in hazardous area equipment are focused on innovating new technologies to sustain their position in the market. In February 2022, i.safe MOBILE GmbH, a Germany-based manufacturer of mobile communication equipment for use in hazardous areas, launched the IS-TC1A.1, an ex-protected thermal imaging camera. This equipment is designed for predictive maintenance in hazardous areas. Based on Seek Thermal technology, the explosion-proof thermal imaging camera IS-TC1A.1 enables industrial users in risky areas to monitor industrial and maintenance processes and spot danger signs before they become serious. Predictive maintenance aims to save energy costs, improve process dependability, and prevent unscheduled equipment downtime.
The hazardous area equipment market covered in this report is segmented –
1) By Product: Cable Glands And Accessories, Process Instruments, Industrial Controls, Motors, Strobe Beacons, Lighting
2) By Service: Wired, Wireless
3) By Industry: Oil And Gas, Chemical And Pharmaceutical, Food And Beverages, Energy And Power, Mining
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Regional Insights –
North America was the largest region in the hazardous area equipment in 2023. The regions covered in the hazardous area equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the hazardous area equipment market report are PATLITE USA Corporation., Eaton Corporation PLC., Rockwell Automation Inc., Emerson Electric Co., Siemens AG., NHP Electric Engineering Products Pty Ltd., Honeywell International Inc., E2S Warning Signals LLC., ABB Ltd., Federal Signal Corporation., Potter Signal Co., R. STAHL AG., Tomar Electronics Inc., Mitsubishi Electric Corporation., Adalet Inc., Bartec Group., Cortem Group., Delvalle Box., Extronics Ltd., G M International Srl., Hawke International., Intertek Group PLC., J B Systems BVBA., KEB America Inc., Marechal Electric Group., Miretti Group., Pepperl+Fuchs GmbH., Phoenix Contact GmbH & Co KG., Raychem RPG., Redapt Ltd., S Tahl AG., Schneider Electric SE., Shenzhen Hengchangda Industry Co Ltd .
Table of Contents
1. Executive Summary
2. Hazardous Area Equipment Market Report Structure
3. Hazardous Area Equipment Market Trends And Strategies
4. Hazardous Area Equipment Market – Macro Economic Scenario
5. Hazardous Area Equipment Market Size And Growth
…..
27. Hazardous Area Equipment Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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