Hazardous Area Equipment Market by Product - 2022 | MarketsandMarkets
The market is expected to grow from USD 6.24 Billion in 2016 to
reach USD 8.82 Billion by 2022, at a CAGR of 5.74% between 2017 and 2022.
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The key manufacturers of hazardous area equipment market include
Honeywell International, Inc. (US), PATLITE Corporation (US), Eaton Corporation
Plc (US), Siemens AG (Germany), Emerson Electric Co. (US), NHP Electric
Engineering Products (Australia), Rockwell Automation (US), E2S Warning Signals
(US), ABB Ltd. (Switzerland), and R.STAHL AG (Germany), among others.
Early buyers will receive 10% customization on reports.
The growing focus on increasing
safety measures in industries, especially process and cooling, is creating a
good demand for flame- and explosion-proof hazardous area equipment such as
industrial controls, motors, cable glands and accessories, strobe beacons,
lighting, and so on.
Cable glands and accessories segment likely to hold the
largest market share during the forecast period
Cable glands and accessories
have been a major market for hazardous area equipment. With the wide usage of
flame-proof cable glands in every industry, more advancements are taking place
and end users are focusing on the safety at workplaces. Moreover, owing to the
increasing importance in all process-oriented industries for equipment and environmental
cabling purposes, this product segment is expected to hold the largest market
share during the forecast period.
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The oil & gas
industry held the largest share of the hazardous area equipment market in 2015
The hazardous area equipment
market for the oil & gas industry held the largest market size in 2016 and
is expected to grow at the highest CAGR between 2017 and 2022. Fueled by the
growing application of these hazardous area equipment such as motors,
industrial controls, strobe beacons, lighting products, and so on in the
exploration and extraction of shale gas and oil, this industry is likely to
retain its leading position till 2022.
Middle East, Africa
together held the largest market share in 2016
The RoW (Middle East, Africa,
and Latin America) region held the largest share of the hazardous area
equipment market in 2016, followed by North America and Europe. The Middle East
and Africa accounted for the largest share of the hazardous area equipment
market in RoW. The high growth of the market in this region can be attributed
to the presence of world’s largest oil & gas production, mining, and energy
& power industries which are highly prone to explosion.
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