Hazardous Area Equipment Market worth 8.82 Billion USD by 2022

[169 Pages Report] The hazardous area equipment market was valued at USD 6.24 Billion in 2016 and is estimated to reach USD 8.82 Billion by 2022, at a CAGR of 5.74% during the forecast period. The base year used for this study is 2016, and the forecast period considered is between 2017 and 2022.

The market for hazardous area equipment has been segmented into product types, connectivity services, industries, and geographical regions. Cable glands and accessories have been accounting for a significant share of the hazardous area equipment market since last few years, owing to the increasing importance in all the process-oriented industries for the equipment and environmental cabling purposes.

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The oil & gas industry accounted for the largest share of the overall hazardous area equipment. The hazardous area equipment for the oil & gas industry is expected to grow at a high rate between 2017 and 2022. The need for high-performance hazardous area equipment that can operate efficiently in a variety of challenging environ­ments is driving the demand for these products in the oil & gas industry.

The wireless connectivity services segment is expected to hold a major market share during the forecast period. The growth of the wireless services segment is especially attributed to its lower installation cost, cablefree environment, requirement of reduction in space and weight, and so on.

The growing focus on increasing safety measures in industries, especially process and cooling industries, is creating a significant demand for flame- and explosion-proof hazardous area equipment such as industrial controls, cable glands, motors, sensors, strobe beacons, lightings, and so on. Thus, the hazardous area equipment market is expected to grow at a steady rate in the next five years. However, the key factor which is limiting the growth of the hazardous area equipment is that the wireless hazardous area equipment act as a source of ignition in hazardous areas. In addition, manufacturing hazardous area equipment that can operate in wide areas and overcome noise is the key challenges for the industry players.

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