The global market for explosion proof equipment is expected to reach a value of $8.2 billion by 2022, a new report by Allied Market Research forecasts, with the explosion prevention equipment segment leading revenue through the period.
Researchers predict that the market will grow at a compound annual growth rate (CAGR) of 9.3% from 2016 through 2022. North America is anticipated to lead the global market at a CAGR of 8.4% during the forecast period. The continent accounted for 31% of global revenue from explosion proof equipment in 2015, according to Allied, due to high production and use of ignition-proof automated solutions.
“However, the adoption of explosion-resistant devices in the Middle East has witnessed significant growth, owing to the abundance of oil refineries in the region.” Allied said in a press release. “The use of cost-effective equipment in LAMEA region would create lucrative opportunities for the market. The region is expected to witness a notable growth with a prominent CAGR of 10.4% during the forecast period.”
Growth of automation and industrial sectors around the world, heightened safety concerns, and increasing regulatory oversight are identified by Allied as the main drivers of the rising value, but researchers noted that “lack of standardization restricts the market growth.”
Explosion prevention equipment is forecasted to grow at the highest CAGR of any type of explosion proof equipment during the period at 10.1% through 2022. Researchers posit the explosion proof automation equipment segment will hit $1.5 billion.
The key industry players from now until 2022 were identified as ABB Group, Rockwell Automation, R. Stahl AG, BARTEC Group, Adalet, Siemens AG, Intertek Group, Pepprl + Fuchs, and Cooper Industires.