Overview and Scope
Hazardous area equipment refers to the electrical equipment that is used within hazardous areas that have an operational temperature band or limit. Hazardous area equipment is installed in hazardous areas to prevent an explosion and ensure the safety of people
Sizing and Forecast
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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Segmentation & Regional Insights
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
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
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the hazardous area equipment market are developing new hazardous area LED lights to sustain their position in the market. Hazardous area lights refers to lighting fixtures specifically designed and certified for use in environments where there are potentially hazardous conditions due to the presence of flammable gases, vapors, liquids, combustible dust, or other dangerous substances. For instance, in September 2021, Wolf Safety Lamp Co Ltd, a UK-based hazardous lighting solutions company launched a range of ATEX-certified LED installed lighting designed for safe use in potentially explosive atmospheres. This new fixed lighting range includes linear luminaires for walkways and corridors, floodlights for large hazardous areas, highbay lights for very high and large hazardous work areas, and bulkheads for walkways, stairways, and entrances within hazardous areas. The lighting range features Directional Linear Optics (DLO), a patented light delivery technology that combines the benefits of fluorescent and LED technology while eliminating their drawbacks. The use of robust materials and advanced technology ensures the lights are suitable for both indoor and outdoor use, providing a comprehensive lighting solution for hazardous area workplaces.
The hazardous area equipment market report table of contents includes:
1. Executive Summary
2. Hazardous Area Equipment Market Characteristics
3. Hazardous Area Equipment Market Trends And Strategies
4. Hazardous Area Equipment Market – Macro Economic Scenario
5. Global Hazardous Area Equipment Market Size and Growth
…..
32. Global Hazardous Area Equipment Market Competitive Benchmarking
33. Global Hazardous Area Equipment Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Hazardous Area Equipment Market
35. Hazardous Area Equipment Market Future Outlook and Potential Analysis
36. Appendix
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