Hazardous Area Equipment Market worth $14.1 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Dec. 14, 2022 /PRNewswire/ -- The Hazardous Area Equipment Market is projected to grow from USD 10.5 billion in 2023 to USD 14.1 billion by 2028, at a CAGR of 6.1 % during the forecast period according to a new report by MarketsandMarkets™. The growth of the market is attributed to rising government regulations for industrial safety measures in hazardous environments. During the forecast period, the development of hazardous area equipment in industries such as oil & gas, chemical & pharmaceutical, food & beverage, and energy & power are expected to create growth opportunities for the market.

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Hazardous area cable glands & accessories is to account for the larger share of the hazardous area equipment market throughout the forecasted period.

Hazardous area cable glands & accessories is to account for the larger share of the hazardous area equipment market throughout the forecasted period. Cable glands are widely used in every industry across diverse applications. Cable glands used in hazardous locations are intended to provide the safe connection of suitable cables to enclosures, maintaining the explosion protection and ingress properties of equipment, and should meet requirements such as mechanical retention, strain relief, and earth continuity. Increasing need for mechanical retention, strain relief, and earth continuity drive the demand for hazardous area cable glands & accessories.

Hazardous area equipment market for oil & gas industry is accounted for the largest share through the forecasted period.

Hazardous area equipment market for oil & gas industry accounted for the largest share through the forecasted period. Hazardous area equipment is used for various industrial applications as a part of the emergency management system and as intrinsic safe equipment to protect the workplace. The environment in the oil & gas industry is highly prone to explosives, and the use of equipment in this environment needs to be explosive protected with all the necessary built-in safety standards. Hazardous area equipment avoids any internal explosion that might occur because of combustible gases, vapors, or high temperature present in the environment, as well as can survive an external explosion.

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Market in North America holds significant opportunities for the market during the forecasted period.

The market has been segmented into the US, Canada, and Mexico.  The region has emerged as a global focal point for large investments and business expansion opportunities. The fastest growth of the hazardous area equipment market in North America can be attributed to the growing opportunities for hazardous area equipment in industries such as oil & gas, food & beverage, and chemical & pharmaceutical. This region represents the fastest-growing market worldwide for hazardous area equipment. The US remains the highest market for hazardous area equipment in North America throughout the forecasted period.

The key players in the hazardous area equipment market include ABB Ltd. (Switzerland), Siemens AG (Germany), Eaton Corporation (Ireland), Rockwell Automation (US), Honeywell International Inc. (US), Emerson Electric Co. (US), Patlite Corporation (Japan), R. STAHL AG (Germany).

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