Report : Asia Pacific Explosion-Proof Equipment Market Forecast to 2030 - Regional Analysis - By Systems (Junction Boxes and Enclosures, Lighting System, Monitoring System, Signaling Devices, Automation System, Cable Glands, HVAC Systems, and Others), Protection Method (Explosion Prevention, Explosion Containment, and Explosion Segregation), and Industry (Pharmaceutical, Mining, Oil & Gas, Manufacturing, Food Processing, Energy & Power, Chemical & Petrochemical, and Others)
At 8.0% CAGR, the Asia Pacific Explosion-Proof Equipment Market is Speculated to be Worth US$ 5,142.29 Million by 2030, says Business Market Insights
According to Business Market Insights research, the Asia Pacific explosion-proof equipment market was valued at US$ 2,779.29 million in 2022 and is expected to reach US$ 5,142.29 million by 2030, registering a CAGR of 8.0% from 2022 to 2030. Growth in the construction sector, increasing use of explosion proof led lights, and growing industrial safety measures are the critical factors attributed to the Asia Pacific explosion-proof equipment market expansion.
The construction sector is witnessing a decent growth rate in the recent time. Governments of various countries are taking initiatives to support the construction industry. The increase in the construction of commercial and residential buildings is expected to provide growth opportunities for the market. Residential and commercial housing constructions are continuously growing in the region, majorly in developing countries. China is expected to provide ample growth opportunities to the market during the forecast period, owing to the rise in construction activities and a widescale uptake of modern systems in residential and commercial buildings across the country. Additionally, owing to many issues with worker safety and accidents, construction businesses have begun to spend significant amount on contemporary equipment, which is further boosting the growth of the APAC explosion-proof equipment market. Strong economic conditions and low rates of housing loan interest will help maintain the expansion of construction activities in the world. According to the Ridgewater Homes website data, in 2021, there was a boom in residential building construction in Australia, with a 10% growth. This growth can be attributed to the surge in demand for houses because of record-low interest rates, and government programs such as HomeBuilder. Thus, the growth of the construction sector is anticipated to create opportunities for the explosion-proof equipment market players because of the need for explosion-proof equipment solutions in commercial as well as residential buildings.
On the contrary, complexities involved in installation and maintenance of explosion-proof equipment hampers the Asia Pacific explosion-proof equipment market.
Based on systems, the Asia Pacific explosion-proof equipment market is segmented into junction boxes & enclosures, lighting system, monitoring system, signaling devices, automation system, cable glands, HVAC systems, and others. The cable glands segment held 30.0% share of Asia Pacific explosion-proof equipment market in 2022, amassing US$ 834.59 million. It is projected to garner US$ 1,449.11 million by 2030 to expand at 7.1% CAGR during 2022-2030.
In terms of protection method, the Asia Pacific explosion-proof equipment market is categorized into large explosion prevention, explosion containment, and explosion segregation. The explosion prevention segment held 58.0% share of Asia Pacific explosion-proof equipment market in 2022, amassing US$ 1,613.20 million. It is projected to garner US$ 2,754.37 million by 2030 to expand at 6.9% CAGR during 2022-2030.
Based on industry, the Asia Pacific explosion-proof equipment market is segmented into pharmaceutical, mining, oil and gas, manufacturing, food processing, energy, and power, chemical and petrochemical, and others. The oil and gas segment held 23.7% share of Asia Pacific explosion-proof equipment market in 2022, amassing US$ 658.41 million. It is projected to garner US$ 1,081.13 million by 2030 to expand at 6.4% CAGR during 2022-2030.
By country, the Asia Pacific explosion-proof equipment market has been categorized into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 47.7% share of Asia Pacific explosion-proof equipment market in 2022. It was assessed at US$ 1,325.58 million in 2022 and is likely to hit US$ 2,401.45 million by 2030, exhibiting a CAGR of 7.7% during 2022-2030.
Key players operating in the Asia Pacific explosion-proof equipment market are ABB Ltd, Cortem S.p.A., Eaton Corp Plc, Emerson Electric Co, Rockwell Automation Inc, Siemens AG, Pepperl+Fuchs SE , and MoistTech Corp, among others.
- 2022: ABB Ltd (India) has launched flameproof low voltage motors for applications in potentially explosive environments. The flameproof low voltage motors offer considerable benefits including low vibration levels with increased reliability for an extended lifetime and reduced maintenance requirements for a lower cost of ownership.
- 2022: ABB's launched a smaller flameproof motor that offers safety and reliability. The new low voltage IEC (LV) flameproof motors are ideal for use in hazardous and explosive environments, typically found in the chemical, mining, and oil & gas industries.
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