At 7.2% CAGR, Asia Pacific Explosion Proof Equipment Market is Projected to be Worth US$ 4,892.33 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific explosion proof equipment market was valued at US$ 2,815.21 million in 2023 and is expected to reach US$ 4,892.33 million by 2031, registering a CAGR of 7.2% from 2023 to 2031. Growth of construction sector and stringent safety regulations are among the critical factors attributed to drive the Asia Pacific explosion proof equipment market growth.

The construction sector has been 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 in various regions. Residential and commercial housing construction is continuously growing in various regions, majorly in developing countries

Strong economic conditions and low housing loan interest rates will help maintain the expansion of construction activities in the world. These factors are boosting commercial and residential housing construction activities, increasing the need for explosion-proof equipment in buildings. For instance, BMarko Structures Inc. provides blast-resistant modular buildings. These blast-resistant modules are explosion-proof portable buildings designed to withstand blast loads. Thus, the growth of the construction sector is anticipated to create opportunities for the Asia Pacific explosion-proof equipment market players because of the need for explosion-proof equipment solutions in commercial and residential buildings.

On the contrary, complexities involved in installation and maintenance of explosion-proof equipment hampers the growth of Asia Pacific explosion proof equipment market.

Based on systems, the Asia Pacific explosion proof equipment market is segmented into junction boxes and enclosures, lighting system, monitoring system, signaling devices, automation system, cable glands, HVAC systems, and others. The cable glands segment held 29.6% market share in 2023, amassing US$ 833.38 million. It is projected to garner US$ 1,340.46 million by 2031 to register 6.1% CAGR during 2023–2031. The monitoring system segment is further sub segmented into cameras, data loggers, sensors, and others.

In terms of protection method, the Asia Pacific explosion proof equipment market is segmented into explosion prevention, explosion containment, and explosion segregation. The explosion prevention segment held 57.4% share of Asia Pacific explosion proof equipment market in 2023, amassing US$ 1,616.77 million. It is anticipated to garner US$ 2,720.41 million by 2031 to expand at 6.7% CAGR during 2023–2031.

By industry, the Asia Pacific explosion proof equipment market is segmented into oil and gas, manufacturing, mining, chemical and petrochemical, energy and power, pharmaceutical, water and wastewater management, and others. The manufacturing segment held 27.8% share of Asia Pacific explosion proof equipment market in 2023, amassing US$ 783.21 million. It is anticipated to garner US$ 1,507.87 million by 2031 to expand at 8.5% CAGR during 2023–2031.

By country, the Asia Pacific explosion proof equipment market is segmented into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 39.3% share of Asia Pacific explosion proof equipment market in 2023. It was assessed at US$ 1,105.24 million in 2023 and is likely to hit US$ 1,935.06 million by 2031, registering a CAGR of 7.3% during 2023–2031.

Key players operating in the Asia Pacific explosion proof equipment market are ABB Ltd; Emerson Electric Co; Pepperl+Fuchs SE; Honeywell International Inc; Xylem Inc.; OMEGA Engineering, Inc.; BARTEC Top Holding GmbH; Rockwell Automation Inc; Siemens AG; Schneider Electric SE; and Detector Electronics, LLC., among others.

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