Report : Europe 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 4.9% CAGR, the Europe Explosion-Proof Equipment Market is Speculated to be Worth US$ 2,992.11 Million by 2030, says Business Market Insights
According to Business Market Insights research, the Europe explosion-proof equipment market was valued at US$ 2,037.91 million in 2022 and is expected to reach US$ 2,992.11 million by 2030, registering a CAGR of 4.9% from 2022 to 2030. Growth in oil & gas industry, increasing use of explosion proof led lights, and growing industrial safety measures are the critical factors attributed to the Europe explosion-proof equipment market expansion.
During the initial stages of LED lights, the LED solutions were expensive. Over the years, manufacturers have developed innovative and cost-effective technologies to lower the price of LED solutions. LED lighting solutions are flourishing across the globe. Increasing awareness of energy efficiency among end users and growing government regulations restricting certain energy sources are resulting in additional demand for energy-efficient products. The market is going through a strong evolution from traditional lighting technology systems to connected lighting systems based on user requirements. The shift in the market toward innovative technologies is reinforcing the LED market growth and bringing more opportunities for the industry players. LED solutions are energy-efficient and are a low-maintenance alternative to fluorescent lighting. The rise in demand for better and more efficient lighting systems paired with increasing awareness for improving energy efficiency in applications such as factories, warehouses, supermarkets, gyms, lecture halls, car parks, and retail drives the market for LED lights. For any factory that operates in hazardous environments, it is important to use explosion-proof lighting. These environments generally contain explosive gases and vapors, which increase the risks of explosions. Explosion-proof lighting is designed for use in places where explosive and flammable gases (such as methane, hydrogen, propane, and other hydrocarbons) are present. This type of lighting is vital at such locations for the safety of workers and operators. Growing Industrial Safety Measures With the growing number of incidents/accidents in industries such as oil & gas and mining, the focus on industrial safety measures has also increased worldwide. For instance, in Sweden, industrial safety has developed within a framework of legislation for worker protection and compensation, but also to a large extent through self-regulation between the parties in the labor market. In most Western countries, a rudimentary labor legislation system for the reduction of working hours, factory inspection, and industrial injury insurance was developed around the turn of the 20th century. The new industrial safety policy should be carried out, and the existing safety regulations of industries should appear under its purview. Thus, the government of Scandinavia is taking the initiative in implementing policies, considering the safety of the workers. In 2023, the Biden administration finalized stricter regulations for complicated devices to prevent catastrophic blowouts on offshore oil and gas drilling rigs. The regulations return to the stricter regulatory approach taken following the 2010 Deepwater Horizon disaster. To reduce fire risk, businesses deploy fixtures with consent ratings of Class 1 Division 1 (C1D1) and Class 1 Division 2 (C1D2) inside the facility. Further, fixtures that are designed for oil refineries come with advanced features such as water tightness and corrosion resistance, as they are frequently exposed to abrasive cleaning solutions. The constant exposure to corrosive agents and water may result in the failure of the lights. This can lead to a considerable safety hazard, specifically for workers. Introducing better equipment may help reduce the number of incidents that take place in factories worldwide. Government policies and increasing explosion-proof equipment in industries are creating a demand for explosion-proof equipment.
On the contrary, complexities involved in installation and maintenance of explosion-proof equipment hampers the Europe explosion-proof equipment market.
Based on systems, the Europe 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 28.4% share of Europe explosion-proof equipment market in 2022, amassing US$ 577.91 million. It is projected to garner US$ 790.78 million by 2030 to expand at 4.0% CAGR during 2022-2030.
In terms of protection method, the Europe explosion-proof equipment market is categorized into large explosion prevention, explosion containment, and explosion segregation. The explosion prevention segment held 53.5% share of Europe explosion-proof equipment market in 2022, amassing US$ 1,090.82 million. It is projected to garner US$ 1,476.68 million by 2030 to expand at 3.9% CAGR during 2022-2030.
Based on industry, the Europe explosion-proof equipment market is segmented into pharmaceutical, mining, oil & gas, manufacturing, food processing, energy, & power, chemical & petrochemical, and others. The oil & gas segment held 22.5% share of Europe explosion-proof equipment market in 2022, amassing US$ 458.15 million. It is projected to garner US$ 603.75 million by 2030 to expand at 3.5% CAGR during 2022-2030.
By country, the Europe explosion-proof equipment market has been categorized into Germany, the UK, France, Italy, Russia, Sweden, Norway, Denmark, Estonia, Latvia, Lithuania, Finland, and the Rest of Europe. Our regional analysis states that Germany captured 28.8% share of Europe explosion-proof equipment market in 2022. It was assessed at US$ 586.10 million in 2022 and is likely to hit US$ 879.68 million by 2030, exhibiting a CAGR of 5.2% during 2022-2030.
Key players operating in the Europe 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 , MoistTech Corp LAB Denmark ApS, and FABRIKA AS, 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.
- 2021: Cortem S.p.A. had launched EJBC series explosion-proof enclosures for gas group IIC. The new enclosures of the EJBC series are characterized by a multi-step joint that allows the installation in areas with danger of explosion and/or fire due to the presence of all the Gases of Group IIA - IIB - IIC classified.
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