At 5.5% CAGR, Europe Explosion Proof Equipment Market is Projected to be Worth US$ 3,245.08 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Europe explosion proof equipment market was valued at US$ 2,122.33 million in 2023 and is expected to reach US$ 3,245.08 million by 2031, registering a CAGR of 5.5% from 2023 to 2031. Growth of oil & gas industry and increase in use of explosion-proof LED Lights are among the critical factors attributed to drive the Europe explosion proof equipment market growth.

Explosion-proof equipment plays a crucial role in the oil & gas industry. In this industry, flammable liquids, gases, vapors, or combustible dust exist in sufficient quantities; hence, the safety of workers is the top priority. Generally, refineries, oil plants, and offshore facilities are constantly exposed to flammable substances. Manufacturers produce and rigorously test explosion-proof assets to combat the high possibility of ignition. For instance, in November 2023, Mitsubishi Heavy Industries, Ltd. (MHI) carried out autonomous inspections at a refinery using the "ASCENT," a second-generation "EX ROVR" plant inspection robot with explosion-proof features currently under joint development with ENEOS Corporation.

The use of explosion-proof equipment in oil and gas refineries has aided in reinforcing safety measures for unpredictable work environments. Dangerous compounds in oil and gas facilities indicate several safety challenges for the workers. For instance, hydrocarbon processing, including ethane, fossil fuels, methane, and propane, is a critical process that needs to be carried out under stable atmospheres. Additionally, the increasing number of upcoming oil and gas plants in various countries is fueling the requirement for explosion-proof equipment

Several companies are engaged in increasing oil production. For instance, the International Monetary Fund expects OPEC and its partners to gradually increase oil production from July 2024. Therefore, with the growth of the oil & gas industry, the demand for explosion-proof equipment is also rising to ensure the safety of all operators and workers working in oil and gas plants.

On the contrary, complexities involved in installation and maintenance of explosion-proof equipment hamper the growth of Europe explosion proof equipment market.

Based on systems, the Europe 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 28.4% market share in 2023, amassing US$ 603.20 million. It is projected to garner US$ 851.85 million by 2031 to register 4.4% 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 Europe explosion proof equipment market is segmented into explosion prevention, explosion containment, and explosion segregation. The explosion prevention segment held 52.8% share of Europe explosion proof equipment market in 2023, amassing US$ 1,120.49 million. It is anticipated to garner US$ 1,646.80 million by 2031 to expand at 4.9% CAGR during 2023–2031.

By industry, the Europe 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 mining segment held 23.3% share of Europe explosion proof equipment market in 2023, amassing US$ 495.53 million. It is anticipated to garner US$ 770.87 million by 2031 to expand at 5.7% CAGR during 2023–2031.

By country, the Europe explosion proof equipment market is segmented into Germany, the UK, France, Italy, Russia, Austria, Switzerland, and the Rest of Europe. Our regional analysis states that Germany captured 27.8% share of Europe explosion proof equipment market in 2023. It was assessed at US$ 590.86 million in 2023 and is likely to hit US$ 940.21 million by 2031, registering a CAGR of 6.0% during 2023–2031.

Key players operating in the Europe explosion proof equipment market are ABB Ltd; Cortem S.p.A.; 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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