At 6.1% CAGR, North America Explosion Proof Equipment Market is Projected to be Worth US$ 4,893.73 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the North America explosion proof equipment market was valued at US$ 3,046.17 million in 2023 and is expected to reach US$ 4,893.73 million by 2031, registering a CAGR of 6.1% from 2023 to 2031. Increase in use of explosion-proof LED lights and growth in oil & gas industry are among the critical factors attributed to drive the North America explosion proof equipment market growth.

During the initial stages of LED lights, the LED solutions were expensive. Over the years, manufacturers have developed innovative and cost-effective technologies in order to lower the price of LED solutions. 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. Further, the market is going through a transition from traditional lighting technology systems to connected lighting systems based on user requirements. The shift in the market toward innovative technologies is supporting the LED market growth.

Companies in the market are engaged in launching explosion-proof LEDs. For instance, in January 2023, ARCHON Industries Inc. revealed its new explosion-proof light: EX20-100. The company indicated that the EX20-100 luminaire is designed to continuously illuminate process vessels, tanks, distillation columns, and other industrial items in hazardous and nonhazardous areas. Built with a high-power CREE COB LED and a proven LED driver for ultimate reliability, EX20-100 provides high-grade optics for exceptional performance.

Moreover, as easy availability and energy efficiency are the key benefits of explosion-proof LED lighting its demand is increasing in the market. Additionally, these lighting systems come with simpler maintenance requirements compared to fluorescent and other conventional lighting solutions. The increasing awareness of energy efficiency among end users and stringent regulations imposed by governments to favor certain energy sources propel the demand for energy-efficient products. The demand for lighting systems is rapidly evolving from traditional lighting technology to connected lighting systems with the surging popularity of handheld lighting. Thus, considering the above factors, the increasing use of explosion-proof LED lights is driving the North America explosion-proof equipment market growth globally.

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

Based on systems, the North America 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 31.2% market share in 2023, amassing US$ 951.28 million. It is projected to garner US$ 1,422.37 million by 2031 to register 5.2% 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 North America explosion proof equipment market is segmented into explosion prevention, explosion containment, and explosion segregation. The explosion prevention segment held 53.8% share of North America explosion proof equipment market in 2023, amassing US$ 1,639.71 million. It is anticipated to garner US$ 2,530.73 million by 2031 to expand at 5.6% CAGR during 2023–2031.

By industry, the North America 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 oil and gas segment held 26.7% share of North America explosion proof equipment market in 2023, amassing US$ 813.76 million. It is anticipated to garner US$ 1,392.56 million by 2031 to expand at 6.9% CAGR during 2023–2031.

By country, the North America explosion proof equipment market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 82.5% share of North America explosion proof equipment market in 2023. It was assessed at US$ 2,514.00 million in 2023 and is likely to hit US$ 4,087.52 million by 2031, registering a CAGR of 6.3% during 2023–2031.

Key players operating in the North America 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.; Spectec Thunderbird International Corp; Motion Sensors, Inc.; BARTEC Top Holding GmbH; Rockwell Automation Inc; Siemens AG; Schneider Electric SE; Detector Electronics, LLC.; and Larson Electronics LLC, among others.

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