Report : South & Central America 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 2.4% CAGR, the South & Central America Explosion-Proof Equipment Market is Speculated to be Worth US$ 194.29 Million by 2030, says Business Market Insights
According to Business Market Insights research, the South & Central America explosion-proof equipment market was valued at US$ 161.18 million in 2022 and is expected to reach US$ 194.29 million by 2030, registering a CAGR of 2.4% 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 South & Central America 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. For the last few years, industrialization is growing at a significant rate, which has contributed a major share toward the SAM's economic growth. The expansion of the construction industry in the region with a rise in the number of residential and commercial places is driving the growth of the explosion-proof equipment market in SAM. The increased demand for explosion-proof equipment from the region's burgeoning nonresidential building and infrastructure development can be ascribed to the region's expansion. Brazil and Argentina account for most of the demand for construction market in the region, owing to population increase, economic growth, government investments, and the low-cost green building materials demand. Furthermore, owing to cheap labor, trade liberalization, and favorable government regulations, foreign companies are establishing factories and distribution hubs in developing Asia Pacific and South American countries, supporting the explosion-proof equipment market growth in SAM. 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 South & Central America explosion-proof equipment market.
Based on systems, the South & Central America 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 29.2% share of South & Central America explosion-proof equipment market in 2022, amassing US$ 47.03 million. It is projected to garner US$ 52.41 million by 2030 to expand at 1.4% CAGR during 2022-2030.
In terms of protection method, the South & Central America explosion-proof equipment market is categorized into large explosion prevention, explosion containment, and explosion segregation. The explosion prevention segment held 57.8% share of South & Central America explosion-proof equipment market in 2022, amassing US$ 93.15 million. It is projected to garner US$ 101.50 million by 2030 to expand at 1.1% CAGR during 2022-2030.
Based on industry, the South & Central America explosion-proof equipment market is segmented into pharmaceutical, mining, oil & gas, manufacturing, food processing, energy & power, chemical & petrochemical, and others. The energy & power segment held 23.1% share of South & Central America explosion-proof equipment market in 2022, amassing US$ 37.25 million. It is projected to garner US$ 43.33 million by 2030 to expand at 1.9% CAGR during 2022-2030.
By country, the South & Central America explosion-proof equipment market has been categorized into Brazil, Argentina, and the Rest of South America. Our regional analysis states that the Rest of South America captured 48.7% share of South & Central America explosion-proof equipment market in 2022. It was assessed at US$ 78.52 million in 2022 and is likely to hit US$ 92.15 million by 2030, exhibiting a CAGR of 2.0% during 2022-2030.
Key players operating in the South & Central America explosion-proof equipment market are ABB Ltd, Cortem S.p.A., Eaton Corp Plc, Emerson Electric Co, Rockwell Automation Inc, Siemens AG, and Pepperl+Fuchs SE, 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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