At 4.7% CAGR, South & Central America Explosion Proof Equipment Market is Projected to be Worth US$ 215.99 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the South & Central America explosion proof equipment market was valued at US$ 149.50 million in 2023 and is expected to reach US$ 215.99 million by 2031, registering a CAGR of 4.7% from 2023 to 2031. Rise in product launches and strategic initiatives and integration of IoT are among the critical factors attributed to drive the South & Central America explosion proof equipment market growth.

The rise in the number of product launches and strategic initiatives can provide several opportunities for the South & Central America explosion-proof equipment market. New products often incorporate the latest technology, improving safety and efficiency. This can attract new customers and encourage existing ones to upgrade their equipment. Additionally, new strategic initiatives will help the company expand its product portfolio and geographical footprint.

Various companies in the market are engaged in launching new products and strategic initiatives.

• In March 2024, Axis Communications launched the world’s first explosion-protected thermometric camera specifically designed and certified for use in Zone and Division 2 hazardous locations. The new camera enables remote temperature monitoring to optimize operational efficiency, with a detection range that can extend into Zone and Division 1 hazardous locations.

• In June 2024, Fuji Electric launched the EXV1000-7W 10 HP explosion-proof blower. The model is a direct drive single-stage blower with a motor defined as explosion proof: T4(T3C): Class 1, Div.1, Group C, D, with a UL certificate, and equipped with a motor suitable for explosion-proof requirements. It provides the same high quality, reliability, and durability as Fuji Electric’s standard products and is similar in design to its standard 10 HP blower.

• In January 2024, RealWear, Inc., the pioneer of smart glasses for frontline workers, announced the launch of RealWear Navigator Z1 (play video), the world’s most advanced intrinsically safe (IS) head-mounted wearable, at the Consumer Electronics Show (CES).

• In April 2024, wireless IoT networking company ScanReach announced a collaboration with BARTEC to develop and launch an Explosion-Proof Node for sensor data integration in EX zones within the maritime industry. The Explosion-Proof Node integrates with ScanReach’s Onboard Wireless Connectivity (OWC) network technology, allowing for wireless ingestion and sharing of sensor data in hazardous environments.

• In June 2023, 3S System Technology Inc., a subsidiary of The Cub Elecparts Inc. and an established manufacturer of IP surveillance systems and solutions, launched its explosion-proof IP camera.

Thus, the rise in product launches and strategic initiatives is anticipated to fuel the South & Central America explosion-proof equipment market growth in the coming years.

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

Based on systems, the South & Central 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 28.8% market share in 2023, amassing US$ 43.04 million. It is projected to garner US$ 57.83 million by 2031 to register 3.8% 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 South & Central America explosion proof equipment market is segmented into explosion prevention, explosion containment, and explosion segregation. The explosion prevention segment held 58.8% share of South & Central America explosion proof equipment market in 2023, amassing US$ 87.90 million. It is anticipated to garner US$ 122.28 million by 2031 to expand at 4.2% CAGR during 2023–2031.

By industry, the South & Central 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 27.7% share of South & Central America explosion proof equipment market in 2023, amassing US$ 41.48 million. It is anticipated to garner US$ 63.88 million by 2031 to expand at 5.5% CAGR during 2023–2031.

By country, the South & Central America explosion proof equipment market is segmented into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 69.2% share of South & Central America explosion proof equipment market in 2023. It was assessed at US$ 103.38 million in 2023 and is likely to hit US$ 151.67 million by 2031, registering a CAGR of 4.9% during 2023–2031.

Key players operating in the South & Central America 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 the Detector Electronics, LLC., among others.

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