Growth in the oil and gas industry / Increasing use of explosion-proof LED lamps / Increasing industrial safety measures

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Global Explosion Proof Equipment Market

Global Explosion Proof Equipment Market

Global Explosion Proof Equipment Market

Dublin, March 25, 2022 (GLOBE NEWSWIRE) — The “Explosion Proof Equipment Market Forecast to 2028 – Impact of COVID-19 and Global Analysis by System, Protection Method and Industry” report has been added to from offer.

The global explosion-proof equipment market is expected to grow from US$8,037.29 million in 2021 to US$12,272.30 million by 2028; it is estimated to grow at a CAGR of 6.2% over the period 2021-2028.

The construction sector has seen a decent growth rate in recent times. The trend is expected to continue over the years, creating a huge space for commercial, residential and industrial construction. Governments in various countries are taking initiatives to support the construction industry. Growth in commercial and residential building construction is expected to provide prosperous opportunities for the market to expand in the region; thus positively impacting the market.

Commercial and residential housing construction continues to grow worldwide and mainly in developing countries. For example, the commissioning of housing in Russia in the first five months of 2021 increased by 28.4% compared to the previous year, according to the Russian News Agency in July 2021. In May 2021, 5 million square meters of housing, around 31% more than in May 2020.

Similarly, in Australia, according to data from the Ridgewater Homes website, in 2021 it has been observed that there is a boom in the construction of residential buildings with a growth of 10%. This growth is due to the surge in demand for homes due to historically low interest rates, an improving outlook for sustained job growth, and government programs such as HomeBuilder. Additionally, several government initiatives have been observed to help the housing industry.

For example, according to Yonhap News Agency website data from February 2021, the South Korean government announced that it would ease building regulations and support redevelopment projects in urban areas to increase the number of new homes up to 836,000 nationwide. The latest housing policy focuses on increasing housing supply in the Seoul metropolitan area and other major cities to stabilize the booming housing market.

The latest policy includes 323,000 new homes in Seoul, the hotspot of the housing frenzy, and 293,000 in surrounding Gyeonggi province, according to the Ministry of Land, Infrastructure and Transportation. Similarly, in Egypt, in September 2021, the government supported the construction of 37 new smart city projects.

The first phase of the construction works has been underway for five years, with 20 billion dollars of investments injected into an area covering 40,000 nourished lands (16,800 ha). This construction activity will drive the growth of residential and commercial buildings in the country. Thus, the increase in commercial and residential housing constructions and several government initiatives in housing construction are influencing the demand for explosion proof equipment globally.

In addition, solid economic conditions and low interest rates for housing loans will help maintain the expansion of construction activity in North America, Asia-Pacific, the Middle East and Africa. Europe will post slightly moderate growth, supported by improving construction conditions in various countries, allowing for better residential and infrastructure spending.

In addition, growth prospects in Latin America will improve, thanks to policy reforms in key countries, including Brazil. Additionally, according to Oxford Economics/Haver Analytics data on contribution to global construction growth 2020-2030, China, India and the United States are among the top contributors to residential construction activities. Additionally, in 2021, residential construction is expected to be the fastest growing sector in the world at 7.1%, according to data from Marsh LLC.

The residential sector accounted for 44% of total global construction in 2020, making it the largest subsector and a key driver of global growth. Hence, these factors mentioned above will help boost the demand for commercial and residential housing construction. This will help increase the need for explosion proof equipment in buildings. F

For example, BMarko Structures Inc. provides blast resistant modular buildings. Thus, the increase in construction activities creates opportunities for the players in the explosion proof equipment market owing to the need for explosion proof equipment solutions in commercial buildings.

Major companies operating in the explosion proof equipment market include ABB Ltd; BARTEC Group; Cortem SpA; Eaton Corporation plc; Emerson Electric Co.; Extronics Ltd; Hubbell Incorporated; Rockwell Automation, Inc.; R. STAHL AG; and Siemens AG.

Main topics covered:

1. Introduction

2. Main Takeaways

3. Research methodology

4. Explosion Proof Equipment Market Landscape
4.1 Market Overview
4.2 PEST analysis
4.3 Ecosystem analysis
4.4 Expert advice

5. Explosion Proof Equipment Market – Key Industry Dynamics
5.1 Key Market Drivers
5.1.1 Oil and Gas Industry Growth
5.1.2 Increasing use of explosion-proof LED lamps
5.1.3 Increased industrial security measures
5.2 Major Market Constraints
5.2.1 Complexities related to the installation of explosion-proof equipment
5.3 Key Market Opportunity
5.3.1 Growth in the construction sector
5.4 Future trend
5.4.1 Integration with IoT
5.5 Impact analysis

6. Explosion Proof Equipment – Global Market Analysis
6.1 Overview
6.2 Global Explosion Proof Equipment Market Forecast and Analysis
6.3 Market Positioning – Five Key Players

7. Explosion Proof Equipment Market – By Systems
7.1 Overview
7.2 Explosion Proof Equipment Market, By Systems (2020 & 2028)
7.3 Junction boxes and enclosures
7.3.1 Preview
7.3.2 Junction Boxes & Enclosures: Explosion Proof Equipment Market – Revenue and Forecast to 2028 (USD Million)
7.4 Lighting system
7.5 Monitoring system
7.6 Signaling devices
7.7 Automation systems
7.8 Cable glands
7.9 HVAC systems

8. Explosion Proof Equipment Market Analysis – By Protection Method
8.1 Overview
8.2 Explosion Proof Equipment Market, By Protection Method (2020 & 2028)
8.3 Explosion prevention
8.3.1 Preview
8.3.2 Explosion Prevention: Explosion Proof Equipment Market – Revenue and Forecast to 2028 (USD Million)
8.4 Explosion containment
8.5 Segregation of explosions

9. Explosion Proof Equipment Market – By Industry
9.1 Overview
9.2 Explosion Proof Equipment Market, By Industry (2020 & 2028)
9.3 Pharmaceutical
9.3.1 Preview
9.3.2 Pharmaceutical: Explosion Proof Equipment Market – Revenue and Forecast to 2028 (USD Million)
9.4 Mining
9.5 Oil and gas
9.6 Manufacturing
9.7 Food processing
9.8 Energy and Power
9.9 Chemicals and petrochemicals

10. Explosion Proof Equipment Market – Geographical Analysis
10.1 Overview

11. Impact of COVID-19 Pandemic on the Explosion Proof Equipment Market
11.1 Overview

12. Industry Landscape
12.1 Overview
12.2 Market initiative
12.3 Development of new products

13. Business Profiles

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