Hazardous Area Equipment Market Size, Share, Opportunities, And Trends By Product (Cable Glands And Accessories, Process Instruments, Industrial Controls, Motors, Strobe Beacons, Lighting, Others), By Industry (Oil & Gas, Chemical & Pharmaceutical, Food & Beverages, Energy & Power, Mining, Others), By Connectivity Series (Wired, Wireless), And By Geography - Forecasts From 2023 To 2028
- Published : Oct 2023
- Report Code : KSI061616058
- Pages : 148
The hazardous area equipment market is projected to grow considerably during the forecast period
The growth of this market is being driven by an increase in the use of LED lighting solutions in both safe and hazardous environments as well as a growing emphasis on workplace safety regulations. Moreover, it is anticipated that the market for hazardous area equipment will grow steadily. The market is being driven by an increasing need for equipment in several industries. Factors such as the expanding relevance of emerging nations result in the expansion of numerous businesses that rely largely on hazardous area equipment, which is regularly pushing the hazardous area equipment market expansion.
Increasing government standards for industrial safety measures in a hazardous environment.
Every process-based industry, including those in the oil and gas, chemical and pharmaceutical, food and beverage, mining, energy and electricity, and so forth, is required to follow safety procedures globally. Installing effective and efficient hazardous area equipment, such as cable glands and accessories, measurement devices, control products, motors, lights, alarm systems, etc., is necessary to implement the aforementioned safety measures while enabling the above-mentioned industries' processes to run smoothly. Hazardous area equipment has been subject to a number of standards, including NFPA 497 and NFPA 499, ATEX, NEMA, IECEx, and UL, which specify the conditions for its installation, testing, and product quality.
Rapid change from conventional lighting systems to connected lighting solutions.
Due to the numerous benefits given by connected lighting solutions, including enhanced energy efficiency, improved brightness, and long-term cost savings, there has been a rapid shift in recent years from traditional lighting systems to linked lighting solutions. Users of connected lighting can remotely control the lights based on their needs to save energy consumption. Users receive information on the patterns of light usage via the embedded sensors and automatic control mechanisms, which improve the lighting experience. The need for connected lighting solutions is anticipated to generate significant potential prospects for the hazardous area equipment market, as enterprises increasingly rely on cost optimization.
The oil & gas segment holds the largest revenue share
This growth can be ascribed to the oil and gas sectors' increased use of hazardous area equipment, which includes motors, control products, measurement devices, detecting systems, and lighting fixtures. In the oil and gas industry, the need for high-performance hazardous area equipment that can function efficiently in a variety of harsh situations also drives the market for these items. Strong environmental, health, and safety policies must be drawn up for the oil and gas industry as well as chemical and pharmaceutical companies to protect the installation and operation of suitable equipment in hazardous places leading to a rise in the hazardous area equipment market share.
Increasing demand for cable glands and accessories
Cable Glands and accessories are used in risky or challenging conditions. At the entrance to equipment enclosures, they offer mechanical retention, strain relief, and earth continuity for electrical connections. For instance. in October 2020, LV HV Jointing, Earthing, Substation & Electrical Eqpt for Usage in Explosive Atmosphere Thorne & Derrick, a renowned UK-based Specialist Distributor, highlighted product innovation from CMP. The Compensating Displacement Seal System (CDS) is a novel concept in cable sealing techniques that is implemented by Triton T3CDS cable glands. This idea uses a flameproof seal that has been demonstrated to be strong, dependable, and reliable to provide efficient sealing on the cable inner sheath. At the crucial cable sealing point, the CDS system engages, shielding the inner sheath from any extra stress.
North America is projected to dominate the Hazardous area equipment market
The North American region is anticipated to grow considerably under the Hazardous area equipment market. Growing industrial safety regulations, particularly in process sectors, and increased globalization will emerge as the main market growth drivers. The market value will be further harmed by the growing requirement to embrace worldwide safety and measurement standards, accelerating technical breakthroughs in the semiconductor industry, rising building and construction activity, particularly in developing nations, and widespread industrialization. The market will continue to expand as a result of rising costs for conducting research and development activities, escalating inspection, measurement, and quality control activities in various manufacturing industries, and rising demand for low-cost lighting solutions with high light output per watt.
Market key launches
- In May 2022, A non-binding Memorandum of Understanding (MoU) was signed by Narayana Hrudayalaya Limited (Narayana Health) and Honeywell to discover, evaluate, and work together on prospects for the latter's journey into the digital age. As a result, Narayana Health will be able to offer everyone access to high-quality, inexpensive healthcare. The MoU is subject to Honeywell and Narayana Health's execution of their final contracts.
- In September 2021, Emerson Electric Co., a software and engineering company, will collaborate with BayoTech, a company based in Albuquerque, to manufacture cleaner, less expensive hydrogen. As part of its scaling-up process, BayoTech is introducing five-, ten--, and twenty-ton hydrogen production systems that make hydrogen fuel by putting methane in entire modular reactors and then storing it.
- By Product
- Cable Glands and Accessories
- Process Instruments
- Industrial Controls
- Strobe Beacons
- By Industry
- Oil & Gas
- Chemical & Pharmaceutical
- Food & Beverages
- Energy & Power
- By Connectivity Series
- By Geography
- North America
- United States
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.7. Base, and Forecast Years Timeline
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. HAZARDOUS AREA EQUIPMENT MARKET, BY PRODUCT
5.2. Cable Glands and Accessories
5.3. Process Instruments
5.4. Industrial Controls
5.6. Strobe Beacons
6. HAZARDOUS AREA EQUIPMENT MARKET, BY INDUSTRY
6.2. Oil & Gas
6.3. Chemical & Pharmaceutical
6.4. Food & Beverages
6.5. Energy & Power
7. HAZARDOUS AREA EQUIPMENT MARKET, BY CONNECTIVITY SERIES
8. HAZARDOUS AREA EQUIPMENT MARKET, BY GEOGRAPHY
8.2. North America
8.3. South America
8.4.3. United Kingdom
8.5. Middle East And Africa
8.5.1. Saudi Arabia
8.6. Asia Pacific
8.6.4. South Korea
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. COMPANY PROFILES
10.1. ABB Ltd.
10.2. E2S Warning Signals
10.3. Eaton Corporation PLC (Cooper Industries)
10.4. Emerson Electric Co.
10.5. Federal Signal Corporation
10.6. Honeywell International, Inc.
10.7. NHP Electrical Engineering Products Pty Ltd.
10.8. Patlite Corporation
10.9. Rockwell Automation, Inc.
10.10. Siemens AG.
E2S Warning Signals
Eaton Corporation PLC (Cooper Industries)
Emerson Electric Co.
Honeywell International, Inc.
NHP Electrical Engineering Products Pty Ltd.
Rockwell Automation, Inc.
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