Oct 28, 2019   SOURCE: PR NewsWire

Explosion Protection Equipment Market in UK to Reach $112.5 Mn by 2026 at 4.5% CAGR: Allied Market Research

PORTLAND, Oregon, Oct. 28, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "UK Explosion Protection Equipment Market by Industry Vertical (Pharmaceutical, Manufacturing, Marine, Food Processing, Oil & Gas, Mining, and Others), Applicable System (Cable Gland, Junction Box, Lighting System, Lifting & Material Handling System, Automation System, Surveillance & Monitoring System, Signaling System, and Others), and Protection Method (Explosion Prevention, Explosion Containment, and Explosion Segregation): Opportunity Analysis and Industry Forecast, 2019-2026." According to the report, the UK explosion protection equipment industry generated $78.4 million in 2018, and is expected to reach $112.5 million by 2026, registering a CAGR of 4.5% from 2019 to 2026.

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Drivers, restraints, and opportunities

Rise in demand for location lighting, strict government regulations, and the growth of pharmaceutical and food & beverage industries fuel the growth of the UK explosion protection equipment market. However, slow economic activity after Brexit and staggering of mining industries in the UK hinder the market growth. On the other hand, focus on explosion proof equipment for aerospace and defense industries present new opportunities in the market.

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The oil & gas segment to maintain its dominant share during the forecast period

Based on industry verticals, the oil & gas segment held the largest share in the UK explosion protection equipment market in 2018, contributing to nearly one-fourth of the total share, and is projected to maintain its dominant share during the forecast period. This is due to increase in adoption of explosion-proof enclosures and their ability to protect electrical equipment and prevent sparks that set flammable substances on fire. On the other hand, the food processing segment is expected to grow at the fastest CAGR of 5.6% from 2019 to 2026, owing to the expansion of food industry and rise in urbanization.

The automation system segment to maintain its lead position by 2026

Based on applicable system, the automation system segment held nearly one-fifth of the total market share in terms of revenue of the UK explosion protection equipment market in 2018, and will maintain its lead position by 2026. This is due to surge in adoption of explosion proof cable glands in oil refineries owing to stringent regulations. However, the cable glands segment is expected to grow at the highest CAGR of 6.1% from 2019 to 2026, owing to growth in the paint, chemical, and textile industries in the UK.

The explosion segregation segment to maintain its leadership status during the forecast period

Based on protection method, the explosion segregation segment accounted for the highest market share, accounting for more than two-fifths of the UK explosion protection equipment market in 2018, and will maintain its leadership status during the forecast period. This is attributed to rise in demand in for explosion segregation equipment in refining plants, plastic manufacturing, and oil & gas industries for taking preventive measures against explosive substances. On the other hand, the explosion prevention segment would register the highest CAGR of 5.0% from 2019 to 2026. This is due to the adoption of spark-resistant relays, fuses, and other equipment for preventing of explosion in critical areas.

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Leading market players

    --  ABB Group
    --  Adalet
    --  Bartec GmbH
    --  Eaton Corporation Inc.
    --  Emerson Electric Co.
    --  Extronics Ltd.
    --  Pepperl+Fuchs GmbH
    --  R. Stahl Aktiengesellschaft
    --  Rockwell Automation, Inc.,
    --  Siemens AG

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