Jun 27, 2023   SOURCE: BusinessWire

Hazardous Area Equipment Global Strategic Business Report 2023: Market to Reach $11.6 Billion by 2030 with Cable Glands & Accessories Accounting for $3.5 Billion - ResearchAndMarkets.com

The "Hazardous Area Equipment: Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.

Global Hazardous Area Equipment Market to Reach $11.6 Billion by 2030

In the changed post COVID-19 business landscape, the global market for Hazardous Area Equipment estimated at US$6.5 Billion in the year 2022, is projected to reach a revised size of US$11.6 Billion by 2030, growing at a CAGR of 7.4% over the analysis period 2022-2030.

Cable Glands & Accessories, one of the segments analyzed in the report, is projected to record a 8.9% CAGR and reach US$3.5 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Process Instruments segment is readjusted to a revised 6.9% CAGR for the next 8-year period.

The U.S. Market is Estimated at $1.7 Billion, While China is Forecast to Grow at 8.4% CAGR

The Hazardous Area Equipment market in the U.S. is estimated at US$1.7 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$1.1 Billion by the year 2030 trailing a CAGR of 8.4% over the analysis period 2022 to 2030.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5% and 6.2% respectively over the 2022-2030 period.

Within Europe, Germany is forecast to grow at approximately 5.4% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$778.4 Million by the year 2030.

Looking Ahead to 2023

The uncertainty around how Russia`s war on Ukraine will play out this year and the war`s role in creating global instability means that the trouble on the inflation front is not over yet. Food and fuel inflation will remain a persistent economic problem. Higher retail inflation will impact consumer confidence and spending.

As governments combat inflation by raising interest rates, new job creation will slowdown and impact economic activity and growth. Lower capital expenditure is in the offing as companies go slow on investments, held back by inflation worries and weaker demand. With slower growth and high inflation, developed markets seem primed to enter into a recession.

Fears of new COVID outbreaks and China's already uncertain post-pandemic path poses a real risk of the world experiencing more acute supply chain pain and manufacturing disruptions this year. Volatile financial markets, growing trade tensions, stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced.

What`s New for 2023?

  • Special coverage on Russia-Ukraine war; global inflation; easing of zero-Covid policy in China and its `bumpy` reopening; supply chain disruptions, global trade tensions; and risk of recession.
  • Global competitiveness and key competitor percentage market shares
  • Market presence across multiple geographies - Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Access to digital archives and Research Platform
  • Complimentary updates for one year

Key Topics Covered:

MARKET OVERVIEW

  • Influencer Market Insights
  • What is a Hazardous Area?
  • Hazardous Area Classification for Flammable Gases and Vapors
  • Standards used for Hazardous Areas Classification
  • Hazardous Area Equipment: An Introduction
  • Global Market Prospects & Outlook
  • Competition
  • World Brands
  • Recent Market Activity
  • Hazardous Area Equipment - Global Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)

MARKET TRENDS & DRIVERS

  • Increasing Emphasis on Adoption of Safety Measures in Industries Drives Focus onto Hazardous Area Equipment
  • Rise in Workplace Accidents in Hazardous Facilities Favors Market Growth
  • High Levels of Workplace Related Accidents Bring Renewed Emphasis on Hazardous Area Equipment
  • Industrial Safety Regulations Underpin Market Growth
  • Market to Gain from Rapidly Evolving Role of Industry 4.0 and 'Smart Factory' in the Global Industrial Landscape
  • Major Industry 4.0 Technologies: Global Market Size for Internet of Things (IoT), Big Data, Smart Factory, Advanced Analytics, Service Robotics, and Smart Machines
  • Industrial IoT to Give Impetus to Market Expansion
  • Market to Benefit from Technology Advances in Lighting Systems and Increasing Use of LED Lighting Solutions in Hazardous Areas
  • Oil & Gas Sector: Hazardous Working Environment Enhances Significance of Safety Equipment
  • Sustained Reliance on Fossil Fuels and Ensuing Demand for Oil Bodes Well for Market Expansion
  • Chemical & Pharmaceutical Enterprises Rely on Safety Equipment to Ensure Workplace Safety
  • Presence of Gases & Vapors Increases Explosion Risk in Food & Beverage Facilities, Driving Demand for Safety Equipment
  • Technology Advancements Transform Hazardous Area Management
  • Product Advancements in Signaling Devices Space
  • Strobe Beacons: An Essential Component of Emergency Lighting Systems
  • Overriding Need to Protect Assets from Fire and Explosion Catalyzes Explosion-Proof Equipment Market
  • Hazardous Area Fire Alarms: Essential to Alert People during Emergencies
  • Cable Glands: Connecting Electrical Cables to Equipment
  • Hazardous Duty Sensors: Sensing Hazards at Sites
  • Hazardous Area Motors Emerge as Essential Components to Ensure Safe Operations
  • Process Instruments: Monitoring, Measuring & Controlling Processes
  • Venting, Suppression & Containment Systems Hold Significance for Dust Explosion Protection in Industrial Facilities
  • Dust Explosion Protection for Metal Processing Industry
  • Pressing Need to Ensure Employee Safety Fuels Growth in Hazardous Area Signaling Equipment Market
  • Focus on Intrinsic Safety in Diverse Industry Verticals to Intensify Growth of Global Hazardous Area Sensors Market
  • Advanced Heat Exchangers to Satiate Need for Effective Cooling of Electrical Systems in Hazardous Locations
  • Growing Importance of Drones in Ensuring Hazardous Area Safety
  • Hazardous Industrial Waste Emerges as a Key Cause of Environmental Pollution & Contamination
  • Evolving Regulations Pose Challenges

FOCUS ON SELECT PLAYERS (Total 211 Featured)

  • ABB Ltd.
  • E2S Warning Signals
  • Eaton Corporation Plc
  • Emerson Electric Co.
  • Federal Signal Corporation
  • Honeywell International, Inc.
  • NHP Electric Engineering Products
  • Patlite Corporation
  • Potter Signal Co.
  • R.Stahl AG
  • Rockwell Automation
  • Siemens AG
  • Tomar Electronics, Inc.
  • WERMA Signaltechnik GmbH + Co. KG

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