Hazardous Area Equipment Market Share, Size, Trends, Industry Analysis Report, By Product (Cable Glands & Accessories, Process Instruments, Industrial Controls, Motors, Strobe Beacons, Others); By End-Users; By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 116
- Format: PDF
- Report ID: PM3355
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global hazardous area equipment market was valued at USD 11.03 billion in 2023 and is expected to grow at a CAGR of 6.5% during the forecast period. In electrical and safety engineering, hazardous locations are areas where there is a risk of fire or explosion due to flammable gases, fumes, dust, fires, or flying objects. Electrical equipment in such locations can act as an ignition source due to high temperatures, which may lead to explosions. Although this poses little risk in a typical household, it is common in many business, industrial, and scientific sectors. It is crucial to protect against fire for the employee safety. The properties of chemicals in different explosive atmospheres affect the likelihood and intensity of explosions.
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Furthermore, the demand for hazardous area equipment has increased due to the continued growth of the industrial sector, as well as the condition of the equipment in these areas and the need for cable glands in all constructions. For instance, Basler AG introduced an embedded vision processing kit in March 2021, which enables the connection of multiple camera types and includes several image processing interfaces. It provides certified drivers for all common camera interfaces, user-friendly programming interfaces, and a full range of utilities for camera setup.
The COVID-19 pandemic has had a significant impact on most industrial sectors worldwide, and the hazardous area equipment market is no exception. During the pandemic, the market faced various unforeseen challenges, such as decreased demand and revenue loss. Nevertheless, as immunization rates continue to rise and the global economy recovers, the market is expected to experience significant growth during the assessment period.
Industry Dynamics
Growth Drivers
The installation and use of equipment and systems in hazardous areas equipment can be expensive. However, the hazardous area equipment market is seeing accelerated technological innovation, leading to the development of more advanced and efficient products that are reliable, durable, and safer than traditional equipment. This trend is driving adoption across various industries, particularly in manufacturing, where hazardous materials and equipment are prevalent. For instance, on 2021 the Pepperl+Fuchs introduced a new range of Ex e junction boxes for hazardous areas, providing an innovative solution for safe and secure connections. The junction boxes are designed to withstand extreme temperatures and harsh environments, and come with a variety of features for easy installation and maintenance.
While automation solutions continue to use wireless connectivity equipment, it is one of the significant factors limiting the growth of the market globally due to its potential to ignite and cause massive damage. This issue hampers the growth of this hazardous area equipment market across multiple industries. Additionally, barriers to market expansion include such as implementation costs about the various safety rules that apply to different businesses.
Report Segmentation
The market is primarily segmented based on product, end-user, and region.
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By End-User |
By Region |
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The cable glands and accessories segment anticipated to hold highest share during forecast period
The segment is primarily influenced by several factors, including the widespread usage of flame-proof cable glands across various industries, the pace of technological innovation, and end-user growing attention to workplace safety. Flame-proof cable glands are designed to safely connect acceptable cables to enclosures in hazardous environments while maintaining the equipment's explosion protection and ingress features. They are required to meet several criteria, including mechanical retention, strain relief, and earth continuity, in order to ensure reliable and secure connections.
Moreover, flame-proof cable glands are frequently used in outdoor settings or hazardous environments to prevent electrical sparks from igniting or to protect against outside impurities such as dust, rain, and grime. They also prevent wires from twisting, tearing, and pulling, ensuring consistent performance and a solid connection. The demand for hazardous area cable glands and accessories is increasing due to the growing need for mechanical retention, strain relief, and ground continuity. Furthermore, this product category is expected to hold the largest market share during the forecast period due to its expanding position in all process-oriented sectors for equipment and eco-friendly cabling applications.
Oil & Gas segment garnered the largest revenue share in 2022
The oil & gas segment dominated the market with largest revenue shares in 2022. The main driver of the market's strong growth is the increasing utilization of this equipment in the survey and extraction of shale gas and oil, which has contributed to the oil & gas industry regaining its leading market position.
Hazardous area equipment is employed in various industrial applications as a critical element of the emergency management system and to ensure workplace safety. Due to the common use of explosives in the oil and gas sector, it is crucial that equipment used in this industry is explosion-proof and meets required safety standards. Hazardous area equipment is designed not only to withstand external explosions but also to prevent internal explosions caused by flammable gases, vapors, or high temperatures present in the environment. The high prevalence of hazardous areas in the oil & gas industry results in significant demand for hazardous area equipment, trigger its market growth.
The demand in Asia Pacific is expected to witness significant growth
Asia Pacific is anticipated to expand the fastest growth throughout the forecast period. The increasing demand for hazardous area equipment in various industries, such as oil & gas, chemicals, pharmaceuticals, and mining, is a result of the region's rapid industrialization. Governments in the Asia Pacific region have implemented strict regulations to ensure workplace safety and protect the environment. These regulations require companies to use hazardous area equipment that meets precise standards, creating a significant market for such equipment.
Furthermore, there is a growing awareness of workplace safety in the Asia-Pacific region. As a result, companies are adopting advanced technologies and new equipment to ensure the safety of their employees and equipment. For instance, In October 2022, TDK Corporation introduced a new series of capacitors intended for use in hazardous environments, including oil and gas drilling rigs. The B3277*H series of film capacitors is intended for DC filtering and pulse applications in power electronics that must meet the safety requirements of hazardous environments.
Competitive Insight
Some of the major players operating in the global market include Federal Signal, Honeywell International, NHP Electric Engineering, Tomar Electronics, Patlite Corporation, Potter Signal, E2S Warning Signals, Eaton Corporation, Emerson Electric, R. Stahl, Rockwell Automation, Siemens, WERMA Signaltechnik, and ABB.
Recent Developments
- In December 2022, Honeywell launched a new range of hazardous area equipment, consisting of sensors and switches, aimed at enhancing worker safety in hazardous environments. As part of this collaboration, Honeywell & Nexceris will work together to develop sensor-based solutions that can help prevent thermal runaway in EV batteries, a condition that causes the battery cell to reach extremely high temperatures and can potentially result in a fire.
- In May 2022, Honeywell signed a non-binding Memorandum of Understanding with Narayana Hrudayalaya to work together on locating and assessing prospects for Narayana Health's journey towards digital transformation.
Hazardous Area Equipment Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 11.73 billion |
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Revenue forecast in 2032 |
USD 19.45 billion |
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CAGR |
6.5% from 2024- 2032 |
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Base year |
2023 |
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Historical data |
2019- 2022 |
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Forecast period |
2024- 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments covered |
By Product, By End-user, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key companies |
Federal Signal Corporation, Honeywell Internationa, NHP Electric Engineering Products, Tomar Electronics, Patlite Corporation, Potter Signal, E2S Warning Signals, Eaton Corporation Plc, Emerson Electric, R. Stahl AG, Rockwell Automation, Siemens AG, WERMA Signaltechnik, and ABB. |
FAQ's
key companies in hazardous area equipment market are Federal Signal, Honeywell International, NHP Electric Engineering, Tomar Electronics, Patlite Corporation, Potter Signal, E2S Warning Signals, Eaton Corporation.
The global hazardous area equipment market expected to grow at a CAGR of 6.5% during the forecast period.
The hazardous area equipment market report covering key segments are product, end-user, and region.
key driving factors in hazardous area equipment market are growth in industrial safety measures especially in process industries.
The global hazardous area equipment market size is expected to reach USD 19.45 billion by 2032.
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