< Key Hightlight >

The hazardous area equipment market is projected to grow from USD 10.5 billion in 2023 to USD 14.1 billion in 2028; it is expected to grow at a CAGR of 6.1%  during the forecasted period. Hazardous area equipment is mainly used in industrial applications as a part of the emergency management system and as intrinsic safe equipment to protect the workplace. 

“Market for control products is expected to grow at highest CAGR during the forecasted period.”

The hazardous area equipment market is segmented into six types of products cable glands & accessories, measurement devices, control products, alarm systems, motors, and lighting products. Control products mainly considered are solid state relays, surge protection, enclosures, signal conditioners, and power supplies. The key functions of control products are to effectively control power and protect circuits in explosive, wet, and corrosive environments.

“Hazardous area equipment market for oil & gas industry is expected to grow at highest CAGR during the forecasted period”

Oil & gas is the major Industry of hazardous area equipment since any damage to assets due to an explosion can lead to a high financial loss. The environment in the oil & gas industry is highly prone to explosives, and the use of equipment in this environment needs to be explosive-protected with all the necessary built-in safety standards. These standards need to be taken by installing effective and efficient hazardous area equipment such as measurement devices, control products, lighting products, strobe beacons, etc. that maintain safety standards and allow the smooth functioning of processes in the oil & gas industry.

“Market for North America is to grow at highest CAGR during the forecasted period.”

The hazardous area equipment market is expected to grow at the highest CAGR in the North American region. The fastest growth of the hazardous area equipment market in North America can be attributed to the presence of leading market players such as Rockwell (US), Honeywell (US), and Emerson (US), Also, many companies are focusing on the exploration and production of oil & gas assets in the region.

In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry experts in the hazardous area equipment market space. The break-up of primary participants for the report has been shown below:

• By Company Type: Tier 1 – 50%, Tier 2 – 35%, and Tier 3 – 15%

• By Designation: C-level Executives – 40%, Directors – 35%, Others – 25%

• By Region: North America  – 34%, Asia Pacific – 31%, Europe – 23%, and RoW – 12%

The report profiles key players in the hazardous area equipment market with their respective market ranking analysis. Prominent players profiled in this report are ABB Ltd. (Switzerland), Siemens AG (Germany), Eaton Corporation (Ireland), Rockwell Automation (US), Honeywell International Inc. (US), Emerson Electric Co. (US), Patlite Corporation (Japan), R. STAHL AG (Germany).

Research Coverage:

This research report categorizes the hazardous area equipment market on the basis of Product type,  Industry, and Geography. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the hazardous area equipment market and forecasts the same till 2028. Apart from these, the report also consists of leadership mapping and analysis of all the companies included in the hazardous area equipment ecosystem.

Key Benefits of Buying the Report

The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall hazardous area equipment market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.