The hazardous area equipment market was valued at USD 6.24 Billion in 2016 and is expected to reach USD 8.82 Billion by 2022, at a CAGR of 5.74% during the forecast period. The growth of this market is being propelled by the growing focus on industry safety measures and rise in the usage of LED lighting solutions for hazardous and safe areas.
The growing focus on increasing safety measures in industries, especially process and cooling, is creating a good demand for flame- and explosion-proof hazardous area equipment such as industrial controls, motors, cable glands and accessories, strobe beacons, lighting, and so on.
Cable glands and accessories segment likely to hold the largest market share during the forecast period
Cable glands and accessories have been a major market for hazardous area equipment. With the wide usage of flame-proof cable glands in every industry, more advancements are taking place and end users are focusing on the safety at workplaces. Moreover, owing to the increasing importance in all process-oriented industries for equipment and environmental cabling purposes, this product segment is expected to hold the largest market share during the forecast period.
The oil & gas industry held the largest share of the hazardous area equipment market in 2015
The hazardous area equipment market for the oil & gas industry held the largest market size in 2016 and is expected to grow at the highest CAGR between 2017 and 2022. Fueled by the growing application of these hazardous area equipment such as motors, industrial controls, strobe beacons, lighting products, and so on in the exploration and extraction of shale gas and oil, this industry is likely to retain its leading position till 2022.
Middle East, Africa together held the largest market share in 2016
The RoW (Middle East, Africa, and Latin America) region held the largest share of the hazardous area equipment market in 2016, followed by North America and Europe. The Middle East and Africa accounted for the largest share of the hazardous area equipment market in RoW. The high growth of the market in this region can be attributed to the presence of world’s largest oil & gas production, mining, and energy & power industries