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The Business Research Company’s Hazardous Area Equipment Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
— The Business Research Company
LONDON, GREATER LONDON, UNITED KINGDOM, September 27, 2024 /EINPresswire.com/ — The hazardous area equipment market has experienced robust growth in recent years, expanding from $9.01 billion in 2023 to $9.74 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to industrialization and manufacturing growth, stringent safety regulations, globalization and cross-border trade, energy exploration and extraction, increased focus on worker safety.
What Is The Estimated Market Size Of The Global Hazardous Area Equipment Market And Its Annual Growth Rate?
The hazardous area equipment market is projected to continue its strong growth, reaching $13.06 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to global shift towards renewable energy, demand for modular solutions, focus on cybersecurity in industrial systems, emergence of new hazardous substances, regulatory changes and compliance standards.
Explore Comprehensive Insights Into The Global Hazardous Area Equipment Market With A Detailed Sample Report:
Growth Driver Of The Hazardous Area Equipment Market
Rising demand for industrial safety is expected to propel the growth of the hazardous area equipment market going forward. Industrial safety refers to a collection of safety procedures, guidelines, and rules to safeguard the environment, workplace, and workers from danger. To provide a secure workplace and long-lasting business operations, it serves as a corrective action that is periodically assessed and approved by safety specialists. Hazardous area equipment is installed in hazardous areas to prevent an explosion and ensure the safety of people. Thus, the use of hazardous area equipment for industrial safety will increase the demand for hazardous area equipment.
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Who Are The Leading Competitors In The Hazardous Area Equipment Market Share?
Key players in the market include PATLITE USA Corporation., Eaton Corporation PLC., Rockwell Automation Inc., Emerson Electric Co., Siemens AG., NHP Electric Engineering Products Pty Ltd., Honeywell International Inc., E2S Warning Signals LLC., ABB Ltd., Federal Signal Corporation., Potter Signal Co., R. STAHL AG., Tomar Electronics Inc., Mitsubishi Electric Corporation., Adalet Inc., Bartec Group., Cortem Group., Delvalle Box., Extronics Ltd., G M International Srl., Hawke International., Intertek Group PLC., J B Systems BVBA., KEB America Inc., Marechal Electric Group., Miretti Group., Pepperl+Fuchs GmbH., Phoenix Contact GmbH & Co KG., Raychem RPG., Redapt Ltd., S Tahl AG., Schneider Electric SE., Shenzhen Hengchangda Industry Co Ltd.
What Are The Dominant Trends In Hazardous Area Equipment Market Growth?
Major companies operating in the market are developing new hazardous area LED lights to sustain their position in the market. Hazardous area lights refers to lighting fixtures specifically designed and certified for use in environments where there are potentially hazardous conditions due to the presence of flammable gases, vapors, liquids, combustible dust, or other dangerous substances.
How Is The Global Hazardous Area Equipment Market Segmented?
1) By Product: Cable Glands And Accessories, Process Instruments, Industrial Controls, Motors, Strobe Beacons, Lighting
2) By Service: Wired, Wireless
3) By Industry: Oil And Gas, Chemical And Pharmaceutical, Food And Beverages, Energy And Power, Mining
Geographical Insights: North America Leading The Hazardous Area Equipment Market
North America was the largest region in the market in 2023. The regions covered in the market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Hazardous Area Equipment Market Definition
Hazardous area equipment refers to the electrical equipment that is used within hazardous areas that have an operational temperature band or limit. Hazardous area equipment is installed in hazardous areas to prevent an explosion and ensure the safety of people
Hazardous Area Equipment Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global hazardous area equipment market report covering trends, opportunities, strategies, and more
The Hazardous Area Equipment Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on hazardous area equipment market size, hazardous area equipment market drivers and trends, hazardous area equipment market major players and hazardous area equipment market growth across geographies. This report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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Oliver Guirdham
The Business Research Company
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Article originally published on www.einpresswire.com as Hazardous Area Equipment Market Size, Share, Revenue, Trends, and Drivers For 2024-2033
