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Hazardous Area Equipment Market

Hazardous Area Equipment Market

Hazardous Area Equipment Market Analysis, By Product (Cable Glands & Accessories, Process Instruments, Industrial Controls, Motors, Strobe Beacons), By Connectivity (Wireless, Wired), By End Use, by Region - Global Forecast 2022-2026

Hazardous Area Equipment Market
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Hazardous Area Equipment Market Outlook (2022-2026)

Sales of hazardous area equipment are anticipated to surge at a CAGR of 6.5% from 2022 to 2026. The global hazardous area equipment market, which stands at a valuation of US$ 6.5 billion in 2022, is predicted to reach US$ 8.7 billion by the end of 2026.

Report Attributes

Details

Hazardous Area Equipment Market Size (2022)

US$ 6.5 Billion

Projected Year Value (2026F)

US$ 8.7 Billion

Global Market Growth Rate (2022-2026)

6.5% CAGR

United States Market Value (2022)

US$ 1.7 Billion

Key Companies Profiled

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

Consumption of hazardous area equipment is expected to rise at a higher CAGR of 7.4% in China, and this market is anticipated to be valued at US$ 799 million by 2026.

Rapid industrialization on a global scale has resulted in substantial increase in hazardous areas, and has subsequently driven demand for hazardous work equipment.

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Hazardous Area Equipment Demand Survey (2017-2021) in Comparison to Growth Forecast (2022-2026)

The world has witnessed an increase in industrialization and the number of industrial facilities established in the past few years. As industrialization is picking up pace in multiple regions it is also increasing the demand for industrial safety equipment.

Governments are imposing strict mandates to ensure the safety of workers in hazardous locations and this is expected to majorly boost demand for hazardous area devices and systems. Rising risks in multiple industries and increasing use of toxic chemicals are other factors that will favor the hazardous area equipment market growth across the forecast period.

High costs of deployment and lack of awareness of safety are two major factors that are restraining the global hazardous area equipment market potential.

Worldwide shipments of hazardous area equipment are predicted to increase at a CAGR of 6.5% from 2022 to 2026.

What is the Major Demand Driver for Hazardous Area Equipment?

“Increasing Concerns Regarding Occupational Safety to Drive Demand for Hazardous Area Systems”

Governments across the world have increased their focus on occupational safety in hazardous locations to avoid catastrophic outcomes that result in massive human losses.

This has led to strict mandates that have to be followed by employers to ensure the safety of employees working at the site. This trend is expected to prominently influence the consumption of hazardous area systems on a global scale.

Hazardous area equipment market forecast by Fact.MR

What Impact Does Cost of Hazardous Area Equipment Have on Industry Growth?

“High Costs of Hazardous Area Devices Constrains Market Potential”

Hazardous area devices and systems come at high costs and they also are accompanied by a hefty price tag for installation as well. This increases costs for employers and reduces their profit margins, and hence, they abstain from the deployment of these systems to save money.

Hazardous area equipment manufacturers are working on creating cost-effective solutions to boost adoption across all industry verticals.

Why Should Hazardous Area Equipment Manufacturers Focus on Europe?

“Europe Expected to Lead Global Hazardous Area Equipment Demand”

The market for hazardous area equipment in Europe is projected to be one of the most lucrative ones and this will majorly be driven by growing chemical manufacturing industries in this region. Growing pharmaceutical and energy industries are also expected to favor hazardous area equipment market potential over the coming years.

Rising concerns for occupational safety and stringent mandates by governments for the same are also expected to boost the adoption of hazardous area systems over the years to come. Shipments of hazardous area equipment in Germany are expected to expand at a CAGR of 4.6% throughout the forecast period. The chemical sector of France is also expected to boost the adoption of hazardous area systems in near future.

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How Will Sales of Hazardous Area Systems Perform in the Asian Region?

“China Will Lead Demand for Hazardous Area Devices in Asian Region”

The market for hazardous area equipment in South Asia and East Asia is expected to provide lucrative opportunities over the coming years owing to rapid industrialization and an increasing focus on occupational safety.

China is anticipated to be the most lucrative market for hazardous area equipment and is expected to rise at a CAGR of 7.4% throughout the forecast period and hold a market value of US$ 799 million in 2026.

India, South Korea, and Japan are anticipated to be other noteworthy markets in the aforementioned regions for hazardous area systems.

Country-wise Insights

How Will Hazardous Area Device Sales Shape Up in the U.S.?

“Presence of Multiple Industries to Boost Sales of Hazardous Area Devices”

The United States is home to multiple industries and is one of the key markets in the world. The nation is known for its rapid adoption of novel technologies and is expected to see high demand for hazardous area systems as the trend of automation in industries picks up pace.

The United States hazardous area equipment market is currently worth US$ 1.7 billion. Increasing focus on occupational safety by the government will drive boost sales of hazardous equipment in the nation through 2026.

Category-wise Insights

Which Safety Equipment Product is Set to Experience Highest Demand?

“Cable Glands & Accessories Account for Major Market Share”

The cable glands and accessories segment is projected to evolve at a CAGR of 7.8% from 2022 to 2026. The increasing need to ensure the safety of cables in an explosion-prone environment is expected to drive the demand in this segment across the forecast period.

Increasing demand for explosion-proof cables and cable glands from industries such as mining, processing, oil & gas, and manufacturing is expected to further bolster demand through 2026. The revenues from this segment are predicted to be worth US$ 2.7 billion by the end of the forecast period.

Will We See Higher Need for Industrial Controls?

“Industrial Controls to See High Demand through 2026”

The industrial controls segment is projected to attain a market worth of US$ 1.4 billion by the end of the forecast period. China is anticipated to be the fastest-growing market in the global landscape for industrial controls owing to rising adoption in the extensive manufacturing industries of the nation.

Motor control centers, electric motor control for hazardous locations, and explosion-proof industrial components are expected to see good growth in demand across the forecast period.

Did COVID-19 Hamper Sales of Hazardous Area Systems?

In 2020, the sudden emergence of coronavirus infections took the world by shock and created an adverse situation like never before. In order to contain the pandemic, multiple nations implemented nationwide lockdowns and closed borders. This resulted in the toppling of multiple markets and also had a negative impact on the global hazardous area equipment market as well.

Closure of multiple production facilities, shortage of raw materials, disrupted supply chains, lack of workforce, and lockdown restrictions caused a drop in sales of hazardous area devices. Uncertainty in the global economic landscape also caused many investors to back out of the hazardous area equipment market and this led to further loss of potential in 2020.

However, the hazardous area equipment market is projected to make a steady comeback in the post-pandemic era as the restrictions are lifted owing to decreasing coronavirus infections.

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Competitive Landscape :

Key hazardous area equipment companies are focusing on mergers, collaborations, partnerships, and acquisitions to expand their business scope on a global level and boost revenue generation.

  • In September 2020, Siemens AG, a German multinational organization, announced the extension of its Customer Relationship Agreement with digital transformation leader Atos, which was initialized in 2011.

Key Segments Covered in Hazardous Area Equipment Industry Research

  • Hazardous Area Equipment Market by Product :

    • Cable Glands & Accessories
    • Process Instruments
    • Industrial Controls
    • Motors
    • Strobe Beacons
    • Other Products
  • Hazardous Area Equipment Market by Connectivity :

    • Wireless Hazardous Area Equipment
    • Wired Hazardous Area Equipment
  • Hazardous Area Equipment Market by End Use :

    • Oil & Gas
    • Chemicals & Pharma
    • Energy & Power
    • Mining
    • Other End Uses
  • Hazardous Area Equipment Market by Region :

    • North America Hazardous Area Equipment Market
    • Latin America Hazardous Area Equipment Market
    • Europe Hazardous Area Equipment Market
    • East Asia Hazardous Area Equipment Market
    • South Asia & Oceania Hazardous Area Equipment Market
    • MEA Hazardous Area Equipment Market

- FAQs -

In 2022, the global hazardous area equipment market is valued at US$ 6.5 billion.
The hazardous area systems market is projected to account for a revenue of US$ 8.7 billion by the end of 2026.
From 2022 to 2026, the market for hazardous area equipment is anticipated to progress at a high CAGR 6.5%.
Increasing focus on occupational safety and stringent mandates to regulate the same will majorly drive demand for hazardous area equipment through 2026.
The market for hazardous area equipment in the U.S. accounts for US$ 1.7 billion in 2022.
Demand for hazardous area equipment in China is projected to rise at a CAGR of 7.4% and reach US$ 799 million by 2026.

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