The future of the global hazardous area equipment market looks promising with opportunities in the oil & gas chemical & pharmaceuticals, food & beverages, energy & power, and mining markets. The global hazardous area equipment market is expected to reach an estimated $16 billion by 2030 with a CAGR of 6.5% from 2024 to 2030. The major drivers for this market are swift expansion of industrialization and manufacturing sector, rising demand for safety measures equipment, and increasing government regulations mandating safety measures in hazardous industrial settings.
Some of the key questions
answered in this exclusive report are:
Q.1. What are some of
the most promising, high-growth opportunities for the hazardous area equipment
market by product (cable glands & accessories, measurement devices, control
products, alarm systems, motors, and lighting product), end use (oil & gas,
chemical & pharmaceuticals, food & beverages, energy & power,
mining, and others), and region (North America, Europe, Asia Pacific, and the
Rest of the World)?
Q.2. Which segments will
grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and
why?
Q.4. What are the key
factors affecting market dynamics? What are the key challenges and business
risks in this market?
Q.5. What are the
business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market
and the reasons behind them?
Q.7. What are some of
the changing demands of customers in the market?
Q.8. What are the new
developments in the market? Which companies are leading these developments?
Q.9. Who are the major
players in this market? What strategic initiatives are key players pursuing for
business growth?
Q.10. What are some of
the competing products in this market and how big of a threat do they pose for
loss of market share by material or product substitution?
Q.11. What M&A activity
has occurred in the last 5 years and what has its impact been on the industry?
Market Segmentation:
In this market, cable
glands & accessories, measurement devices, control products, alarm systems,
motors, and lighting product are the major segments of hazardous area equipment
market by application. Lucintel
forecasts that control products is expected to witness the higher growth over
the forecast period due to the increasing installation of new facilities and
expansion of current ones in process industries like oil & gas and chemical
& pharmaceuticals.Within this market, oil& gas will remain the largest
segment due to the growing utilization of equipment designed for hazardous
environments, including measurement devices, control products, motors, alarm
systems, and lighting products.
North America is
expected to witness highest growth over the forecast period due to sizable
number of well-known mining and oil and gas sectors, both of which are
extremely vulnerable to explosive conditions in this region.
ABB, Siemens, Eaton,
Rockwell Automation, Honeywell, Emerson Electric, and Patlite are the major
suppliers in the hazardous area equipment market.
About
Lucintel
Lucintel, the premier global
management consulting and market research firm, creates winning strategies for
growth. It offers market assessments, competitive analysis, opportunity
analysis, growth
consulting, M&A, and due diligence services to executives and
key decision-makers in a variety of industries.
Contact:
Roy Almaguer
Lucintel
Dallas, Texas, USA
Email: roy.almaguer@lucintel.com
Tel. 972.636.5056
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