The global explosion-proof equipment market is expected to grow from US$ 8,037.29 million in 2021 to US$ 12,272.30 million by 2028; it is estimated to grow at a CAGR of 6.2% during 2021-2028.
The construction sector has been witnessing a decent growth rate in the recent time.The trend is foreseen to continue over the years, thereby creating a huge space for commercial, residential, and industrial constructions.
Governments of various countries are undertaking initiatives to support the construction industry. The growth in the construction of commercial and residential buildings is anticipated to provide prosperous opportunities to the market to grow in the region; thus, positively impacting the market.
Commercial and residential housing constructions are continuously growing all across the globe and majorly in developing countries. For instance, the commissioning of housing in Russia in the first five months of 2021 increased by 28.4% compared to the previous year, according to the Russian news agency in July 2021. In May 2021, 5 million square meters of housing, which is around 31% more than in May 2020. Similarly, in Australia, according to the Ridgewater Homes website data, in 2021, it has been observed that there is a boom in residential buildings construction with 10% growth. This growth is due to the surge in demand for houses because of record-low interest rates, an improving outlook for growth in sustained employment, and government programs such as HomeBuilder. Further, several governments initiatives have been observed in helping the housing industry. For instance, according to the Yonhap News Agency website data of February 2021, the South Korean government announced that it would ease building regulations and support redevelopment projects in urban areas to increase the number of new houses up to 836,000 nationwide. The latest housing policy focuses on increasing the home supply in the Seoul metropolitan area and other major cities to stabilize the heated real estate market. The latest policy includes 323,000 new houses in Seoul, the hotspot of the real estate frenzy, and 293,000 in the surrounding Gyeonggi Province, according to the Ministry of Land, Infrastructure, and Transport. Similarly, in Egypt, in September 2021, the government supported the construction of 37 new smart city projects. The first phase of construction work has been underway for the past five years, with US$ 20 billion of investments pumped into an area spanning 40,000 fed (16,800 ha). This construction activity will boost the growth of residential and commercial buildings in the country. Thus, the rising commercial and residential housing constructions and several government initiatives in housing construction are influencing the demand for explosion-proof equipment globally.
Moreover, strong economic conditions and low rates of housing loan interest will help maintain the expansion of construction activities in North America, Asia Pacific, and the Middle East & Africa.Europe will show a slightly subdued growth, supported by improved construction sector conditions in various countries, allowing better residential and infrastructural spending.
Also, the growth prospects in Latin America will improve, driven by policy reforms in key countries including Brazil.Further, according to the Oxford Economics/Haver Analytics data of contribution to global construction growth 2020-2030, China, India, and the US are among the major contributors in residential construction activities.
Also, in 2021, residential construction is forecasted to be the fastest-growing sector globally at 7.1%, according to the Marsh LLC data. The residential sector accounted for 44% of total global construction in 2020 making it is the largest sub-sector and a key driver of global growth. Therefore, these above-mentioned factors will help in boosting the demand for commercial and residential housing constructions. This will help in increasing need for the explosion-proof equipment in buildings. For instance, BMarko Structures Inc. provides blast-resistant modular buildings. Thus, the increasing construction activities creates opportunities for the explosion-proof equipment market players because of the need for explosion-proof equipment solutions in commercial buildings.
Impact of COVID-19 Pandemic on Global Explosion Proof Equipment Market
In 2020, the COVID-19 pandemic caused a large-scale negative impact on economies globally, leading to many challenges in several markets, including the explosion-proof equipment market.The demand and supply sides suffered due to low production of explosion-proof equipment.
Further, the construction industry and supply chain were negatively impacted owing to the lockdown situation, which affected the manufacturing of explosion-proof equipment across the globe. Further, the restriction measures imposed in several countries due to the COVID-19 pandemic badly impacted the global mining industry through shutdowns of mines, ports, and rail & other transportation infrastructure, with shipments stranded at sea or stopped at ports.
In 2021, with the uplifting of lockdown and government easing taxation, the manufacturing business had resumed; this helped in growing the production of explosion-proof equipment.Also, with the smoother functioning of other industries, including the mining and oil & gas industries, the demand for explosion-proof equipment had increased again.
The explosion-proof equipment will have higher demand due to resumption of multiple industries in several sectors in the coming years.
Based on systems, the explosion-proof equipment market is subsegmented into junction boxes & enclosures, lighting system, monitoring system, signalling devices, automation system, cable glands, HVAC systems, and others.In 2021, the cable glands segment led the market and accounted for the largest market share.
Based on protection method, the explosion-proof equipment market is further segmented into explosion prevention, explosion containment, and explosion segregation.In 2021, the explosion prevention segment led the market and accounted for the largest market share.
Based on industry, the explosion-proof equipment market is subsegmented into pharmaceutical, mining, oil & gas, manufacturing, food processing, energy & power, chemical & petrochemical, and others. In 2021, the oil & gas segment led the market and accounted for the largest market share.
By region, the explosion-proof equipment market is further segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, Europe accounted for the largest share in the global explosion-proof equipment market.
The overall explosion-proof equipment market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the explosion proof equipment market with respect to all the market segments.Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales manager—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the explosion proof equipment market.
The key companies operating in the explosion proof equipment market include ABB Ltd; BARTEC Group; Cortem S.p.A.; Eaton Corporation plc; Emerson Electric Co.; Extronics Ltd; Hubbell Incorporated; Rockwell Automation, Inc.; R. STAHL AG; and Siemens AG.
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