The hazardous area equipment market is projected to grow from USD 10.5 billion in 2023 to USD 14.1 billion in 2028; it is expected to grow at a CAGR of 6.1% from 2023 to 2028. The growth of the market is attributed to rising government regulations for industrial safety measures in hazardous environments. During the forecast period, the development of hazardous area equipment in industries such as oil & gas, chemical & pharmaceutical, food & beverage, and energy & power are expected to create growth opportunities for the market.
Key players operating in the market include ABB Ltd. (Switzerland), Siemens AG (Germany), Eaton Corporation (Ireland), Rockwell Automation (US), Honeywell International Inc. (US), Emerson Electric Co. (US), Patlite Corporation (Japan), and R. STAHL AG (Germany). Major strategies adopted by top players to enhance their product portfolios, increase their market share, and expand their presence in the market mainly include new product launches.
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ABB is a technology leader in terms of electrification, industrial automation, motion, and robotics and discrete automation. It is the leader in the hazardous area equipment market. High market experience and a strong brand name have enabled the company to capitalize on the fundamental market dynamics in the industrial equipment industry and deliver innovative solutions. ABB manufactures and sells a broad portfolio of hazardous area products for customers related to various industries including oil & gas, chemical & pharmaceutical, energy & power, food & beverage, mining, and energy & power.
Siemens is a leading technology company focusing on industry, infrastructure, transport, and healthcare. It is one of the leading producers of energy-efficient, resource-saving technologies and a supplier of systems for power generation and transmission as well as medical diagnosis. The company uses its automation and digitalization expertise to provide products for hazardous areas. Its brand identity, global presence, and manufacturing/technological expertise help in establishing a foothold in the hazardous area equipment market.
Eaton is one of the leading manufacturers of equipment for hazardous environments. The company designs and manufactures equipment of exact specifications for various applications in hazardous environments according to the International Electrotechnical Commission (IEC) and European Union (IECEx and ATEX) standards. Eaton focuses on bringing innovative products to gain its share in the hazardous area equipment market.
Hazardous Area Equipment Market by Product (Cable Glands & Accessories, Measurement Devices, Control Products, Alarm Systems, Motors, Lighting Products), Industry (Oil & Gas, Chemical & Pharmaceutical, Food & Beverage), Region - Global Forecast to 2028
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