The ExplosionProof Equipment Market size is projected to grow from USD 7.4 billion in 2020 to USD 9.9 billion by 2025, at a CAGR of 5.9% from 2020 to 2025. Factors such as the increasing industrial safety measures and rising energy requirements are driving the explosion proof equipment market.
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The oil & gas industry holds the largest share of the
explosion proof equipment market in 2019
The oil & gas industry accounted for the largest share of
the explosion proof equipment market in 2019 and is expected to grow at a high
growth rate during the forecast period. The demand for explosion proof
equipment in this industry is high due to its flammable and challenging
environmental conditions. This equipment are used across applications such as
exploration, drilling, gas lifting/injection, oil & gas pipelines, storage
handling, and gas and refinery process.
The market for wireless connectivity services is projected to
grow at a high growth rate during the forecast period
The market for wireless connectivity services is projected to grow at a high growth rate during the forecast period. The growth of the segment can be attributed to its lower installation cost, requirement for cable-free operations, and reduction in space occupied and weight. Wireless devices can minimize the number of devices installed, such as cabling and other installation equipment leading to low installation expenditure and low labour costs.
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