Explosion Proof Equipment Market
According to the new research report titled “Explosion Proof Equipment Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 12,272.30 million by 2028, registering a CAGR of 6.2% from 2021 to 2028.
Explosion-proof equipment includes the devices, products, and solutions that are installed for the prevention of sparks that can lead to an explosion. The installation of these products in hazardous locations ensures better productivity and increased safety. The incorporation of monitoring and automation systems ensures efficient detection and tracking, along with monitoring the functioning of the equipment. Therefore, these components help in detecting accidental explosions, leaks of hazardous gases, or any other complications during the production. This provides added safety to the machinery, personnel, and surroundings. The examination and designing of explosion-proof equipment are controlled as per the ATEX/IEC standards and NEC standards which formulate the production of equipment on the basis of the Zone/class/group/division system, respectively. The European Union follows the Zone system. North America adheres to the class, division, and group system.
With the increasing incidents/accidents happening in industries (such as mining and oil & gas industries), the focus on industrial safety measures has also increases worldwide. For instance, according to the article published by The Hindu Magazine, in August 2020, the state government of Andhra Pradesh (India) is contemplating bringing in a new industrial safety policy to prevent accidents, which of late, have been taking place at regular intervals. A special drive was being conducted in industries to inspect the safety measures. The new industrial safety policy should be brought out and the existing safety regulations of industries should come under its purview. Similarly, according to the article published by Business Standard, in September 2021, the Department for Promotion of Industry and Internal Trade of India, have eased ammonium nitrate and calcium carbide rules in order to improve their safety measures in storage and transportation. This was done in the backdrop of the lessons learnt from the deadly Beirut explosion that killed about 140 people in August 2020. Steps are also being taken to reduce compliance burden for industry to ensure industrial safety in critical premises such as petroleum installations, explosive manufacturing facilities, cylinder filling and storage premises. Thus, government is taking initiative in implementing policies, considering safety of the workers.
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According to an article published by the Ministry of India in December 2021, crude oil consumption is expected to register a CAGR of 3.6% to 500 million tonnes by 2040 from 221.56 million tonnes in 2017. Also, the oil demand in India is projected to rise at the fastest pace in the world by reaching 10 million barrels per day by 2030 from 5.1 million barrels per day in 2020. Similarly, according to the US Energy Information Administration data from January 2022, it is projected that the annual average the country’s crude oil production will increase from 11.8 million barrels per day in 2022 to 12.4 million barrels per day in 2023. Thus, with the growing global oil & gas industry, the demand for explosion proof equipment is also increasing to ensure the safety of all operators and employees working in oil & gas factories.
The explosion proof equipment plays a crucial role in the oil & gas industry. As employees and operators in the industry have to work in hazardous locations, such as refineries, oil plants, and offshore facilities, where they are constantly exposed to flammable substances, including liquids, gases, vapors or combustible dust, the priority is to keep them safe. To combat the high potential for ignition, manufacturers must produce and rigorously test explosion proof assets. In September 2020, Mitsubishi Heavy Industries, Ltd. had an agreement with ENEOS Corporation on joint development of a second-generation EX ROVR (a plant inspection robot) with explosion proof features to limit the danger of the robot igniting an explosion or fire from electric sparks or heat, even in areas with flammable gas.
Key Findings of Study:
Explosion-proof equipment includes the devices, products, and solutions installed to prevent sparks that can lead to explosions. The installation of these products in hazardous locations ensures better productivity and increased safety. The incorporation of monitoring and automation systems provides efficient detection, tracking, and monitoring of the functioning of the equipment. Therefore, these components detect accidental explosions, leaks of hazardous gases, or any other complications during the production. This provides added safety to the machinery, personnel, and surroundings. The examination and designing of explosion proof equipment are controlled as per the ATEX/IEC standards and NEC standards, which formulate the production of equipment based on the Zone/class/group/division system, respectively. The European Union follows the Zone system. North America adheres to the class, division, and group system.
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