North America Explosion-Proof Equipment Market Size (2024 - 2029)

North America Explosion-Proof Equipment Market Analysis

The North America explosion proof equipment market is expected to register a CAGR of 3.8% during the forecast period 2020 - 2025. Explosion-proof equipment are electrical and non-electrical fixtures that can prevent explosions and withstand them. An explosion-proof equipment has an apparatus enclosed in a case, capable of withstanding an explosion of a specific gas or vapor that may occur within it.

• Growing energy requirements is a key factor driving the demand for the exploration of new mines and oil and gas resources, which, in turn, demands safe equipment. These are the industries that are prone to explosion hazards. For instance, the mining sector in the United States accounts for significant number of injuries, in the country.
• In Canada, the mining sector is considered as a pillar of the Canadian economy. The country is one of the leading producers of many useful mineral ores and metals, which includes asbestos, sulfur, titanium, platinum, aluminum, zinc, copper, lead, silver, gold, and other precious metals.
• The major regulatory bodies in the region are- Underwriters Laboratories(UL), an American safety consulting and certification company, Occupational Safety and Health Administration (OSHA), Factory Mutual - FM3610, National Fire Protection Association(NFPA), etc. Thus the market witnessed an increase in the replacement rates of the existing equipment.
• However, as compared to the rest of the world, the alternative Zone system of hazardous location classification is still new for the United States, which is further leading to the replacement of existing machinery in the industries.
• With the outbreak of COVID-19, oil and gas and petrochemical industries have been severely affected due to a drastic decrease in product demand, falling prices, and storage shortages. Oil prices decreased by 50% since January 2020, with US markets observing the worst price drops. The International Energy Agency reported that oil demand decreased by 29 million barrels per day during the month of April 2020 and are expected to further decrease by 23.1 million barrels per day by Q2 2020.

North America Explosion-Proof Equipment Industry Segmentation

Explosion-proof equipment refers to products that limit any source of explosion within its housings. This equipment relies on various principles of protection, such as explosion prevention, explosion proof, and explosion segregation. While explosion-proof equipment utilizes a robust, protective housing, in order to contain any explosion within itself, explosion segregation equipment isolates the source of explosion inside a protective medium. The scope of the market is comprehensive and is limited to North America.