According to Vantage Market Research, the global mechanical explosion-proof equipment market is projected to reach USD 7.22 Billion by 2028. In industry, the mechanical explosion-proof equipment is the devices that are used to prevent explosion, or it can be said that these withstand explosions which are caused by the release of explosives or due to storage of explosive materials.
Increasing adoption of mechanical explosion proof equipment to spur the market growth
The major factor responsible for the growth of the mechanical explosion-proof equipment market is the increasing adoption of these devices. Moreover, people are now more concerned about their safety and hence this is expected to boost the market in the coming years. In many industries, the workers are exposed to an explosive environment and critical atmosphere hence, the adoption of such solutions has increased over time.
Whereas the major factor that is obstructing the market growth is due to high costs of the raw materials and high maintenance costs of this mechanical explosion-proof equipment.
COVID-19 pandemic impacted many countries and caused disruptions in many industries. People are now more concerned about their safety and are avoiding physical contact and are preferring to stay home and opt to work from home this has drastically impacted public mobility. Also, due to strict government restrictions, mobility has reduced as the use of public transport in cities was shut down. Hence, the overall mechanical explosion-proof equipment market was negatively impacted.
The mechanical explosion-proof equipment market is segmented on the basis of product type the market is bifurcated into non-industrial explosion-proof equipment and industrial explosion-proof equipment. Also, the market segmentation for mechanical explosion proof equipment market can be done on basis of end-user or applications. Hence, by end-user is bifurcated into oil & gas, mining, pharmaceuticals, marine, and others.
North America region is expected to grow at a high rate over the coming years and is the dominating region. This is attributable to developing economies and manufacturing activities in this region.
Some of the major players operating in the global mechanical explosion proof equipment market include Sew Eurodrive, Leeson, WEG Industries, Warom Group, SAM Electronics, Bartech, Emerson Industrial, MHE Demag, R. Stahl, PCT Group Ltd, Thuba Ltd, Baumer, FGC Pvt. Ltd., PT Alvitama Sentosa and Hawke International, among others.