Industrial Explosion Protection Market By Applications, By Type, By Hazardous Zone - Growth, Share, Opportunities & Competitive Analysis, 2023 – 2031

15 Mar 2023 Format PDF icon PPT icon XLS icon Request Sample

The global industrial explosion protection market is expected to grow at a CAGR of 6.6% during the forecast period from 2023-2031. The rising demand for food, metal, oil & gas, and energy is the primary factor that is expected to contribute to the expansion of the industrial explosion protection market over the period of the forecast, 2023-2031. Furthermore, there is expected to be promising demand for integrated systems worldwide, the rise of the automation sector, and increasing investments by the leading companies in order to comply with the stringent government policies remain the key factors impacting market growth. Increasing explosion frequencies in industries such as food, mining, oil & gas, are compelling market growth. High-risk industries such as Oil & Gas and mining are continuing to witness increasing demand, and therefore the demand for industrial explosion protection products has been increasing consequently. This trend is expected to continue during the forecast period.

Industrial Explosion Protection Market

Increasing Demand for Energy Leading to Exploration of New Mines

The development of new mines and oil and gas resources will have a favorable influence on the need for an explosion-protection market, which in turn will lead to the expansion of the market. Due to the presence of highly flammable substances in large quantities, oil refineries, petrochemical plants, mining quarries, chemical factories, and corn mills are prone to high risks. As a result, industrial explosion protection equipment is in high demand to continuously monitor activities and ensure safety and productivity. In addition, the increasing demand for energy is going to have a beneficial impact on the expansion of the market during the period covered by the forecast. For example, the International Energy Agency predicted that in January 2020, rising energy demand in Southeast Asia would be driving new oil and gas discoveries and attracting the investment necessary to build the region's oil and gas industry. As a result of the increasing demand in Southeast Asia, oil and gas corporations are beginning to focus their attention on the region's indigenous resources in an effort to fulfill the region's growing demand for energy. The potential for the market's expansion will improve as a result of these kinds of explorations.

Rising Disposable Income Boosting Demand for Essentials and Luxury Products

Financial resources are an important means to achieve higher living standards and augmented well-being. Increased economic wealth may also define the amount of household income being spent not only on basic necessities but also leisure and other well-being activities. Regardless, of the economic slowdown the consumer spending on leisure products, luxury has exploded in popularity. Globally, household income is experiencing upward growth. For instance, in the OECD countries, the average household net wealth per capita is estimated at US$ 84,547. Such trends are having a significant impact on manufacturing industries across the globe especially Asian region.

Intense focus on the Environment by governments across the globe

Intense focus on the environment by governments across the world is both a driver and a restraint.  These regulations on one hand enforce the companies to deploy effective safety systems. However, such regulations are the most significant factor that forms an entry barrier to industries such as Oil and Gas, Mining, and so on. For example, Environment is affected by Fracturing in various ways such as Air pollution, water pollution, and Oil and soil spill contamination. Many air pollutants are released through drilling procedures such as methane, benzene, xylene, toluene and ethyl benzene (BTEX), formaldehyde, carbon monoxide, metals in diesel fuel ignition, and nitrogen oxide. These air pollutants pollute the air and cause birth defects, sometimes even deaths, short-term illness, organ damage, cancer, and a disorder in the nervous system. The main air emission from hydraulic fracturing is methane emission from fracturing equipment and emission from the wall at the time of fracturing.  At all the phases of fracking, air pollutants are released and it affects the surrounding communities and also the communities which lie along the pipelines which bring the gas to the market.  The National Institute for Occupational Safety and Health (NIOSH) reported that during hydraulic fracturing workers may have exposure to dust with high levels of silica. Sediments and soil at the spill sites contain long-lasting radium contamination. Soil near fracturing sites can be contaminated by wastewater reverted back to the land surface. Heavy metals and radioactive materials containing uranium, strontium, and radon contaminates soil through leaks, spills airing, and venting. Due to the increase in contamination of soil, air, and water. The government has taken strict actions to reduce environmental pollution by making different laws and regulations such as the Clean Air Act which is hindering the growth of this market.

Industrial Manufacturing and Processing Remained the Dominant Segment

The largest market share was held by industrial manufacturing and processing in the primary industry segment in 2022. The accumulated impact of key industries such as mining, metal manufacturing, electronic and communications component manufacturing, power & utility, and others attributed to about 38% in 2022. The contribution of this segment is expected to rise to about 40% by the end of the forecast period (2031). The rising use of industrial explosion protection equipment is a direct result of the extreme conditions that exist in the manufacturing industry due to the presence of chemicals, toxic paints, and other combustible dust. As a result, during the course of the projected period, it is anticipated that the manufacturing sector will expand at a CAGR of 7.2% during the forecast period 2023 to 2031.

Explosion Vents Dominate the Market by Product

The largest market share was held by explosion vents in 2022. Explosion vents include both flameless and conventional panels. Both segments together contributed to about 42% in 2022. The second largest market was explosion isolation valves which held about 27% revenue share in 2022. Explosion vents and explosion isolation valves are of prime importance and basic industrial explosion protection products that are required to enhance the safety against explosion hazards in any manufacturing or operational setup. Therefore, the demand for these products is expected to increase with increasing manufacturing facilities that are to be established across geographies during the forecast period. Flameless explosion vents are expected to register the highest CAGR of 7.8% during the forecast period 2023 to 2031. There is a noticeable transition from conventional panels to flameless explosion vents which is expected to drive market growth during the forecast period.

North America to Remain as the Global Leader

The largest market share was held by North America in 2022. North America remained a global leader with a revenue share of 34.5% in 2022. Though this contribution is expected to lower to 32.5% by 2031 due to increasing contribution from Asia, North America will continue to be the global leader until the end of the forecast period of 2031. The second largest revenue-generating region is the UK and the EU. Increasing shale gas exploration coupled with government mandates promoting workplace safety are driving installations of safety systems including industrial explosion protection products across industrial facilities. On the other hand, Asia Pacific is estimated to register stronger growth over the forecast period due to rapid growth in industrialization and regulated demand from the mining sector.

Competition to Intensify during the Forecast Period

Tier 1 market players are expected to lead the market in terms of revenue contribution, technology innovation, and market activeness. The market is expected to evidence downward trends where the tier 3 players are most likely to shift out of the top 3 tier by the end of the forecast period of 2030. This indicates significant market opportunities that are expected to open up during the forecast period with increasing demand for industrial explosion protection devices across the globe. Additionally, new market players are expected to flock to the market, especially in Asia where the market potential is significant. The market is expected to remain fragmented with the presence of an immense number of market players operating in the market.

Historical & Forecast Period

This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2023 to 2031.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Industrial Explosion Protection market are as follows:

  • Research and development budgets of manufacturers and government spending
  • Revenues of key companies in the market segment
  • Number of end users and consumption volume, price and value.
  • Geographical revenues generate by countries considered in the report
  • Micro and macro environment factors that are currently influencing the Industrial Explosion Protection market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Research Period  2021-2031
Base Year 2022
Forecast Period  2023-2031
Historical Year  2021
Unit  USD Million
  • Oil & Gas
    •     Exploration
    •     Drilling
    •     Extraction
    •     Processing
    •     Storing
    •     Transportation
    •     Refining
    •     Distribution
  • Pharmaceuticals
    •     Warehouse
    •     API Production
    •     Drug Product Production
    •     Excipients Production
    •     Packaging & Packaging Material Production
    •     Distribution
  • Industrial Manufacturing & Processing in Primary Industry
    •     Chemical Manufacturing
    •     Food Manufacturing
    •     Automotive Manufacturing
    •     Metal Manufacturing
    •     Construction Material Manufacturing
    •     Electronic and Communication Technology component Manufacturing
    •     Mining and Energy
    •     Power & Utility
    •     Others
  • Agriculture
    •     Grain Production
    •     Farm Elevator
    •     Farm Processing Unit
    •     Export Elevator
    •     Manufacturing
    •     Processing Treatment
    •     Warehousing
    •     Stock Yards
    •     Retail points
    •     Others
  • Others
    •     Textile
    •     Other secondary industries

  • Explosion Vents (Panels)
  • Flameless Explosion Vents (Panels)
  • Explosion Isolation Valves
  • Chemical Isolation
  • Fire Extinguishing (In industrial plant environments, where explosion protection products are sold)
  • Spark Detection and Suppression Systems
  • Grounding Systems (Earthing)

Hazardous Zone
  • Zone 0
  • Zone 20
  • Zone 1
  • Zone 21
  • Zone 2
  • Zone 22

 Region Segment (2021-2031; US$ Million)

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • UK and European Union
    • UK
    • Germany
    • Spain
    • Italy
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East and Africa
    • GCC
    • Africa
    • Rest of Middle East and Africa

Key questions answered in this report

  • What are the key micro and macro environmental factors that are impacting the growth of Industrial Explosion Protection market?
  • What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
  • Estimated forecast and market projections up to 2031.
  • Which segment accounts for the fastest CAGR during the forecast period?
  • Which market segment holds a larger market share and why?
  • Are low and middle-income economies investing in the Industrial Explosion Protection market?
  • Which is the largest regional market for Industrial Explosion Protection market?
  • What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
  • Which are the key trends driving Industrial Explosion Protection market growth?
  • Who are the key competitors and what are their key strategies to enhance their market presence in the Industrial Explosion Protection market worldwide?
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