Explosion-Proof Equipment Market size is expected to grow from US$ 8398.6 million in 2023 to US$ 12,952.87Million by 2030; it is estimated to record a CAGR of 6.3 % from 2022 to 2030.
The explosion-proof equipment market in Europe is segmented into the UK, Germany, Italy, France, Russia, and the Rest of Europe. The region is expected to dominate the explosion-proof equipment market because of the growth in the mining industry. Firstly, there are several mining industries present in the region, including Leonhard Nilsen & Sonner, Complexul Energetic Oltenia, Czech Coal, Hellenic Copper Mines, Boliden, Government of Federation of Bosnia and Herzegovina, and JP Elektroprivreda BiH, among others. These mining industries have executed several mining projects in the region. For instance, The Kvannevann Iron Ore Mine is owned by Leonhard Nilsen & Sonner and located in Nordland, Norway; its brownfield mine produced approximately 6.717 Mt (megaton) of ROM (run-of-mine) in 2020. It recorded a production of ~1.447 mtpa (metric tons per annum) of iron ore in 2020. Therefore, the growth in the mining industry due to a rise in ongoing mining projects requires explosion-proof equipment for safety purposes. The need for explosion-proof equipment is important in these hazardous areas as this equipment helps maintain the safety of workers as well as the operators present in the factories. Therefore, the mining industry and many other industries are implementing explosion-proof equipment to maintain the safety of the operators as well as workers in explosion-proof equipment market.
Moreover, Europe has many manufacturers of explosion-proof equipment, including ABB Ltd, BARTEC Group, Cortem S.p.A., Eaton Corporation plc, Extronics Ltd, R. STAHL AG, and Siemens AG, among others. The presence of such well-known explosion-proof equipment market players in the region is fueling the growth of the market.
Impact of COVID-19 Pandemic on Explosion-Proof Equipment Market Growth
- The COVID-19 pandemic has shaken several industries. The tremendous growth in the spread of the virus has urged governments worldwide to impose strict restrictions on vehicles and human’s movement. Due to travel bans, mass lockdowns, and business shutdowns, the pandemic has affected economies and countless industries in various countries. The lockdown imposition has resulted in the lesser production of commodities, goods, and services.
- In 2020, the COVID-19 pandemic has caused a large-scale negative impact on economies across the globe, leading to many challenges including the explosion proof equipment market. This can be seen from both, the demand as well the supply sides, as the production of explosion proof equipment was less.
- The construction industry was negatively impacted, owning to the lockdown situation, and the supply chain was also affected which affected the manufacturing of explosion proof equipment across the globe. Further, the impact of the covid-19 pandemic was felt hardly by the global mining industry through shutdowns of mines, ports and rail & other transportation infrastructure, with shipments stranded at sea or caught in port and with inconsistent restrictions imposed from country to country. Also, continued operations in oil and gas industries in 2020 had faced difficulties due to workforce shortages as employees are infected by the coronavirus and the practical difficulties in many cases of social distancing and in decreasing oil prices. Therefore, the overall impact of explosion-proof equipment market growth was negative.
BARTEC Gmbh, Intertek Group PLC, R. STAHL AG, ABB Ltd., Emerson, Extronics Ltd., Marechal Electric Group, Eaton Corporation, Siemens AG, and Rockwell are among the key Explosion-Proof Equipment Market players profiled in this Explosion-Proof Equipment market study. Several other essential Explosion-Proof Equipment Market players were analyzed for a holistic view of the Explosion-Proof Equipment market and its ecosystem.