The Global Explosion-proof Equipment market is valued at USD 4.46 billion in 2016 and is expected to reach a value of USD 7.16 billion by the end of 2022, growing at a projected CAGR of 8.23 % during the forecast period of 2017 – 2022. In the wake of increasing industrial accidents and explosions in mines, regulatory bodies, such as OSHA and others, are initiating the implementation of stricter regulations to ensure worker safety and to also prevent damage to the atmosphere. The new discovery of oil and shale reserves in countries such as Brazil and Greenland, and huge investments in the U. S. towards shale gas exploration are expected to drive the market for explosion-proof equipment even further.
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Preservation of the environment is a high priority concern and the governments are cognizant of this issue. This has resulted in the implementation of government regulations particularly in the oil and gas exploration industry. Although the major markets for explosion-proof equipment are the mining and oil & gas industries, they have also found applications in fields like aerospace, construction and other industries. Asia-Pacific and Latin America are expected to be high-growth regions with increasing industrialization and exploration of natural resources.
Explosion protection equipment are used in a wide range of industry verticals to protect devices and products from various hazardous environments. Explosion-proof products are capable of containing an explosion. The term‘ explosion proof’ does not indicate that the product is capable of withstanding an internal explosion without allowing flames or hot gases to escape to trigger an explosion in the surrounding atmosphere.
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The term explosion-proof is assigned to those only products, which are certified by national rating agencies, such as Factory Mutual or Underwriters Laboratories after meeting their specifications and passing their tests. Unless certified by one of these agencies, the product does not meet the explosion-proof requirements of the National Electrical Code. The global explosion-proof equipment market has been segmented on the basis of type of substances( class I, class II, class III), type of explosion-proof equipment( flameproof, pressurized, increased safety, intrinsic safety, oil-immersed, others), hazardous zone classification( zone 0, zone 20, zone 1, zone 21, zone 2), type of systems( power supply systems, material handling, motors,
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