According to a new report, published by KBV research, The Global Hazardous Area Equipment Market size is expected to reach $13.5 billion by 2028, rising at a market growth of 5.4% CAGR during the forecast period.
The Cable Glands & Accessories market is leading the segment in the Global Hazardous Area Equipment Market by Product in 2021; thereby, achieving a market value of $4.6 billion by 2028. The key reason driving the segment's development is the growing need to ensure the safety of cables in areas susceptible to explosions. Another critical factor driving the market's development is the versatility of cable glands, which is useful for all treatments.
The Chemical & Pharmaceuticals market is experiencing a CAGR of 5.9% during (2022 - 2028). Chemical factories need high-quality, explosion-proof electrical equipment that can stand up to potentially corrosive atmospheres, high pressures, severe temperatures, and locations with reactive or explosive gases. Stainless steel is unquestionably the best material for such equipment.
The North America market dominated the Global Hazardous Area Equipment Market by Region in 2021; thereby, achieving a market value of $4.7 billion by 2028. The Europe market is anticipated to grow at a CAGR of 5% during (2022 - 2028). Additionally, The Asia Pacific market would witness a CAGR of 6.1% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/hazardous-area-equipment-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of ABB Group, Honeywell International, Inc., Siemens AG, Emerson Electric Co., Rockwell Automation, Inc., Eaton Corporation PLC, R. STAHL AG, E2S Warning Signals, NHP Electrical Engineering Products Pty Ltd. and PATLITE Corporation
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