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Hazardous Area Equipment - Global Market Trajectory & Analytics

  • ID: 4805004
  • Report
  • January 2021
  • Region: Global
  • 559 pages
  • Global Industry Analysts, Inc
A Safe Working Environment is Also a Happy & Productive Working Environment. This Old Adage Supports a US$ 9.3 Billion Opportunity for Hazardous Area Equipment.

The global market for Hazardous Area Equipment is projected to reach US9.3 billion by the year 2027, trailing a post COVID-19 CAGR of 6.5%, over the analysis period 2020 through 2027. Throughout the world, organizations are investing time and resources into building a robust workplace safety culture. Building the right safety culture begins from the organization's attitude towards safety, since it has the potential to correct flaws in behavior-based safety (BBS) and enhance the success of safety initiatives. Two of the biggest benefits of creating a strong safety culture are loss prevention and optimum risk management, both of which carry social, economic and financial benefits. There is growing awareness among companies over the damages and losses caused by improper or negligent implementation of safety protocols. Companies are therefore exhibiting increased commitment to build a robust safety culture by continuous measurement, assessment and adaptation. The costs of overlooking safety include losses accruing from disruption of business, production downtime caused by worker absence, disputed work schedules, cost of legal proceedings, litigation, penalties, fine and compensation, bad publicity, cost of damage and repair to the equipment, medical expenditure and reimbursements, loss of human resources and added cost of retraining, among others. In comparison, the benefits of having comprehensive occupational safety policies, procedures and systems are many. These include achievement of goals of corporate social responsibility, higher employee productivity, lower cost of insurance, reduced expenditure associated with accidents and illnesses, reduced absenteeism, higher employee commitment to work and motivation, a greater sense of wellbeing and investor confidence. One of the most important business advantages of good occupational safety policies is the ability to build brand value and goodwill.

For large companies, a fastidious safety system can boost the reputation of a company and push up stock prices higher than competitors. This is primarily because modern companies are today operating in a social system and society that is aware of risks and constitutional rights to safety and health. As a result there is greater pressure on companies to meet their corporate social responsibility (CSR) commitments to maintain and promote investor confidence. Occupational health and safety performance in a company tends to positively influence value creation for stakeholders. Also, a safe workplace is vital for sustainable development and growth in the industry. Given the numerous benefits for both the employer and employee, personnel safety and health is a double edged weapon that companies are only now beginning to fully appreciate. An effective, productive and reliable workforce can be had only when people are not afraid of what they are doing. To encourage the safety culture and attitude, several not-for-profit organizations are issuing safety accreditations and recognition awards for excellence in safety and health management. For instance in Australia, occupational health and safety awards extended include National Safe Work Australia Awards, and Safety and Management Achievement Program. Similarly in the U.S. and the U.K. the awards offered include International Safety Quality Environment Management Association, Governor's Workplace Safety Award, Department of Labor Safety Awards Program and Governor's Occupational Safety and Health Awards Program, among numerous others.

Given the shrinking tolerance to unsafe work conditions, the market for Hazardous Area Equipment is poised to witness stable business growth. A hazardous area, also termed as potential explosive atmosphere) refers to an environment comprising of concentrations of flammable vapors, gases, mists or combustible dusts. In settings that generally involve processes related to manufacturing, transformation, stocking and delivery flammable substances, there is risk of explosive environments being created. For instance conditions in oil & gas, petrochemical, chemical, mining, food processing and grain handling sectors often involve the risk of flammable substances coming into contact with oxygen in the atmosphere, thus leading to the creation of an explosive environment. Hazardous areas are generally found in oil refiners, LNG plants, chemical plants, sewerage treatment plants, offshore drilling rigs, wharves, and paint manufacturing facilities among others. Besides risk of explosion due to gas vapors, there is also a threat due to dust in hazardous areas particularly in food & beverage plants, flour mills, plastic units, and grain handling and storage facilities. In the event of an ignition occurring in such an atmosphere, the resultant explosion can cause large-scale destruction of property and lead to loss of human life. All electrical equipment deployed in such environments are required to be compliant with a range of requirements designed to ensure safety of workplace and personnel by preventing any scenarios that can emerge from the reaction of the equipment with the surroundings. The high risk presented by hazardous environments is also fueling demand for specialized automation systems and products that are intended to prevent electrical or other types of sparking. The role and demand for hazardous area systems and components has changed considerably over the years due mainly to the rapid proliferation of digital networks and technologies at the field level. In addition technologies such as IoT and Industrial IoT are also leading to considerable changes in hazardous area management supported by the advent of new age field-mounted sensors as well as edge devices. With control rooms presenting challenges due to space restrictions, facilities are being encouraged to deploy more number of components in field sites in hazardous plants.

Select Competitors (Total 211 Featured):
  • ABB Ltd.
  • E2S Warning Signals
  • Eaton Corporation Plc
  • Emerson Electric Co.
  • Federal Signal Corporation
  • Honeywell International, Inc.
  • NHP Electric Engineering Products
  • Patlite Corporation
  • Potter Signal Co.
  • R.Stahl AG
  • Rockwell Automation
  • Siemens AG
  • Tomar Electronics, Inc.
  • WERMA Signaltechnik GmbH + Co. KG

The global analysis and forecast periods covered within the report are 2020-2027 (Current & Future Analysis) and 2012-2019 (Historic Review). Research estimates are provided for 2020, while research projections cover the period 2021-2027.
Note: Product cover images may vary from those shown
I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW
  • Impact of COVID-19 and a Looming Global Recession
  • Pandemic Crisis Weakens Economic Environment, Triggering Negative Tide in GDP
  • EXHIBIT 1: World Economic Growth Projections (Real GDP, Annual % Change) for 2019, 2020 & 2021
  • What is a Hazardous Area?
  • Hazardous Area Classification for Flammable Gases and Vapors
  • Standards used for Hazardous Areas Classification
  • Hazardous Area Equipment: An Introduction
  • Global Market Prospects & Outlook
  • Competition
  • World Brands
  • Recent Market Activity
2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS
  • Increasing Emphasis on Adoption of Safety Measures in Industries Drives Focus onto Hazardous Area Equipment
  • Rise in Workplace Accidents in Hazardous Facilities Favors Market Growth
  • EXHIBIT 2: High Levels of Workplace Related Accidents Bring Renewed Emphasis on Hazardous Area Equipment: Breakdown of Annual Work Related Fatalities (In Thousands) Worldwide by Region
  • Industrial Safety Regulations Underpin Market Growth
  • Market to Gain from Rapidly Evolving Role of Industry 4.0 and ‘Smart Factory’ in the Global Industrial Landscape
  • EXHIBIT 3: Major Industry 4.0 Technologies: Global Market Size (US$ Billion) for Internet of Things (IoT), Big Data, Smart Factory, Advanced Analytics, Service Robotics, and Smart Machines for 2020E
  • Industrial IoT to Give Impetus to Market Expansion
  • Market to Benefit from Technology Advances in Lighting Systems and Increasing Use of LED Lighting Solutions in Hazardous Areas
  • Oil & Gas Sector: Hazardous Working Environment Enhances Significance of Safety Equipment
  • EXHIBIT 4: Sustained Reliance on Fossil Fuels and Ensuing Demand for Oil Bodes Well for Market Expansion: Global Oil Production (Million bpd) by Region for the Years 2011, 2013, 2015, 2017 and 2019
  • EXHIBIT 5: Global Daily Crude Oil Demand in Million Barrels for the Years 2015 through 2020
  • EXHIBIT 6: Global Primary Energy Consumption by Source (in %) for 2018 and 2040
  • EXHIBIT 7: Global Oil & Gas E&P Industry Spending (2015-2021E)
  • EXHIBIT 8: Breakdown of Global E&P Spending (in %) by Supply Segment for the Year 2019 & 2020
  • Chemical & Pharmaceutical Enterprises Rely on Safety Equipment to Ensure Workplace Safety
  • Presence of Gases & Vapors Increases Explosion Risk in Food & Beverage Facilities, Driving Demand for Safety Equipment
  • Technology Advancements Transform Hazardous Area Management
  • Select Innovations in Hazardous Area Equipment
  • Product Advancements in Signaling Devices Space
  • Strobe Beacons: An Essential Component of Emergency Lighting Systems
  • EXHIBIT 9: Global Strobe Beacons Market by Type (in %) for 2020E
  • Overriding Need to Protect Assets from Fire and Explosion Catalyzes Explosion-Proof Equipment Market
  • Hazardous Area Fire Alarms: Essential to Alert People during Emergencies
  • Cable Glands: Connecting Electrical Cables to Equipment
  • Hazardous Duty Sensors: Sensing Hazards at Sites
  • Hazardous Area Motors Emerge as Essential Components to Ensure Safe Operations
  • Process Instruments: Monitoring, Measuring & Controlling Processes
  • Venting, Suppression & Containment Systems Hold Significance for Dust Explosion Protection in Industrial Facilities
  • Dust Explosion Protection for Metal Processing Industry
  • Pressing Need to Ensure Employee Safety Fuels Growth in Hazardous Area Signaling Equipment Market
  • Focus on Intrinsic Safety in Diverse Industry Verticals to Intensify Growth of Global Hazardous Area Sensors Market
  • Advanced Heat Exchangers to Satiate Need for Effective Cooling of Electrical Systems in Hazardous Locations
  • Growing Importance of Drones in Ensuring Hazardous Area Safety
  • Hazardous Industrial Waste Emerges as a Key Cause of Environmental Pollution & Contamination
  • Evolving Regulations Pose Challenges
4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS
  • GEOGRAPHIC MARKET ANALYSIS
  • UNITED STATES
  • Hazardous Areas in North America
  • Market Analytics
  • CANADA
  • JAPAN
  • CHINA
  • EUROPE
  • FRANCE
  • GERMANY
  • ITALY
  • UNITED KINGDOM
  • Explosion Protection Equipment Market in the UK: An Overview
  • Market Analytics
  • SPAIN
  • RUSSIA
  • REST OF EUROPE
  • ASIA-PACIFIC
  • AUSTRALIA
  • INDIA
  • SOUTH KOREA
  • REST OF ASIA-PACIFIC
  • LATIN AMERICA
  • ARGENTINA
  • BRAZIL
  • MEXICO
  • REST OF LATIN AMERICA
  • MIDDLE EAST
  • IRAN
  • ISRAEL
  • SAUDI ARABIA
  • UNITED ARAB EMIRATES
  • REST OF MIDDLE EAST
  • AFRICA
IV. COMPETITION
  • Total Companies Profiled: 413
Note: Product cover images may vary from those shown
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