Explosion Proof Equipment Market - Forecast(2021 - 2026)
Explosion proof equipment has become mandatory in areas with potentially explosive atmospheres considering the gases and fumes that are emitted during various industrial or mineral extraction processes which can easily be ignited. Explosion proof equipment is valued at $4637.9 million in the year 2017 and is anticipated to grow at a CAGR of 5% during the forecast period 2018-2023. Oil and gas sector is the major end user of explosion proof equipment contributing over 16% of revenue shares and followed by the chemical sector contributing over 12% share. The class I explosion proof equipment market had generated over $2,360.7 million in revenues in 2017 and is anticipated to further grow at a CAGR of 4.0% during 2018-2023. What is Explosion Proof Equipment? Hazardous locations are places where there is risk of fire or explosion hazards occurring due to presence of flammable gases, flammable liquid–produced vapors, combustible liquid–produced vapors, combustible dusts, or ignitable fib