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Electrical Explosion Proof Equipment Market size is set to grow by USD 12.17 billion from 2024-2028, Increasing demand for safety in industrial operations boost the market, Technavio

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NEW YORK, Aug. 14, 2024 /PRNewswire/ — The global electrical explosion proof equipment market size is estimated to grow by USD 12.17 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  13.64%  during the forecast period. Increasing demand for safety in industrial operations is driving market growth, with a trend towards rising focus on explosion prevention. However, planning and inspection challenges related to electrical explosion proofing  poses a challenge. Key market players include ABB Ltd., Atexxo B.V., BARTEC Top Holding GmbH, Eaton Corp. Plc, Emerson Electric Co., Extronics Ltd., Flexpro Electricals Pvt. Ltd., Honeywell International Inc., Miretti Srl, PATLITE Corp., Pepperl and Fuchs SE, Potter Electric Signal Co. LLC, R and M Electrical Group Ltd., R Stahl AG, Rockwell Automation Inc., Siemens AG, Supermec Pvt. Ltd., TRI FLP Engineers Pvt. Ltd., VIMEX, and WEG Equipamentos Eletricos S.A..

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Electrical Explosion Proof Equipment Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 13.64%

Market growth 2024-2028

USD 12178.6 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

11.73

Regional analysis

APAC, North America, Europe, Middle East and Africa, and South America

Performing market contribution

APAC at 57%

Key countries

China, US, Germany, India, and Russia

Key companies profiled

ABB Ltd., Atexxo B.V., BARTEC Top Holding GmbH, Eaton Corp. Plc, Emerson Electric Co., Extronics Ltd., Flexpro Electricals Pvt. Ltd., Honeywell International Inc., Miretti Srl, PATLITE Corp., Pepperl and Fuchs SE, Potter Electric Signal Co. LLC, R and M Electrical Group Ltd., R Stahl AG, Rockwell Automation Inc., Siemens AG, Supermec Pvt. Ltd., TRI FLP Engineers Pvt. Ltd., VIMEX, and WEG Equipamentos Eletricos S.A.

Market Driver

The importance of workplace safety in industrial settings has led to a heightened focus on explosion prevention. With the rising number of explosions causing significant damage and costs to industries, the adoption of electrical explosion proof equipment has become essential. Electrical explosions can result from sparks or electric arc flashes, which can cause extensive harm to equipment and result in downtime. To mitigate these risks and protect valuable assets, industries are increasingly investing in explosion proof equipment. This trend is expected to drive the growth of the global electrical explosion proof equipment market during the forecast period. 

The Electrical Explosion Proof Equipment Market is experiencing significant growth due to increasing demands in industries with high risks of explosions, such as petrochemical and mining sites. Installation costs are a key consideration, driving the demand for flameproof enclosures and flameproof low-voltage motors. The mining profession faces a high risk of fatalities, leaks, and toxic substance exposure, making explosion prevention a top priority. Combustible dust, common in the chemical sector, is another major concern. Manufacturing equipment, machine tools, and processed food products in value-added food categories also require explosion-proof solutions. The oil & gas and mining industries are major consumers, with a focus on junction boxes, explosion containment, and flame arrestors. Wireless connectivity services, electrification, motion control, industrial automation, robotics, and discrete automation are also driving market growth. Energy extraction and fuel extraction industries are adopting integrated systems for explosion prevention. 

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Market Challenges

In the industrial sector, installing explosion-proof equipment is a crucial safety measure. For end-users, careful planning is essential. They must determine the appropriate explosion-proof equipment types and coverings based on their specific industrial requirements. Any oversight in planning can lead to incorrect installations and unnecessary expenses. Vendors, too, play a vital role in this process. They must inspect industries to recommend suitable explosion-proof equipment. Negligence in planning or inspection can result in financial consequences for end-users, including the need for new equipment or increased maintenance costs. The challenges of effective planning and inspection continue to pose significant expenses for global electrical explosion-proof equipment market participants and may hinder market expansion during the forecast period.The Explosion Proof Equipment Market caters to industries with potential hazardous environments, such as oil & gas and mining. Challenges include explosion prevention through electrical enclosures, flame arrestors, and explosion containment. Electrification in industries like automation, robotics, and motion requires explosion-proof junction boxes, wirelessly connected services, and integrated systems. Government rules mandate safety devices for handling gas or vapor in hazardous regions. Tier 2 and 3 manufacturers produce electrical and non-electrical fixtures, apparatus, and equipment for various industries, including oil & gas, mining, aerospace, construction, HVAC, lighting, and surveillance. Lack of standardization poses a challenge, but safety devices like AC and DC motors, pumps, compressors, and blowers help mitigate risks from workplace mishaps, such as mine explosions. Industries must prioritize environmental safety and invest in reliable explosion-proof equipment.

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Segment Overview 

This electrical explosion proof equipment market report extensively covers market segmentation by  

Application 1.1 Industrial1.2 Non-industrialType 2.1 Flame-proof type2.2 Increased safety type2.3 Intrinsic safety type2.4 Positive-pressure type2.5 OthersGeography 3.1 APAC3.2 North America3.3 Europe3.4 Middle East and Africa3.5 South America

1.1 Industrial-  The global electrical explosion proof equipment market is poised for steady growth in various industries, including power, electronics, automotive, food and beverages, and chemical, due to increasing industrial automation and safety concerns. In the power industry, the rising demand for electricity and the shift towards renewable energy sources are driving the need for electrical explosion proof equipment. The electronics industry’s growing adoption of consumer electronics, such as smartphones and laptops, necessitates the use of explosion-proof equipment for operational safety. In the automotive industry, the expansion of manufacturing plants and the increasing demand for electric vehicles necessitate the implementation of electrical explosion proof equipment to ensure safety. The food and beverages industry requires electrical explosion proof equipment to prevent disruptions caused by unexpected explosions, especially due to the risk of flammable liquids coming into contact with electrical wires. Lastly, the chemical industry, while primarily experiencing chemical and mechanical explosions, still requires electrical explosion proof equipment to mitigate the risk of electrical ignition of flammable gases. Overall, the rising demand for industrial automation and safety measures across various industries will fuel the growth of the electrical explosion proof equipment market during the forecast period.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report

Learn and explore more about Technavio’s in-depth research reports

India’s electrical equipment market is experiencing robust growth, driven by increasing industrialization and urbanization. Key segments include transformers, switchgear, and cables, supported by government initiatives like “Make in India” and the push for smart grids and renewable energy. Major players such as BHEL, Siemens, and ABB dominate the landscape, focusing on innovation and sustainability to meet rising domestic and export demands.

Research Analysis

The Electrical Explosion Proof Equipment (EX Equipment) market caters to industries with potential explosive hazards, ensuring explosion prevention through specialized electrical enclosures, flame arrestors, and explosion containment systems. The oil & gas industries and energy & power sectors are significant consumers due to their hazardous environments. Electrification and automation in industrial sectors further drive market growth. Integrated systems that combine electrical and non-electrical fixtures, along with wireless connectivity services, are gaining popularity. Government rules and regulations in hazardous handling regions mandate the use of EX Equipment in industries such as oil & gas production, pharmaceuticals, and chemicals. EX Equipment includes various apparatus designed to handle gas or vapor explosions, ensuring safety in high-risk applications.

Market Research Overview

The Electrical Explosion Proof Equipment Market caters to industries with potential explosive hazards, focusing on explosion prevention through electrical enclosures, flame arrestors, and explosion containment. Key applications include oil & gas industries, mining, and the automation industry. Wireless connectivity services, electrification, motion control, and industrial automation are driving market growth. Equipment includes junction boxes, generators, integrated systems, and various types of motors, such as AC, DC, and low-voltage motors. Tier 2 and tier 3 manufacturers produce flameproof apparatus for handling gas or vapor, combustible dust, and other hazardous materials in sectors like aerospace, chemical, and manufacturing. Government rules and workplace mishaps, such as mine explosions, necessitate safety devices like flameproof electrical fixtures, non-electrical fixtures, and safety devices. Industries like petrochemical, mining, and the energy extraction sector face challenges like lack of standardization and high installation costs. The market also serves industries dealing with natural resources like coal reserves, and hazardous handling regions in construction sites, HVAC systems, lighting, surveillance, signaling techniques, and various industrial sectors. Safety devices are crucial in preventing workplace accidents, fatalities, leaks, and toxic substance exposure. Equipment includes pumps, compressors, blowers, and various types of motors, such as AC, DC, and low-voltage motors.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationIndustrialNon-industrialTypeFlame-proof TypeIncreased Safety TypeIntrinsic Safety TypePositive-pressure TypeOthersGeographyAPACNorth AmericaEuropeMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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Doo Group Strengthens Global Reach with CySEC License for Doo Financial

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LIMASSOL, Cyprus , Nov. 15, 2024 /PRNewswire/ — Doo Group is proud to announce that Doo Financial, one of its brands, has been awarded a new license by the Cyprus Securities and Exchange Commission (CySEC). This achievement strengthens Doo Group’s commitment to providing a secure and regulated trading environment for its clients globally.

Expanding Regulatory Reach

The addition of the CySEC license highlights Doo Group’s extensive regulatory framework, which already spans across multiple financial jurisdictions, including the United Kingdom, Australia, Hong Kong and Malaysia. This strategic milestone reflects Doo Group’s dedication to ensuring compliance with international regulatory standards and prioritizing client security. As a European Supervisory Authority, CySEC offers a robust regulatory environment and is expected to enhance client confidence. For Doo Group, this new regulatory milestone reinforces its reputation as a trusted, reliable financial services provider.

“Acquiring the new license from CySEC is a significant milestone for Doo Financial, marking a key step in our ongoing growth and strategic expansion. This achievement not only reinforces our commitment to maintaining the highest standards of regulatory excellence but also solidifies our position as a trusted, reliable financial institution within Europe. By aligning with CySEC’s rigorous requirements, we are better positioned to offer enhanced services to our clients, foster greater transparency, and ensure long-term stability in an increasingly complex and dynamic financial landscape.” Costas Kappai, Doo Financial EU

Strengthening Client Confidence

Doo Financial EU, the European branch of Doo Financial, is now positioned to serve clients across Europe under the guidelines of a European Supervisory Authority. European clients will benefit from CySEC’s regulatory protections, including client fund safety and transparent business practices, ensuring a secure and trustworthy trading experience. This development allows Doo Financial EU to offer its suite of financial services and trading products to a wider audience, backed by the credibility and oversight of CySEC.

By expanding its regulatory reach, Doo Group continues to strengthen its position in the global financial market, enabling clients to trade with confidence. The CySEC license is another step toward achieving Doo Group’s vision of becoming a leader in financial services.

About Doo Group

Founded in 2014 and headquartered in Singapore, Doo Group is an international financial services provider with a focus on FinTech. With operations across 10 major business lines—including Brokerage, Wealth Management, Payments, and Digital Marketing—we are dedicated to delivering comprehensive financial solutions that empower our clients to explore a better future.

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Liberty General Insurance Continues to Drive Insurance Awareness and Inclusion with ‘Suraksha ka Vaada Bima ke Saath’ Initiative Across Delhi and Punjab

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NEW DELHI, Nov. 15, 2024 /PRNewswire/ — Liberty General Insurance, one of the leading non-life insurance companies in India and the lead insurer for Delhi under the Insurance Regulatory and Development Authority of India’s (IRDAI) State Insurance Plan, is spearheading an insurance awareness initiative in Delhi. While there are no gram panchayats in Delhi, Liberty continues to drive insurance awareness through grassroots and digital outreach.

In parallel, Liberty is fulfilling its rural and social obligations by focusing on underserved areas in Punjab. This effort includes a recently initiated awareness campaign across 400 gram panchayats in Punjab to expand insurance penetration and increase accessibility in these regions.

In Delhi, Liberty continues to create awareness under ‘Suraksha ka Vaada Bima ke Saath’ initiative launched in 2023. This October Liberty began with a Door-to-Door Campaign across North-West and North East Delhi, reaching over 1600 households in Karala Village, Budh Vihar, Kanjawala Village and Begumpur, Burari, Kanhiya Nagar, Rampura, and Jahangirpuri, achieving over 25000 impressions. Over nearly a month, Liberty’s teams engaged with residents, distributing leaflets and explaining the benefits of motor and health insurance. This campaign was followed by the ‘Nukkad Natak’ (Street Play) initiative in South Delhi, targeting key neighborhoods of Sarojini Nagar, Lajpat Nagar, Nirman Vihar, Lakshmi Nagar, and Begumpur chowk market. The street plays used interactive performances to educate communities on the importance of insurance and dispel common myths. To reinforce the message, Liberty’s team also disseminated copies of the ‘Wise Ways of Insurance’ booklet—a unique resource developed to demystify insurance products and promote informed decision-making. The booklet, which is being translated into vernacular languages, is also being distributed in other states as part of Liberty’s commitment to financial literacy across India.

Complementing its on-ground efforts, Liberty General Insurance continues to leverage social media to drive targeted insurance awareness campaigns. Recognizing that widespread mobile access allows more people to connect online, Liberty reaches both rural and urban audiences, empowering individuals everywhere with the knowledge needed to make informed financial decisions.

Commenting on this awareness drive, Mr. Parag Ved, CEO & Whole-Time Director, Liberty General Insurance said, “Our ‘Suraksha ka Vaada Bima ke Saath’ campaign is an effort in line with IRDAI’s ‘Insurance for All by 2047’ vision, towards empowering communities across Delhi, Punjab, and beyond with the financial security that insurance provides. With general insurance penetration in India still at less than 1% of its GDP, there is a pressing need to educate communities and break down the barriers to understanding the importance of insurance. Liberty will ensure that its wide distribution network makes policies accessible to all, so that every citizen—no matter where they are—can access the financial safety net that insurance offers.”

“Liberty is committed to fostering a culture of financial resilience where every Indian can feel secure about their future. Together, we are building a future where insurance isn’t just a product but a promise of protection and peace of mind,Mr. Ved added.

Looking ahead, Liberty will be rolling out a transit media campaign across South Delhi in December, utilizing branded auto rickshaws to increase visibility and connect with residents in this vibrant area of the capital. By leveraging transit media, Liberty aims to bring insurance awareness into people’s daily routines, making information accessible in familiar, everyday settings. This campaign builds on the success of previous awareness initiatives and reinforces Liberty’s commitment to educating and empowering individuals about insurance.

About Liberty General Insurance

Liberty General Insurance Ltd. (LGI) is a joint venture between Summit Asia Investment Holdings PTE Ltd.— a group company of Liberty Mutual Insurance Group, a diversified global insurer with over 900 offices across the world, headquartered in the U.S., Enam Securities, and Diamond Dealtrade. LGI commenced operations in 2013 with the aim of providing comprehensive retail, commercial and industrial insurance solutions. The company has an employee strength of 1100+ with presence across 100+ locations in 28 states and UTs. Its partner network consists of about 6000+ hospitals and more than 5000 auto service centres. The company offers health and personal accident insurance, car and two-wheeler insurance, employee compensation insurance, commercial insurance, engineering insurance, marine insurance, liability insurance and property insurance among other products in India.

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Hikvision unveils WonderHub and elevates smart collaboration across industries

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HANGZHOU, China, Nov. 15, 2024 /CNW/ — Hikvision unveiled its fully upgraded smart collaboration business. The event showcased a range of innovative products designed to transform collaboration in education, meetings, retail, and more. Among the highlights were cutting-edge solutions like WonderHub interactive displays, digital signage, and video conference devices. These products underscore Hikvision’s commitment to driving digital transformation and enhancing user experiences in an increasingly connected world.

At the heart of this ecosystem is WonderHub, which features WonderOS, an AI-powered platform that seamlessly connects devices and enhances collaboration. With tools like WonderSpark for interactive whiteboards and WonderCast for wireless content sharing, WonderHub enables users to communicate, create, and collaborate more effectively than ever.

Boosting Classroom Engagement with Innovative Solutions

In education, WonderHub is designed to elevate classroom experiences. The interactive displays enable students to share and express ideas effortlessly, creating a more engaging and dynamic learning environment. The built-in WonderSpark smart whiteboard software uses AI to recognize equations, provide solutions, and generate interactive 3D teaching materials across subjects like mathematics, chemistry, and natural sciences. Teachers can also access licensed images and videos through Creative Commons integration, enriching lesson content and boosting student engagement.

Classrooms equipped with WonderHub also benefit from multi-window modes and a suite of 19 educational tools. These include subject-specific templates and interactive applications. For remote learning, WonderHub integrates seamlessly with third-party conferencing platforms, allowing students to collaborate in real-time, no matter their location.

Empowering Business Meetings with Intelligent Features

Hikvision’s smart collaboration solutions transform business meetings into more efficient and immersive experiences. The WonderHub Ultra Series allows users to easily connect personal devices and leverage the interactive display’s camera, speakers, and microphone for high-quality remote conferencing. The HiSpire meeting management system streamlines meeting logistics, including room scheduling, attendee notifications, post-meeting summaries, and distribution of materials.

Advanced AI features, such as auto-framing and speaker tracking, ensure optimal video quality. Meanwhile, app-free screen casting allows for easy sharing of presentation materials. The X12 and X28 audio-video cameras offer enterprises tailored setups to suit meeting rooms of any size, ensuring seamless communication with high-definition video and precise audio capture.

Transforming Retail Spaces with Dynamic Digital Signage

Hikvision has also advanced its digital signage solutions to enhance customer engagement in retail scenarios. The vibrant displays and centralized content management allow retailers to effectively capture attention. High-brightness window displays attract passersby with promotions and new product highlights. Meanwhile, floor-standing signage supports interactive features, such as self-service ordering. The HikCentral FocSign platform enables retailers to remotely manage and distribute content across multiple locations, improving operational efficiency and ensuring consistent branding.

These digital signage solutions, including the DP and DL series, boast superior brightness and clarity, ensuring visibility even in strong lighting conditions. The displays run on Hikvision’s self-developed platform and support WonderCast wireless casting, enabling quick and easy content sharing from various devices.

Since entering the smart collaboration market in 2017, Hikvision has rapidly become a leading global player. With over 300,000 units sold across more than 140 countries and regions, Hikvision’s smart collaboration business exemplifies the company’s commitment to innovation, quality, and user-centric design. As a key highlight of this evolution, the fully upgraded WonderHub represents the next leap forward in smart collaboration technology.

By bridging advanced technology with practical applications, WonderHub, along with Hikvision’s broader range of smart collaboration solutions, is leading the way in providing more efficient and intelligent solutions for users worldwide.

For more information about Hikvision’s smart collaboration products and solutions, please visit Hikvision’s official website.

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