Covid 19 Impact on Hazardous Area Equipment Market Developments 2020
Covid 19 Impact on Hazardous Area Equipment Market - Overview
Hazardous area equipment refers to the devices to be used to safeguard living and financial losses in the hazards environment. There are numerous dangerous elements scattered around especially in industries such as Oil & Gas, Chemical & Pharmaceutical, Energy & Power, and Mining. These elements can result in accidents, injuries, sickness and sometimes in death itself. Most of the accidents are caused by human error and hence, safeguarding human lives is an utmost priority in any manufacturing unit or industry.
Hazardous area equipment devices are designed to limit the risks for accident or injury at certain points. Developments in global safety standards and technologies have made hazardous area equipment powerful tools to increase production. These safety technologies reduce unscheduled downtime and mean time to repair (MTTR) keeping workers safe and streamlining the lockout and tag-out procedures.
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Resultantly, an increasing number of companies are adopting these safety systems. The high adoption of hazardous area equipment systems is a key driving force that defines the growing market landscape of machine safety. Besides technological advancements that have brought about improvements in safety devices such as safety light curtains with the integrated digital indicators have escalated the market growth globally.
Recognizing the ascending graph of the growth the market is climbing today; Market Research Future (MRFR) in its recently published study report confirms that the global Hazardous Area Equipment Market will touch a valuation of approximately 8.48 Bn. USD by 2023, registering about 7.2% CAGR throughout the forecast period (2017 and 2023).
Hazardous Area Equipment Global Market - Regional Analysis
Globally, Europe being a leading player in the automation accounts for the largest market for hazardous area equipment. Factors such as the flourishing manufacturing sector drive the market growth in the region. Implementation of the legislation governing the hazardous area equipment requirements in Europe such as Machinery Directive 2006/45/EU supports the growth of the market in the region.
The North American region is another lucrative and substantially large market for hazardous area equipment. The growing uptake of advanced technologies alongside the growing demand for safety features drive the growth of the regional market. Industries in this region create opportunities for the market to grow colossally during the assessment period. The US accounts for the largest market in the region. Also, the presence of prominent players is a key driving force behind the growth of the regional market.
The Asia Pacific is emerging as a profitable market for hazardous area equipment due to continuous growth in technologies and the presence of several manufacturers. China is one of the significant markets in the region. Increasing awareness about technological developments is a key driving force driving the demand in the APAC market.
The prominent players in the Hazardous Area Equipment Market are â€“Siemens AG (Germany), NHP Electric Engineering Products (Australia), Honeywell International Inc. (US), PATLITE Corporation (US), Eaton Corporation Plc (US), Rockwell Automation (US), E2S Warning Signals (US), ABB Ltd. (Switzerland), R.STAHL AG (Germany) and Emerson Electric Co. (US) among others.
Hazardous Area Equipment Market - Segmentation"
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