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Global Hazardous Area Equipment Market To Reach $9.4 Billion By 2027
SAN FRANCISCO, May 12, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Hazardous Area Equipment - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 6; Released: January 2021
Executive Engagements: 41246
Companies: 211– Players covered include 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 and Others.
Coverage: All major geographies and key segments
Segments: Product (Cable Glands & Accessories, Process Instruments, Industrial Controls, Motors, Strobe Beacons, Other Products); Connectivity (Wireless, Wired); End-Use (Oil & Gas, Chemical & Pharma, Food & Beverage, Energy & Power, Mining, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; 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; UAE; Rest of Middle East; Africa.
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ABSTRACT-
Global Hazardous Area Equipment Mrket to Reach $9.4 Billion by 2027
Amid the COVID-19 crisis, the global market for Hazardous Area Equipment estimated at US$6 Billion in the year 2020, is projected to reach a revised size of US$9.4 Billion by 2027, growing at a CAGR of 6.5% over the analysis period 2020-2027. Cable Glands & Accessories, one of the segments analyzed in the report, is projected to record a 7.8% CAGR and reach US$2.7 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Process Instruments segment is readjusted to a revised 6% CAGR for the next 7-year period.
The U.S. Market is Estimated at $1.6 Billion, While China is Forecast to Grow at 7.4% CAGR
The Hazardous Area Equipment market in the U.S. is estimated at US$1.6 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$860.4 Million by the year 2027 trailing a CAGR of 7.4% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.3% and 5.5% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 4.6% CAGR.
Industrial Controls Segment to Record 6.8% CAGR
In the global Industrial Controls segment, USA, Canada, Japan, China and Europe will drive the 5.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$569.2 Million in the year 2020 will reach a projected size of US$849.5 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$617.6 Million by the year 2027, while Latin America will expand at a 7.1% CAGR through the analysis period. More
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About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world's only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
CONTACTS:
Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]
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SOURCE Global Industry Analysts, Inc.
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