LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global electrical explosion proof equipment market to grow at a CAGR of almost 4% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global electrical explosion proof equipment market for 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The need for safety in industries to achieve higher productivity and reduce the downtime at a workplace is expected to drive the growth of the global electrical explosion proof equipment market during the forecast period. Also, the increasing adoption of industrial automation, safety regulations at workplaces, and the need to improve the efficiency of production will contribute to the growth of the market during the forecast period.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global electrical explosion proof equipment market:
- Increasing demand for safety in industrial operations
- Preventing loss of work hours due to potential hazards
- Emerging safety regulations for explosion proofing of electrical equipment
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Increasing demand for safety in industrial operations
Health, safety, and environment have become non-negotiable necessities in all industries. Industries are taking steps to enhance process safety, and in return, are hoping to improve the efficiency of the workforce. Industries have started opening their plants in remote locations where they can have easy access to land and manpower. However, this low-cost acquisition has come at the cost of improving industrial safety for employees. These remote locations comprise population who bear low education or no education at all.
Sushmit Chakraborty, a lead automation research analyst at Technavio, says, “With the advent of Industry 4.0 and IoT, the adoption of new machinery in industries has increased. These machineries are effective and efficient but are priced higher than the conventional ones. The need to protect this high-cost machinery is driving the adoption of industrial safety processes in operations.”
Preventing loss of work hours due to potential hazards
Industrial hazard causes not only loss of life and resources but also the loss of work hours. The occurrence of a hazard in workplaces affects equipment and employees nearby. In the case of any damage to equipment, the related work remains stalled for an undesirable number of work hours. This, in turn, keeps other related processes on hold. This loss in the number of work hours affects the productivity in companies and incurs a loss in terms of output.
“The need for improving safety in industries to prevent downtime of operations has led to the incorporation of safety devices and equipment. This incorporation helps in protecting machinery and employees stationed nearby, preventing loss of work hours due to the breakage of machines. In some cases, employees who are not injured also get impacted owing to injured employees, resulting in further loss of work hours,” adds Sushmit.
Emerging safety regulations for explosion proofing of electrical equipment
Regional governments and certification organizations have constantly encouraged industries to adopt explosion proof electrical equipment. Every safety device and equipment should undergo a standard procedure to ensure that they are explosion proof and ready to be installed in industries. Rising regulatory rules for safety devices are driving the growth of the global explosion proof equipment market.
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