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Hazardous Area Equipment market Revenue Growth Predicted by 2022-2026

Hazardous Area Equipment market Revenue Growth Predicted by 2022-2026

This new industry survey by skilled analysts at Fact.MR predicts the hazardous area equipment market to grow from a net worth of US$ 6.5 billion in 2022 to US$ 8.7 billion by the end of 2026.

Industrialization has increased exponentially on a global scale and has subsequently spawned the need for new industrial safety norms. Use of hazardous chemicals, flammable substances, and explosion-prone components has increased in industries, and this has driven demand for hazardous area equipment across the world.

Government mandates to ensure occupational safety in hazardous environments will also further advance hazardous area equipment market potential. However, high costs of installation are expected to restrict adoption of hazardous area systems to a certain extent over the coming years.

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Hazardous area equipment manufacturers are focusing on partnership and collaboration agreements to enhance their business scope.

·       In December 2020, Honeywell, a leading name in the hazardous area equipment marketplace, announced the acquisition of Sine Group, an Australia-based SaaS technology company. This acquisition will bolster Honeywell’s connected building offerings and provide better safety.

Key Takeaways from Market Study

·       The hazardous area equipment market stands at a net worth of US$ 6.5 billion in 2022.

·       By the end of 2026, the market for hazardous area systems is projected to reach US$ 8.7 billion.

·       Demand for hazardous area equipment is anticipated to increase at a CAGR of 6.5% from 2022 to 2026.

·       Increasing focus on occupational safety and strict government laws to ensure the same are expected to prominently drive hazardous area device sales throughout the forecast period (2022-2026).

·       High costs of hazardous area equipment to have hindering effect on global market growth.

·       The U.S. hazardous area equipment industry holds a market value of US$ 1.7 billion in 2022.

·       The market for hazardous area equipment in China is projected to attain a net worth of US$ 799 million by 2026 while expanding at a high CAGR of 7.4%.

Rapid industrialization and increasing focus on work safety to drive demand for hazardous area equipment on a global level,” says a Fact.MR analyst

Winning Strategy

Hazardous area equipment manufacturers are focusing on mergers, acquisitions, partnerships, and collaborations to enlarge their market presence and boost sales. Government mandates to ensure occupational safety are also expected to act in favor of hazardous area equipment vendors, and will help them maximize their revenue generation capacity.

Hazardous area system suppliers will also adopt organic and inorganic growth strategies to gain a competitive edge and increase their market presence across regions in the world.

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About Fact.MR

Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. We have offices in US and Dublin, whereas our global headquarter is in Dubai. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Reach out to us with your goals, and we’ll be an able research partner.


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