Global Hazardous Area Equipment Market Report 2021: Focus on Intrinsic Safety in Diverse Industry Verticals to Intensify Growth of Global Hazardous Area Sensors Market
Dublin, March 17, 2021 (GLOBE NEWSWIRE) -- The "Hazardous Area Equipment - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
A Safe Working Environment is Also a Happy & Productive Working Environment
The global market for Hazardous Area Equipment is projected to reach US9.3 billion by the year 2027, trailing a post COVID-19 CAGR of 6.5%, over the analysis period 2020 through 2027. Throughout the world, organizations are investing time and resources into building a robust workplace safety culture.
Building the right safety culture begins from the organization's attitude towards safety, since it has the potential to correct flaws in behavior-based safety (BBS) and enhance the success of safety initiatives. Two of the biggest benefits of creating a strong safety culture are loss prevention and optimum risk management, both of which carry social, economic and financial benefits. There is growing awareness among companies over the damages and losses caused by improper or negligent implementation of safety protocols.
Companies are therefore exhibiting increased commitment to build a robust safety culture by continuous measurement, assessment and adaptation. The costs of overlooking safety include losses accruing from disruption of business, production downtime caused by worker absence, disputed work schedules, cost of legal proceedings, litigation, penalties, fine and compensation, bad publicity, cost of damage and repair to the equipment, medical expenditure and reimbursements, loss of human resources and added cost of retraining, among others.
In comparison, the benefits of having comprehensive occupational safety policies, procedures and systems are many. These include achievement of goals of corporate social responsibility, higher employee productivity, lower cost of insurance, reduced expenditure associated with accidents and illnesses, reduced absenteeism, higher employee commitment to work and motivation, a greater sense of wellbeing and investor confidence. One of the most important business advantages of good occupational safety policies is the ability to build brand value and goodwill.
For large companies, a fastidious safety system can boost the reputation of a company and push up stock prices higher than competitors. This is primarily because modern companies are today operating in a social system and society that is aware of risks and constitutional rights to safety and health. As a result there is greater pressure on companies to meet their corporate social responsibility (CSR) commitments to maintain and promote investor confidence. Occupational health and safety performance in a company tends to positively influence value creation for stakeholders.
Also, a safe workplace is vital for sustainable development and growth in the industry. Given the numerous benefits for both the employer and employee, personnel safety and health is a double edged weapon that companies are only now beginning to fully appreciate. An effective, productive and reliable workforce can be had only when people are not afraid of what they are doing. To encourage the safety culture and attitude, several not-for-profit organizations are issuing safety accreditations and recognition awards for excellence in safety and health management.
For instance in Australia, occupational health and safety awards extended include National Safe Work Australia Awards, and Safety and Management Achievement Program. Similarly in the U.S. and the U.K. the awards offered include International Safety Quality Environment Management Association, Governor's Workplace Safety Award, Department of Labor Safety Awards Program and Governor's Occupational Safety and Health Awards Program, among numerous others.
Given the shrinking tolerance to unsafe work conditions, the market for Hazardous Area Equipment is poised to witness stable business growth. A hazardous area, also termed as potential explosive atmosphere) refers to an environment comprising of concentrations of flammable vapors, gases, mists or combustible dusts. In settings that generally involve processes related to manufacturing, transformation, stocking and delivery flammable substances, there is risk of explosive environments being created.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Impact of COVID-19 and a Looming Global Recession
Pandemic Crisis Weakens Economic Environment, Triggering Negative Tide in GDP
What is a Hazardous Area?
Hazardous Area Classification for Flammable Gases and Vapors
Standards used for Hazardous Areas Classification
Hazardous Area Equipment: An Introduction
Global Market Prospects & Outlook
Competition
World Brands
Recent Market Activity
2. FOCUS ON SELECT PLAYERS (Total 211 Featured):
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
3. MARKET TRENDS & DRIVERS
Increasing Emphasis on Adoption of Safety Measures in Industries Drives Focus onto Hazardous Area Equipment
Rise in Workplace Accidents in Hazardous Facilities Favors Market Growth
Industrial Safety Regulations Underpin Market Growth
Market to Gain from Rapidly Evolving Role of Industry 4.0 and 'Smart Factory' in the Global Industrial Landscape
Industrial IoT to Give Impetus to Market Expansion
Market to Benefit from Technology Advances in Lighting Systems and Increasing Use of LED Lighting Solutions in Hazardous Areas
Oil & Gas Sector: Hazardous Working Environment Enhances Significance of Safety Equipment
Chemical & Pharmaceutical Enterprises Rely on Safety Equipment to Ensure Workplace Safety
Presence of Gases & Vapors Increases Explosion Risk in Food & Beverage Facilities, Driving Demand for Safety Equipment
Technology Advancements Transform Hazardous Area Management
Select Innovations in Hazardous Area Equipment
Product Advancements in Signaling Devices Space
Strobe Beacons: An Essential Component of Emergency Lighting Systems
Overriding Need to Protect Assets from Fire and Explosion Catalyzes Explosion-Proof Equipment Market
Hazardous Area Fire Alarms: Essential to Alert People during Emergencies
Cable Glands: Connecting Electrical Cables to Equipment
Hazardous Duty Sensors: Sensing Hazards at Sites
Hazardous Area Motors Emerge as Essential Components to Ensure Safe Operations
Process Instruments: Monitoring, Measuring & Controlling Processes
Venting, Suppression & Containment Systems Hold Significance for Dust Explosion Protection in Industrial Facilities
Dust Explosion Protection for Metal Processing Industry
Pressing Need to Ensure Employee Safety Fuels Growth in Hazardous Area Signaling Equipment Market
Focus on Intrinsic Safety in Diverse Industry Verticals to Intensify Growth of Global Hazardous Area Sensors Market
Advanced Heat Exchangers to Satiate Need for Effective Cooling of Electrical Systems in Hazardous Locations
Growing Importance of Drones in Ensuring Hazardous Area Safety
Hazardous Industrial Waste Emerges as a Key Cause of Environmental Pollution & Contamination
Evolving Regulations Pose Challenges
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
GEOGRAPHIC MARKET ANALYSIS
UNITED STATES
CANADA
JAPAN
CHINA
EUROPE
FRANCE
GERMANY
ITALY
UNITED KINGDOM
Explosion Protection Equipment Market in the UK: An Overview
Market Analytics
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
UNITED ARAB EMIRATES
REST OF MIDDLE EAST
AFRICA
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/wl3ay3
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