Kenneth Research, in its repository of market research reports, has recently added a report on Hazardous Area Equipment Market that emphasizes the latest trends, key opportunities, drivers, and challenges associated with the growth of the market during the forecast period, i.e., 2022 – 2031. The Hazardous Area Equipment Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Hazardous Area Equipment Market products.
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Kenneth Research, in its repository of market research reports, have recently added a report on Hazardous Area Equipment Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2021 2030. The Hazardous Area Equipment Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide.
According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017. Moreover, backed by the increasing demand for high-speed internet amongst the individuals, organizations operating in the field of telecom are increasingly working on deploying 5G network technology, as this technology provides internet access at very high speeds. By 2025, it is estimated that as many as 1.2 billion of total internet connections will account to 5G. Further, one-third of the world is projected to be covered with 5G connectivity by the end of 2030.
The Hazardous Area Equipment Market in North America is anticipated to grow significantly owing to the presence of several key players in the region, along with the increasing need of the organizations in the nation to run on a strong ICT infrastructure.
According to Verified Market Research, The Global Hazardous Area Equipment Market was valued at USD 6.64 Billion in 2017 and is projected to reach USD 9.84 Billion by 2025, growing at a CAGR of 5.32% from 2018 to 2025.
What are Hazardous Area Equipment?
Hazardous areas can be defined as an area in which there is a threat of danger that is expected to be present. Hazardous areas require precautions such as for construction, installation, as well as use of potential ignition sources. Industries in which hazardous area equipment would be prominent are industries such as sewerage treatment and grain handling, chemical plants, oil, gas and petroleum refineries. The equipment in hazardous areas is contained through various techniques in different industries. These industries contain equipment that require attention to be paid in order to maintain an area that is safe. The increasing number of industries in which these equipment play a role are driving the growth of the Hazardous Area Equipment Market.
The Final Report will cover the impact analysis of COVID-19 on this industry:
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Global Hazardous Area Equipment Market Outlook
In the report, the market outlook section mainly encompasses fundamental dynamics of the market which include drivers, restraints, opportunities and challenges faced by the industry. Drivers and Restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market.
Factors such as the increasing advancement of emerging economies are leading to the growth of some industries that have a prominence of hazardous area equipment, this is driving the market for the Global Hazardous Area Equipment Market. Factors such as the cost of implementation as well as the lack of awareness are restraining the growth of this market.
Verified Market Research narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements which interests the client. The “Global Hazardous Area Equipment Market” is mainly bifurcated into sub-segments which can provide a classified data regarding latest trends in the market.
Global Hazardous Area Equipment Market Competitive Landscape
The “Global Hazardous Area Equipment Market” study report will provide a valuable insight with an emphasis on global market including some of the major players such as Patlite Corporation, R. Stahl AG, E2S Warning Signals, NHP Electrical Engineering Products Pty Ltd., Honeywell International, Inc., ABB Ltd., Siemens AG, Rockwell Automation, Inc., Eaton Corporation PLC (Cooper Industries), Emerson Electric Co. Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above mentioned players globally.
Global Hazardous Area Equipment Market, By Product Type
• Strobe Beacons
• Lighting Products
• Bells & Horns
• Cable Glands & Accessories
• Process Instruments
• Industrial Controls
• Fire Alarms/Call Points
• Speakers & Tone Generators
• Visual & Audible Combination Units
Global Hazardous Area Equipment Market, By Connectivity Service
• Wired Connectivity Service
• Wireless Connectivity Service
Global Hazardous Area Equipment Market, By Industry
• Chemical & Pharmaceutical
• Food & Beverage
• Energy & Power
• Oil & Gas
Global Hazardous Area Equipment Market Geographic Scope
• North America
o Rest of Europe
• Asia Pacific
o Rest of Asia Pacific
• Latin America
• Rest of the World
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