NEWARK, Del, April 25, 2024 (GLOBE NEWSWIRE) — The global explosion-proof motor market size is forecast to increase from US$ 3,602.2 million in 2024 to US$ 5,540.8 million by 2034. Over the assessment period, global demand for explosion-proof motors is projected to surge at a CAGR of 4.4%.
Explosion-proof motors are becoming increasingly popular as a result of the continuous growth of the oil & gas exploration sector. These motors are critical parts that are designed to function safely in dangerous conditions.
Exploration efforts are stepping into more difficult environments and coming across explosive atmospheres as the world’s energy needs rise. This means that specific equipment that can endure these kinds of circumstances is needed in order to prioritize safety and maintain operational continuity.
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Ongoing technological advancements are enhancing the efficiency and durability of these motors, further strengthening their essential status in the industry. A symbiotic relationship between the booming oil & gas sector and escalating demand for explosion-proof motors underscores the critical role these devices play in sustaining global energy exploration efforts.
Through innovation and safety-focused engineering, explosion-proof motors are not only meeting but exceeding the stringent demands of the modern energy landscape. These are expected to help in ensuring the continued progress and safety of exploration endeavors worldwide.
The surging demand for explosion-proof motors is also closely connected to the continuously strengthening embrace of safety standards and regulations in industries prone to hazardous conditions. In response to the imperative of ensuring workplace safety, companies are increasingly compelled by stringent guidelines to invest in equipment capable of withstanding potentially perilous conditions. Explosion-proof motors, meticulously engineered to operate securely in volatile settings, have risen to prominence as indispensable solutions for meeting these heightened safety requirements.
Key Takeaways from the Report
- The global market for explosion-proof motors is projected to thrive at 4.4% CAGR through 2034.
- By motor type, the explosion-proof AC motors segment is predicted to rise at 5.3% CAGR through 2034.
- By end-use, the oil & gas segment is predicted to rise at 4.9% CAGR through 2034
- East Asia is expected to account for a significant share of about 31.2% in 2034.
- The United States industry value is anticipated to reach US$ 810.8 million by 2034.
- China is projected to attain a valuation of US$ 888.6 million by 2034.
- Demand in India is predicted to rise at a 4.1% CAGR through 2034.
“The explosion-proof motor market is set to be propelled by sustained growth of industrial sectors such as oil & gas, chemicals, and manufacturing. Stringent safety regulations and a heightened awareness of workplace safety contribute to the increasing demand for explosion-proof motors, ensuring secure operations in hazardous environments.” – Says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Competitive Landscape
The global explosion-proof motor market is consolidated, with leading players accounting for about 40% to 45% share. ABB Group, Regal Beloit, Siemens, Auma GmbH, Emerson Electric Co., Rotork plc, Exlar Corp, Nidec, and Toshiba are the leading manufacturers and suppliers of explosion-proof motors listed in the report.
Key explosion-proof motor vendors are investing in continuous research for producing new products and increasing their production capacity to meet end-user demand. They are also showing an inclination toward adopting strategies, including acquisitions, partnerships, mergers, and facility expansions, to strengthen their footprint.
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Recent Developments in Explosion-proof Motor Market-
- In August 2022, BEN BUCHELE Elektromotorenwerke its new dKD280. It can be utilized across those industries that have an explosive gas atmosphere. The product can power radial and axial fans for air conditioning & ventilation, hydraulic power units, mooring winches, and pumps.
- In December 2022, Kollmorgen, a renowned motion control system manufacturer, declared that its explosion-proof Goldline EBH 480 Vac servo motor bagged IECEx/cETLus listing and ATEX certification. The approvals will enable the company to cater to the growing demand from end-users and offer in-motion control features.
Scope of the Report
| Attribute | Details | ||
| Estimated Market Size (2024) | US$ 3,602.2 million | ||
| Projected Market Size (2034) | US$ 5,540.8 million | ||
| Anticipated Growth Rate (2024 to 2034) | 4.4% | ||
| Historical Data | 2019 to 2023 | ||
| Forecast Period | 2024 to 2034 | ||
| Quantitative Units | Value (US$ million) and Volume (units) | ||
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis | ||
| Market Segments Covered |
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More Insights into the Explosion-proof Motor Market Report
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the global explosion-proof motor market, providing historical data from 2019 to 2023 and forecast statistics for the period 2024 to 2034. To understand the global market potential, growth, and scope, the market is segmented based on motor type, power rating, phase, application, end-use, and region.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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