Although the major applicable market for Explosion Proof/Protected Electrical Equipment i.e. Mining & Oil & Gas industry have become matured but these equipment have found a new customer base across residential and government facilities, entertainment areas and home appliances.
Ø With new oil reserves found in Brazil, Italy and Greenland, the market for explosion proof/protected electrical equipment will surge due to the environmental sensitivity in these areas.
Ø With the boom in LED market, manufacturers are steering towards interfacing explosion proof technology in LED lighting systems.
Ø The ever expanding market for explosion proof electrical equipment has made the competition fierce. It can be understood with recent acquisitions and collaborations: Eaton Corp. acquires Cooper Crouse-Hinds while Marechal Electric Group joined hands with TECHNOR ITALSMEA S.p.A. to expand its operation in Oil & Gas industry with turnover of around $135 million.
Ø Lighting and signaling systems are the most prominent factor contributing to the growth of explosion protected/proof electrical equipment. With new regulations stirring up for safety standards, explosion proof equipment market in electrical domain will surge in the future.