Newark, Delaware – The explosion-proof motor market in the United States is poised for substantial growth, with a projected compound annual growth rate (CAGR) of around 2.7% by 2034. The market is expected to reach a total valuation of US$ 810.8 million in the country.
The global explosion-proof motor market is forecasted to increase from US$ 3,602.2 million in 2024 to US$ 5,540.8 million by 2034, with a projected CAGR of 4.4%. This growth is driven by the rising demand for explosion-proof motors, especially in industries like oil & gas exploration.
Explosion-proof motors are gaining popularity due to the growth in the oil & gas exploration sector. These motors are designed to operate safely in hazardous conditions, making them essential for industries facing explosive atmospheres.
Technological advancements are improving the efficiency and durability of explosion-proof motors, making them vital for the energy industry. The symbiotic relationship between the oil & gas sector and the demand for these motors highlights their crucial role in sustaining global energy exploration efforts.
The increasing demand for explosion-proof motors is also linked to the growing emphasis on safety standards and regulations in industries prone to hazardous conditions. Companies are compelled to invest in equipment like explosion-proof motors to ensure workplace safety and compliance with stringent guidelines.
By 2034, the global market for explosion-proof motors is expected to thrive at a 4.4% CAGR, with the explosion-proof AC motors segment projected to rise at a 5.3% CAGR. Key countries like the United States, China, and India are anticipated to see significant growth in the market.
Key players in the global explosion-proof motor market include ABB Group, Siemens, Regal Beloit, and Emerson Electric Co. These companies are investing in research and development to introduce new products and expand their production capacity to meet the growing demand for explosion-proof motors.
In conclusion, the explosion-proof motor market is witnessing steady growth driven by the increasing focus on workplace safety and compliance with regulations. With technological advancements and a strong demand from industries like oil & gas, the market is set to continue its upward trajectory in the coming years.