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