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Explosion-Proof Cable Glands Market Projected to Hit $269.4 Million By 2024

 
2022
Explosion-Proof Cable Glands Market

Report Code : A04281

quote The features of Explosion Proof Cable Glands Market, such as high load bearing capacity and robust design, great stability, and better reliability, make it suitable for use in terms of safety and security. quote

Richa
Research Analyst, Semiconductor & Electronics at AMR

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According to a new report by Allied Market Research, titled, "Explosion-Proof Cable Glands Market By Type, Cable Type, Material, and End User: Global Opportunity Analysis and Industry Forecast, 2018-2024", the global explosion proof cable glands market was valued at $174.9 million in 2017, and is projected to reach $269.4 million by 2024, registering a CAGR of 6.4% from 2018 to 2024.

Access Full Summary : https://www.alliedmarketresearch.com/explosion-proof-cable-glands-market

An explosion proof cable gland, also known as sealing gland or strain relief, facilitates barrier penetration and offers sealing protection. It can be used with probes, wires, power, and signaling cables.

The government is playing an important role in driving the now $174.9 Bn explosion proof cable glands market. Stringent government regulations across the globe have made it mandatory for the industries with hazardous environment to use safety equipment. For instance, in April 2016, Bureau of Safety and Environmental Enforcement, U.S. announced new safety rules to secure the safety requirements on underwater drilling equipment and well-controlled operations. The new safety rules, in particular, will tighten controls on industry-standard devices to prevent explosions in undersea oil & gas wells.

In 2017, the flameproof segment dominated the explosion proof cable gland market, in terms of revenue, due to increase in number of refineries.

Based on region, Asia Pacific was the highest revenue contributor to the market in 2017, accounting for around 33.0% share, due to increase in installation of data centers.

Key Findings of the Market:

  • The flameproof segment generated the highest revenue, accounting for $73.1 million in 2017.
  • Unarmored cable type accounted for the highest CAGR of 7.5% from 2018 to 2024.
  • Asia-Pacific is expected to dominate the market, in terms of market share, during the forecast period. 

The report features a competitive scenario of the explosion proof cable glands market and provides a comprehensive analysis of the key growth strategies adopted by the major players. The key players in the global market are CMP Products Limited, Bartec Feam, Elsewedy Electric, Weidmller Interface GmbH & Co., Jacob GmbH, Hummel AG, Eaton corporation plc. (Cooper Crouse-Hinds, LLC), Emerson Electric Co. (APPLETON GRP LLC), Amphenol Industrial Products Group, and Cortem Group. These players have adopted various competitive strategies such as innovation, new product development, and market expansion to boost the growth of the market.

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quote Explosion-proof Cable Glands Market by Type (Increased Safety, Flameproof, EMC, and Others), Cable Type (Armored and Unarmored), Material (Brass, Steel, Plastic/Nylon, and Others) and End User (Oil & Gas, Mining, Chemical, Manufacturing & Processing, and Others) - Global Opportunity Analysis and Industry Forecast, 2018-2024 quote

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