According to a new report by Allied Market Research, titled, Global Explosion Proof Cable Glands Market by Type and Cable Type, Material, and by End User: Global Opportunity Analysis and Industry Forecast, 20182024, 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.
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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.
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.
Key Findings Of The Explosion Proof Cable Glands 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.