Global Explosion-Proof Equipment Market Report 2022-2028: Growth in Oil & Gas Industry / Increasing use of Explosion Proof LED Lights / Increasing Industrial Safety Measures – GlobeNewswire

March 25, 2022 by No Comments

Dublin, March 25, 2022 (GLOBE NEWSWIRE) — The “Explosion-Proof Equipment Market Forecast to 2028 – COVID-19 Impact and Global Analysis By System, Protection Method, and Industry” report has been added to ResearchAndMarkets.com’s offering.

The global explosion-proof equipment market is expected to grow from US$ 8,037.29 million in 2021 to US$ 12,272.30 million by 2028; it is estimated to grow at a CAGR of 6.2% during 2021-2028.

The construction sector has been witnessing a decent growth rate in the recent time. The trend is foreseen to continue over the years, thereby creating a huge space for commercial, residential, and industrial constructions. Governments of various countries are undertaking initiatives to support the construction industry. The growth in the construction of commercial and residential buildings is anticipated to provide prosperous opportunities to the market to grow in the region; thus, positively impacting the market.

Commercial and residential housing constructions are continuously growing all across the globe and majorly in developing countries. For instance, the commissioning of housing in Russia in the first five months of 2021 increased by 28.4% compared to the previous year, according to the Russian news agency in July 2021. In May 2021, 5 million square meters of housing, which is around 31% more than in May 2020.

Similarly, in Australia, according to the Ridgewater Homes website data, in 2021, it has been observed that there is a boom in residential buildings construction with 10% growth. This growth is due to the surge in demand for houses because of record-low interest rates, an improving outlook for growth in sustained employment, and government programs such as HomeBuilder. Further, several governments initiatives have been observed in helping the housing industry.

For instance, according to the Yonhap News Agency website data of February 2021, the South Korean government announced that it would ease building regulations and support redevelopment projects in urban areas to increase the number of new houses up to 836,000 nationwide. The latest housing policy focuses on increasing the home supply in the Seoul metropolitan area and other major cities to stabilize the heated real estate market.

The latest policy includes 323,000 new houses in Seoul, the hotspot of the real estate frenzy, and 293,000 in the surrounding Gyeonggi Province, according to the Ministry of Land, Infrastructure, and Transport. Similarly, in Egypt, in September 2021, the government supported the construction of 37 new smart city projects.

The first phase of construction work has been underway for the past five years, with US$ 20 billion of investments pumped into an area spanning 40,000 fed (16,800 ha). This construction activity will boost the growth of residential and commercial buildings in the country. Thus, the rising commercial and residential housing constructions and several government initiatives in housing construction are influencing the demand for explosion-proof equipment globally.

Moreover, strong economic conditions and low rates of housing loan interest will help maintain the expansion of construction activities in North America, Asia Pacific, and the Middle East & Africa. Europe will show a slightly subdued growth, supported by improved construction sector conditions in various countries, allowing better residential and infrastructural spending.

Also, the growth prospects in Latin America will improve, driven by policy reforms in key countries including Brazil. Further, according to the Oxford Economics/Haver Analytics data of contribution to global construction growth 2020-2030, China, India, and the US are among the major contributors in residential construction activities. Also, in 2021, residential construction is forecasted to be the fastest-growing sector globally at 7.1%, according to the Marsh LLC data.

The residential sector accounted for 44% of total global construction in 2020 making it is the largest sub-sector and a key driver of …….

Source: https://www.globenewswire.com/news-release/2022/03/25/2410062/0/en/Global-Explosion-Proof-Equipment-Market-Report-2022-2028-Growth-in-Oil-Gas-Industry-Increasing-use-of-Explosion-Proof-LED-Lights-Increasing-Industrial-Safety-Measures.html

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