South & Central America Explosion-Proof Equipment Market Forecast to 2030 - Regional Analysis - By Systems, Protection Method, and Industry

The South & Central America explosion-proof equipment market is expected to grow from US$ 161.18 million in 2022 to US$ 194.29 million by 2030. It is estimated to grow at a CAGR of 2.4% from 2022 to 2030.

Integration with IoT Fuel South & Central America Explosion-Proof Equipment Market

Over the period, IoT has emerged as the most popular trend, which is nearly being associated with every technology. Whether in manufacturing or other industries, IoT is linked to everything. Construction, manufacturing, and agriculture industries tend to have the highest incident/accident rates. There are various risks associated with working in hazardous areas. Moreover, accidents at factories cost millions of dollars in medical expenses, damaged goods, and high insurance premiums every year for operators and workers. Further, factories have multiple interconnected machines and devices working simultaneously, and a minor lapse in judgment can lead to deadly outcomes. Hence, many businesses are now creating IoT-enabled environments to remove the guesswork from manual processes. Smart monitoring allows workers to make correct decisions and, at the same time, stay out of the risk. IoT systems offer multiple benefits for businesses, including improving the use of equipment, reducing incidents due to damaged machinery, and monitoring toxic substances. Firstly, IoT devices allow workers to monitor all industrial processes without coming close to dangerous equipment with the help of deploying several Wi-Fi-enabled beacons attached to the machines. Secondly, IoT detects damaged machinery with the help of implanted sensors. Sensors help in the monitoring and detection of physical parameters of any machinery, including voltage, temperature, and humidity, in real-time. Processes in the manufacturing & construction industry led to the production of toxic substances. Long-term exposure to toxic substances could affect the workers' health. IoT-enabled smartwear can track parameters to notice the signs of fatigue and nausea, encouraging the worker to take regular breaks and leave the area temporarily if there is a spike in toxic gas activity. Therefore, with the evolution of Industry 4.0, the use of IoT in factories is increasing to provide safety to the workers and operators both. Therefore, the explosion-proof equipment market is growing.

South & Central America Explosion-Proof Equipment Market Overview

The SAM explosion-proof equipment market is segmented into Brazil, Argentina, and the Rest of SAM. The rising construction and developments of commercial and residential buildings in the region are creating the need for explosion-proof equipment such as safety plugs & switches, signaling devices, monitoring systems, and lighting systems. For instance, in January 2020, construction companies started building hotel rooms, making Brazil the leading country in the construction of lodging facilities in SAM. Colombia was the second country in the region with the largest number of hotel rooms under construction, followed by Chile and Peru. The construction industry in the region is expected to grow rapidly, signifying rapid real estate and infrastructure development during the forecast period. With the growing construction activities across the region, the number of construction plants is also increasing, which is propelling the growth of the explosion-proof equipment market in SAM. Moreover, the government of several nations in the region is focusing on the development of residential and commercial buildings. For instance, according to Chile's National Construction Association, the Cámara Chilena de la Construcción is supporting the government's estimated US$ 26 billion planned jump-start the industry in 2021. The plan, called the Paso a Paso Chile se Recupera (the Employment and Reactivation Plan), foresees an investment of US$ 13 billion and US$ 13 billion in infrastructure and housing, respectively. Therefore, a surge in the economy and government focus on the construction of commercial and residential buildings is driving the growth of the explosion-proof equipment market in the region.

South & Central America Explosion-Proof Equipment Market Segmentation

The South & Central America explosion-proof equipment market is segmented into systems, protection method, industry, and country.

Based on systems, the South & Central America explosion-proof equipment market is segmented into junction boxes & enclosures, lighting system, monitoring system, signaling devices, automation system, cable glands, HVAC systems, and others. The cable glands held the largest share of the South & Central America explosion-proof equipment market in 2022.

In terms of protection methods, the South & Central America explosion-proof equipment market is categorized into large explosion prevention, explosion containment, and explosion segregation. The explosion prevention segment held the largest share of the South & Central America explosion-proof equipment market in 2022.

Based on industry, the South & Central America explosion-proof equipment market is segmented into pharmaceutical, mining, oil & gas, manufacturing, food processing, energy & power, chemical & petrochemical, and others. The energy & power segment held the largest share of the South & Central America explosion-proof equipment market in 2022.

By country, the South & Central America explosion-proof equipment market is segmented into Brazil, Argentina, and the Rest of South America. The Rest of South America dominated the South & Central America explosion-proof equipment market in 2022.

ABB Ltd, Cortem S.p.A., Eaton Corp Plc, Emerson Electric Co, Rockwell Automation Inc, Siemens AG, and Pepperl+Fuchs SE are some of the leading companies operating in the South & Central America explosion-proof equipment market.