Flame Proof Motor Market shall reach a value of $2x61.4 Million in 2027, growing with a CAGR of 12.13% during the forecast period of 2020 to 2027.
Flameproof motors are the electric motors that have the capability to perform in hazardous conditions. The modern flameproof motors are constructed in a way that they are instrumental in preventing the explosions by restricting the entry of duct, gas or vapour in the engine. Flameproof motors are most widely used in industrial and manufacturing areas. These motors are also preferred for usage in the areas which are highly prone to short-circuit and fire. Companies leading globally or the key global players like ABB, Siemens, Rockwell Automation, WEG etc into manufacturing of the flameproof motor market often prefer to set up factories directly into the market they are looking to reach into so that they can directly influence the regional market. Companies in developing countries like India and China, on the other hand, look forward and put more efforts into the direct selling approach since they do not have much influence in the global market, the fact also lies into that their quality when compared to the giant global players also lack, but they bring in price advantage on the table. Price is not the only influencer in the market, but product performance is also a key factor. In the coming years, the slow downward price trend will sustain, and with an increase in competition, the price differences between different companies will be narrowed.
The global flameproof motor market has been valued at 8.87billion USD in the year 2019, and it is anticipated to increase to the value of 12.29 billion USD by 2025, So the CAGR can be somewhere around 5.5% between 2020-2025. The main reason for this growth can be the increasing demand of the integrated systems, advancement in the automation sector and Artificial intelligence being a major contributor, increased industrialisation, strict government regulations regarding the handling of hazardous workplaces are supposed to add to the growing market valuation globally. The global r market can be divided into four major segments namely, motor type, class type, end-use industries and regions. The mining and metal industry supposedly holds a substantial share in the global market, Also, North America holds the major share given the presence of global players is highest in this area.
With increased energy and power consumption, need to fetch the energy and fuel also increases this further trickle down and aids to the increase in demand for the flameproof motors and equipment, as they are instrumental in preventing explosions that might happen during the process of power and energy generation through the natural resources. The flameproof motors are also invested in by the high capital and machine intensive areas such as defence, aerospace, manufacturing industries, so the need for safety devices automatically increases here. Here generally high-voltage flameproof motors are used. The low-voltage flameproof motors are used mainly in the oil and gas industry in pumps, blowers or compressors. The demand for low-voltage flameproof motors is anticipated to increase in future given the increase in Offshore and Onsite activities in the gas and oil industry. Competitiveness of the flameproof motor market is soaring high due to the ongoing increase in the number of manufacturers of electrical products.
Flameproof Motors Market Growth and Trends
The extensive usage of flame proof motors in the Petro-chemical industry globally is a major factor contributing to the increase in market growth. Flame proof motors offer several benefits in comparison to the non-flame ones increasing its market demand and growth. Most importantly, an increase in the safety regulation issued by the government is all set to boost the flame proof market growth. There rising security concerns in the oil and gas industry has necessitated the increase in flame proof motor usage and thus is a key factor accelerating its market trend.
There is an increase in the consumption of power and energy due to the rapidly increasing population and this has resulted in comprehensive usage of the flame proof motor to avoid industrial mishaps and accidents contributing to its market revenue. The flame proof motors are majorly used in the defense, aerospace, and manufacturing industries for safety purposes and continuous advancements in these industries have catapulted the flame proof motor market growth. Also, there has been an increase in the production of electrical goods due to the increasing demography thus resulting in the surge in the flame proof motor market demand. There has been an increase in the accidents in the mining industry owing to the presence of highly flammable gases and toxic components exhibiting the need for flame proof motors to reduce these incidents and this has directly impacted the increase in the market trend.
The major challenge to the flame proof motor market is the highly volatile prices of the raw materials composing the motor.
With a rise in urbanization and expansion in globalization, an increase in demand for flameproof motors from chemical and petrochemical and oil and gas industries will drive the flameproof motors market in the near future as industries with hazardous environments are looking at investing more in them. End-user industries are simultaneously focusing on raising their production capacity to meet the increasing demand for their products, which has resulted in the acquisition of energy-efficient equipment for handling different processes. The resulting rise in consumption of electricity by energy-intensive industries encourages the adoption and use of energy-efficient equipment, a major influencing factor boosting demand for flameproof motors. Moreover, equipment protection level is a new factor introduced into the use of explosion proof equipment, which considers factors such as the consequence or impact of an explosion. The introduction of new products and technologies such as explosion-proof tablets, explosion-proof wireless LAN solutions, explosion-proof IP cameras indicate that with fast-moving digital technologies, equal level of effort is necessary in making them fit for application in hazardous or explosion-prone situations. Increasing concerns over security in power and petro-chemical industries across multiple global regions are leading factors which can positively influence the growth of the global flameproof motor market. In addition, as a result of a wide range of glitches catered to by flameproof motors as compared to its counterparts, the flameproof motors are more likely to grow at a significant pace in the future. Furthermore, regulations imposed by government authorities on increasing safety is definitely suggested to fuel growth in the flameproof motor market.
Fluctuating prices of raw materials are a mild concern which may pose as a short-term challenge in the growth of the flameproof motor market. However, the utility factors involved in generating a high demand for flameproof motors far outweigh the temporary concern.
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