Explosion Panels Market Size, Share, Growth, and Industry Analysis By Type (Flat Panel and Domed Panel) By Application (Dust Explosion and Gas Explosion), Covid-19 Impact, Latest Trends, Segmentation, Driving Factors, Restraining Factors, Key Industry Players, Regional Insights, and Forecast From 2023 To 2031

Updated On: 04 September 2023

EXPLOSION PANELS MARKET REPORT OVERVIEW

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The global explosion panels market size was estimated at USD 149.06 million in 2021 and is projected to reach USD 233.49 million by 2031, at a CAGR of 4.59% during the forecast period. 

Explosion panels are safety devices that provide pressure relief to safeguard equipment or buildings from excessive internal explosion-induced pressures. These vents and panels quickly release pressure through their holes. Dust, gas, and mist explosions are common uses for these vents and panels. Even when broken, these vents and panels give consistent relief at or below burst pressure. They don't require much upkeep and are simple to replace. Some vents and panels are one-time use only, while others are reusable. These vents and panels come in a variety of shapes, including round, square, and rectangle, varied widths and sizes.

Without the use of additional vacuum support, this design is more durable and resistant to negative pressure. The rectangular flat vent is made of stainless steel and is designed to last a long time. Various industries are expected to enhance their investments to strengthen safety measures connected to explosion and fire safety. Employees, workers, the industrial environment, surrounding infrastructure, equipment, and assets are all protected by industrial safety. Therefore, demand for industrial safety equipment is increasing in the oil and gas, automotive, and construction industries.

COVID-19 Impact: Supply Chain Disruption to Slower Market Growth

The experts have discussed the pre- and post-COVID-19 consequences in the global explosion panels market research. COVID-19 is a global public health disaster that has damaged practically every industry, and the long-term ramifications are likely to have an impact on market growth over the projection period. This ongoing research builds on this strategy to ensure that underlying COVID-19 issues, and potential future paths, are addressed. The extensive outburst of COVID-19 has caused disturbances in global supply chains, limited boundaries, and travel limitations by government organizations.

LATEST TRENDS

"Rising Application in Various Industries to Boost Market Growth"

One of the primary factors driving market expansion is the increasing use of explosion panels by various end-user industries such as oil & gas, automobiles, and energy & mining. Industry's requirement to follow rules and regulations to avoid an industrial fire or explosion will have an impact on the market. Several advantages and features supplied by these panels over alternatives are projected to propel the exploding panel market forward. The market's growth is hampered by a lack of public awareness about the availability of safety devices and the requirement to replace explosion panels after each use. Increased demand for such panels from areas including healthcare and power generation is expected to open up new market opportunities.

EXPLOSION PANELS MARKET SEGMENTATION

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• By Type Analysis

By type, the market is segmented into Flat Panel and Domed Panel.

The market for the flat panel segment is predicted to increase its dominance in the explosion panels market. It's made to work in static or atmospheric pressure environments. To resist vacuum or back-pressure, these panels must be mounted in a safety frame with vacuum support bars. Positive pressures are ideal for both types of explosive panels/vents. These factors are likely to boost the market's progress. 

• By Application Analysis

Based on applications, the market is classified into Dust Explosion and Gas Explosion.

The gas explosion segment is expected to hold the largest market share because gas explosions can cause serious damage to industrial structures, personnel, and the surrounding region, explosion panels are required in a variety of industries. Explosions are deadly hazards that can occur in a variety of industrial settings. Explosion panels/vents are used to protect against dust, gas explosions, mist explosions, and other types of explosions. It plays a vital function in fire safety and helps to limit the risk of explosion are the major factors driving the market.

DRIVING FACTORS

"Increasing Safety Concerns to Foster Market Growth"

The continuously growing power and mineral processing sectors are the primary drivers of the global explosion panels market, resulting in rising demand for explosive vents in all major emerging economies. The macroeconomic variables, such as increasing industrial operations and advancements in traditional power generation technologies, and an increase in safety procedures and laws for enterprises in many countries, are boosting explosion panel sales. The global market is expected to be driven by a large increase in demand for explosion vents due to increased safety concerns regarding safe industrial operations.

"Research & Development Activities and Technological Advancements to Boost Market Growth"

The EPL (equipment protection level) is a new factor in the use of explosion-proof equipment. This method considers aspects such as the outcome or impact of an explosion, and the system designer is in charge of determining the level of protection required. New products and technologies, such as explosion-proof wireless LAN solutions, explosion-proof tablets, and explosion-proof IP cameras, have recently emerged, indicating that as digital technologies advance, the same amount of effort is required to make them suitable for use in hazardous or explosion-prone environments. There has been an increase in the number of manufacturing plants that have been established, particularly in the Asia Pacific region, raising concerns about worker safety. The enclosure must be sturdy enough not to fracture or bend under the internal pressures created to contain explosions and prevent propagation to be certified as explosion proof.

RESTRAINING FACTORS

"High Installation Costs to Impede Market Growth "

The key restraining factors, such as high cost and complex installation process of explosion vents may hinder the global explosion panels market growth over the forecast period.

EXPLOSION PANELS MARKET REGIONAL INSIGHTS

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"Growing Technological Advancements to Bolster Growth in North America"

North America is expected to dominate the explosion panels market share. Due to the expansion of a large number of businesses and the increasing need for explosion panels by these industries, the market in Asia Pacific is likely to develop at a substantial rate over the forecast period. Furthermore, due to increased industrialization and increased oil and gas exploration and production operations, the market in the Middle East and Africa, and Latin America, is predicted to grow rapidly.

Because of the increase in industrial activity, the global explosion panels market is expected to grow rapidly in South Asia. Furthermore, due to an increase in industrial activity and an increase in oil and gas development and production across the region, MEA and Latin America are expected to have the most hopeful growth in the global market.

KEY INDUSTRY PLAYERS

"Product Developments and Partnerships to Improve Market Position"

OEMs are also concentrating on proposing smart automotive display systems for a cost-sensitive market. Alongside the single-touch screen platform, companies also participate in technology in the intelligent display system. Several manufacturers are also shifting their production units to developing countries because of cheap labor and raw materials. Key market players have been launching a wide range of products to take advantage of future changes. Companies expand their market presence by gaining new contracts and entering new markets due to technology improvement and product innovation.

INDUSTRY DEVELOPMENT

• February 2020: Elfab, a Halma plc firm, announced a cooperation with Induchem to increase Elfab's market reach and pressure relief solutions offered for process industries. This collaboration aims to make Elfab's product range more broadly available in the U.K. and Republic of Ireland.

List of Market Players Profiled

• Fike (India)
• Vigilex (India)
• Elfab (U.K.)
• BS&B Safety Systems (Russia)
• REMBE GmbH (Germany)
• ZOOK (U.S.)
• Donadon SDD (Italy)
• Oseco (U.S.)
• IEP Technologies (U.S.)

REPORT COVERAGE

This report covers the entire scope of the market research for touch screen sales. The report's market estimations are based on extensive secondary research, primary interviews, and in-house expert reviews. These market estimations were derived by analyzing the impact of different social, political, and economic factors and current market dynamics on the growth of the explosion panels industry.