Hazardous Area Equipment Market Outlook to 2033 by Product, Service, Industry, and Region - Featuring PATLITE USA, Eaton, Rockwell Automation, Emerson Electric, and Siemens [Yahoo! Finance...
Eaton Corporation, PLC Ordinary Shares (ETN)
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Source: Yahoo! Finance
The hazardous area equipment market has grown strongly in recent years. It will grow from $9.01 billion in 2023 to $9.74 billion in 2024 at a compound annual growth rate (CAGR) of 8%. The growth observed in the historic period can be attributed to several factors, including the expansion of industrialization and manufacturing, the implementation of stringent safety regulations, the effects of globalization and cross-border trade, increased activity in energy exploration and extraction, and a heightened focus on ensuring worker safety. The hazardous area equipment market is expected to see strong growth in the next few years. It will grow to $13.06 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The anticipated growth in the forecast period can be attributed to several factors, including the global shift towards renewable energy sources, a rising demand for modular solutions, an increased focus on cybersecurity within industrial systems, the emergence of new hazardo
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