As per the report "Explosion Equipment Market by Industry Vertical (Pharmaceutical, Manufacturing, Marine, Mining,Food Processing, Signaling Devices, Others ), by Applicable System Type (Cable Glands,Junction Boxes & Enclosures, Lifting & Material Handling, Automation System, others),by Equipment Type (Explosion proof, Explosion Prevention, Explosion Segregation) Industry trends, Estimation & Forecast, 2016 – 2024", the global explosion proof market was valued at $5 billion in 2016, and is projected to reach $10 billion by 2024, growing at a CAGR of 9.2% from 2017 to 2024. In 2016, oil & gas industry segment generated the highest revenue share in the terms of global explosion proof equipment market. Among major regions, North American explosion proof equipment market was the highest revenue generating market valued at $1.6 billion in 2016.