Intrinsically Safe Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

May 2022
143 pages
ID: 6280520
Format: PDF
IMARC Group

Summary

Table of Contents

The global intrinsically safe equipment market reached a value of US$ 3.02 Billion in 2021. Looking forward, the analyst expects the market to reach a value of US$ 4.6 Billion by 2027, exhibiting a CAGR of 7.10% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.

Intrinsically safe (IS) equipment refers to a set of low-energy signaling equipment and wiring that is used for preventing explosions by limiting the thermal and electrical energy that causes ignition. It offers various benefits, such as reliability, flexibility, maintenance, optimal safety, and simple installation. Intrinsically safe equipment helps in safeguarding the environment and nearby places from explosions. It also eliminates the additional cost of installing explosive-proof enclosures. The IS equipment includes detectors, sensors, isolators, transmitters, switches, flashlights, gas detectors, and LED indicators.

Intrinsically Safe Equipment Market Trends:
The integration of fieldbus cable and input and output (I/O) cards in intrinsically safe equipment is one of the key factors driving the market growth. The associated cost-effectiveness and the flexibility of usage, especially in hazardous zones, is acting as another major growth-inducing factor. The increasing cases of casualties and accidents in the oil and gas sector and the numerous initiatives undertaken by the governments of various nations for ensuring workplace security and safety are providing an impetus to the market growth. Moreover, the widespread utilization of safety switches for minimizing the risk of electric shock, injury, death, and electricity-related fire is contrinuting to the market growth. The market is also driven the increasing automation across various sectors, including oil and gas, which is catalyzing the need for intrinsically safe equipment. Other factors, such as the rapid expansion of the automotive sector, the rising number of onshore and offshore exploration, the escalating investments in the research and development (R&D) activities, and the continual launch of several intrinsically safe equipment by manufacturers for improving their product portfolio, are positively stimulating market growth across the globe.

Key Market Segmentation:
the analyst provides an analysis of the key trends in each sub-segment of the global intrinsically safe equipment market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on product, zone, class and end user.

Breakup by Product:
Sensors
Detectors
Switches
Transmitters
Isolators
LED Indicators
Others

Breakup by Zone:
Zone 0
Zone 20
Zone 1
Zone 21
Zone 2
Zone 22

Breakup by Class:
Class 1
Class 2
Class 3

Breakup by End User:
Oil and Gas
Mining
Power
Chemical and Petrochemical
Processing
Others

Breakup by Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Banner Engineering Corp., Bayco Products Inc., CorDEX Instruments, Eaton Corporation PLC, Fluke Corporation (Fortive Corporation), G.M. International s.r.l., Georgin, Honeywell International Inc., OMEGA Engineering Inc. (Spectris plc), Pepperl+Fuchs SE, R. Stahl AG, Rockwell Automation Inc. and Schneider Electric SE.

Key Questions Answered in This Report:
How has the global intrinsically safe equipment market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global intrinsically safe equipment market?
What are the key regional markets?
What is the breakup of the market based on the product?
What is the breakup of the market based on the zone?
What is the breakup of the market based on the class?
What is the breakup of the market based on the end user?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global intrinsically safe equipment market and who are the key players?
What is the degree of competition in the industry?

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