According to the latest report by IMARC Group, “Global Intrinsically Safe Equipment Market Growth, Share, Size, Industry Trends, Opportunity and Forecast 2022-2027“, the global intrinsically safe equipment market reached a value of US$ 3.02 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 4.6 Billion by 2027, exhibiting a CAGR of 7.10% during 2022-2027.
Intrinsically safe (IS) equipment represent the low-energy signaling equipment and wiring that are used for preventing explosions by limiting the electrical and thermal energy that cause ignition. They include detectors, sensors, isolators, switches, flashlights, gas detectors, transmitters, LED indicators, etc. IS equipment offer several benefits, such as reliability, optimal safety, flexibility, simple installation, etc. Intrinsically safe equipment help in safeguarding the environment and nearby places from explosions. They also eliminate the additional costs of installing explosive-proof enclosures.
Intrinsically Safe Equipment Market Trends and Drivers:
The integration of Fieldbus cables and input and output (I/O) cards is primarily driving the intrinsically safe equipment market across countries. Apart from this, the escalating cases of casualties and accidents across the oil and gas sector are further catalyzing the market growth.
Moreover, the widespread usage of safety switches for minimizing the risks of electric shocks, injuries, deaths, electricity-related fires, etc., is acting as another significant growth-inducing factor.
In addition to this, the inflating automation levels across various sectors are also propelling the need for intrinsically safe equipment. Besides this, the expanding automotive industry and the rising number of onshore and offshore exploration activities across the globe are anticipated to fuel the intrinsically safe equipment market over the forecasted period.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Intrinsically Safe Equipment Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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.
The report has segmented the market on the basis of region, product, zone, class and end user.
Breakup by Product:
- LED Indicators
Breakup by Zone:
- Zone 0
- Zone 20
- Zone 1
- Zone 21
- Zone 2
- Zone 22
The Breakup by Class:
- Class 1
- Class 2
- Class 3
Breakup by End User:
- Oil and Gas
- Chemical and Petrochemical
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
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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Key Questions Answered in This Report:
1. How has the global intrinsically safe equipment market performed so far and how will it perform in the coming years?
2. What has been the impact of COVID-19 on the global intrinsically safe equipment market?
3. What are the key regional markets?4
4. What is the breakup of the market based on the product?
5. What is the breakup of the market based on the zone?
6. What is the breakup of the market based on the class?
7. What is the breakup of the market based on the end user?