According to the latest report by IMARC Group, "Global Intrinsically Safe Equipment Market Size, Share, Growth, Industry Trends, Opportunity and Forecast 2023-2028", the global intrinsically safe equipment market size reached US$ 3.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 4.9 Billion by 2028, exhibiting a growth rate (CAGR) of 6.93% during 2023-2028.
Intrinsically safe (IS) equipment refers to a set of devices and wiring that utilize low-energy signaling to prevent explosions. It ensures that the energy transmitted to hazardous areas is lower than the energy required to initiate an explosion. It comprises various devices such as sensors, switches, flashlights, isolators, transmitters, detectors, gas detectors, and LED indicators. It enables live maintenance in hazardous areas without requiring gas clearance certifications. It offers flexibility, optimal safety, easy installation, and maintenance. As a result, IS equipment is gaining immense traction across the globe as it eliminates the need to install expensive explosive-proof enclosures, thus reducing the overall cost of installation.
Intrinsically Safe Equipment Market Trends and Drivers:
The global intrinsically safe equipment market is primarily driven by the increasing number of casualties and accidents in the oil and gas sector. Moreover, several favorable initiatives by governments of numerous countries to ensure workplace safety and security are positively influencing the market growth.
Additionally, the rising utilization of safety switches to reduce the risk of electric shock, injury, death, and electrical fire is another major growth-inducing factor. Besides this, the integration of field bus cables and input and output (I/O) cards in IS equipment has catalyzed market growth.
Furthermore, the increasing automation across various industries, including oil and gas, is contributing to market growth. Other factors, including the rising number of onshore and offshore explorations, increasing investments in research and development (RD) activities, and the rapid expansion of the automotive sector, are also anticipated to propel the market growth.
Global Intrinsically Safe Equipment Market 2023-2028 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Intrinsically Safe Equipment Companies:
CorDEX Instruments, Eaton Corporation PLC, Fluke Corporation (Fortive Corporation), G.M. International s.r.l., Banner Engineering Corp., Bayco Products Inc., 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 product, zone, class, end user and region.
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
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
If you want latest primary and secondary data (2023-2028) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours of receiving full payment.
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- 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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