According to the latest report by IMARC Group, titled “Intrinsically Safe Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the global intrinsically safe equipment market. The report also includes competitor and regional analysis, and contemporary advancements in the 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 refers to low-energy signaling equipment and wiring that prevents explosion in hazardous areas by restricting the electrical and thermal energy. It works with minimal energy, preventing ignition and short-circuiting in the area and eliminating the additional cost of installing explosive-proof compounds. It also offers several benefits, such as easy installation, flexibility, optimal safety, reliability, and low maintenance. Owing to these benefits, several IS equipment, including sensors, gas-smoke-voltage detectors, transmitters, LED indicators, switches, and isolators, are widely used across various industries across the globe.
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§ Market Segmentation by product, zone, class and end user and region.
§ Historical, current, and projected size of the market in terms of volume and value
§ Latest industry trends and developments
§ Competitive Landscape for Intrinsically Safe Equipment Market
§ Strategies of major players and product offerings
The market is primarily driven by the increasing utilization of fieldbus cable and input and output (I/O) cards in intrinsically safe equipment. Additionally, the rising adoption of safety switches to minimize the risk of electronic shock, death, injury, and electricity-related fire represents another significant growth-inducing factor.
Apart from this, the market is further propelled by the increasing automation across various sectors, including the oil and gas industry. Furthermore, the rising investments in the research and development (R&D) activities by the leading market players to launch advanced intrinsically safe equipment and several initiatives undertaken by the governments of various nations to ensure workplace security and safety are also augmenting the market growth.
Key Players Included in Global Research Report:
· 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.
· Schneider Electric SE.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Breakup by Product:
Breakup by Zone:
Breakup by Class:
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
TOC for the Intrinsically Safe Equipment Market Research Report:
Scope and Methodology
Global Intrinsically Safe Equipment Market
Value Chain Analysis
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