The latest research study “Intrinsically Safe Equipment Market Trends: Global Industry Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that 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.
Covid-19 Impact:
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.
Industry Definition and Application:
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.
Global Intrinsically Safe Equipment Market Trends and Drivers:
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.
| Intrinsically Safe Equipment Market Report Scope | |
| Report Coverage | Details |
| Market size value in 2021 | US$ 3.02 Billion |
| Market forecast in 2027 | US$ 4.6 Billion |
| Growth Rate | CAGR of 7.10% from 2022 to 2027 |
| Base year for estimation | 2021 |
| Historical data | 2016-2021 |
| Forecast period | 2022-2027 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product, Zone, Class, End User and Region |
| Regional scope | North America, Europe, Asia-Pacific, Latin America, Middle East and Africa |
| Key companies profiled | 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. |
| Market Dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period, |
| Customization preview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Report Segmentation:
The report has been segmented the market into following categories:
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
By Geography:
- 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
List of Major Key Players:
The major players in the market are 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.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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List of Tables
Table 1: Global: Intrinsically Safe Equipment Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Intrinsically Safe Equipment Market Forecast: Breakup by Product (in Million US$), 2022-2027
Table 3: Global: Intrinsically Safe Equipment Market Forecast: Breakup by Zone (in Million US$), 2022-2027
Table 4: Global: Intrinsically Safe Equipment Market Forecast: Breakup by Class (in Million US$), 2022-2027
Table 5: Global: Intrinsically Safe Equipment Market Forecast: Breakup by End User (in Million US$), 2022-2027
Table 6: Global: Intrinsically Safe Equipment Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 7: Global: Intrinsically Safe Equipment Market: Competitive Structure
Table 8: Global: Intrinsically Safe Equipment Market: Key Players
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