The latest report by IMARC, titled “Intrinsically Safe Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, finds that the global intrinsically safe equipment market size reached US$ 3.02 Billion in 2021. Intrinsically safe (IS) equipment is a low-energy signaling process that prevents explosions. It ensures that the energy transferred to a hazardous area is below the energy needed to initiate an explosion. This technique enables live maintenance in hazardous areas without the need to obtain gas clearance certificates. IS equipment includes sensors, isolators, detectors, transmitters, flashlights, switches, gas detectors, and LED indicators. It provides optimal safety, maintenance, flexibility, and simple installation. It also eliminates the additional cost of installing explosive-proof enclosures.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect effect of the associated industries. These observations will further be integrated into the report.
Global Intrinsically Safe Equipment Market:
One of the primary factors driving the market is the integration of input and output (i/o) cards, and Fieldbus cable in IS equipment. Additionally, various technological innovations and growing safety standards are creating a positive market outlook. Other than this, the rising prevalence of accidents and explosions is prompting the governments of numerous nations to establish stringent safety standards in the industrial sector. Besides this, the extensive adoption of safety switches for reducing the risk of injuries, shocks, deaths, and electricity-related fires is positively influencing the market growth. In line with this, the increasing automation across various industry verticals, such as oil and gas, is strengthening the market growth. Other growth-inducing factors include extensive investments in research and development (R&D) activities, the continual launch of numerous product variants to gain a competitive edge, and the rising number of onshore and offshore explorations. Looking forward, IMARC Group expects the market size to reach US$ 4.6 Billion by 2027, expanding at a CAGR of 7.10% during the forecast period (2022-2027).
- Based on the product, the market has been divided into sensors, detectors, switches, transmitters, isolators, LED indicators, and others.
- On the basis of the zone, the market has been segmented into Zone 0, zone 20, zone 1, zone 21, zone 2, and zone 22.
- Based on the class, the market has been segregated into class 1, class2, and class 3.
- On the basis of the end user, the market has been categorized into oil and gas, mining, power, chemical and petrochemical, processing, and others.
- Region-wise, the market has been classified into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France. the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some 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.
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