Intrinsically Safe Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Intrinsically Safe Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Report Format: PDF+Excel | Report ID: SR112023A5320
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Market Overview:

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 low-energy signaling equipment and wiring that is used for preventing explosions by limiting the thermal and electrical energy that causes ignition. It offers various benefits, such as reliability, flexibility, maintenance, optimal safety, and simple installation. Intrinsically safe equipment helps in safeguarding the environment and nearby places from explosions. It also eliminates the additional cost of installing explosive-proof enclosures. The IS equipment includes detectors, sensors, isolators, transmitters, switches, flashlights, gas detectors, and LED indicators. 

 

 
 

 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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Intrinsically Safe Equipment Market Trends:

The integration of fieldbus cable and input and output (I/O) cards in intrinsically safe equipment is one of the key factors driving the market growth. The associated cost-effectiveness and the flexibility of usage, especially in hazardous zones, is acting as another major growth-inducing factor. The increasing cases of casualties and accidents in the oil and gas sector and the numerous initiatives undertaken by the governments of various nations for ensuring workplace security and safety are providing an impetus to the market growth. Moreover, the widespread utilization of safety switches for minimizing the risk of electric shock, injury, death, and electricity-related fire is contrinuting to the market growth. The market is also driven the increasing automation across various sectors, including oil and gas, which is catalyzing the need for intrinsically safe equipment. Other factors, such as the rapid expansion of the automotive sector, the rising number of onshore and offshore exploration, the escalating investments in the research and development (R&D) activities, and the continual launch of several intrinsically safe equipment by manufacturers for improving their product portfolio, are positively stimulating market growth across the globe.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global intrinsically safe equipment market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product, zone, class and end user.

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:

 

 
 

 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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  • Oil and Gas
  • Mining
  • Power
  • Chemical and Petrochemical
  • Processing
  • Others
     

Breakup by Region:

 

 
 

 

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  • 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
     

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles 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.

Report Coverage:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
Segment Coverage Product, Zone, Class, End User, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report

The global intrinsically safe equipment market was valued at US$ 3.3 Billion in 2022.

We expect the global intrinsically safe equipment market to exhibit a CAGR of 6.93% during 2023-2028.

The growing cases of casualties and accidents, along with the rising adoption of intrinsically safe equipment for safeguarding the environment and nearby places from explosions, are primarily driving the global intrinsically safe equipment market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary closure of numerous end-use industries, thereby negatively impacting the overall demand for intrinsically safe equipment.

Based on the product, the global intrinsically safe equipment market has been segmented into sensors, detectors, switches, transmitters, isolators, LED indicators, and others. Among these, switches represent the largest market share.

Based on the end user, the global intrinsically safe equipment market can be bifurcated into oil and gas, mining, power, chemical and petrochemical, processing, and others. Currently, the oil and gas sector accounts for the majority of the total market share.

On a regional level, the market has been classified into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America, where North America currently dominates the global market.

Some of the major players in the global intrinsically safe equipment market include 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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Intrinsically Safe Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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