Intrinsically Safe Equipment Market

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. 

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:

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

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
   

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: