According to the global intrinsically safe equipment market report by IMARC Group, 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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Note: 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.
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 (RD) 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|
|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|
Global Intrinsically Safe Equipment Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these top key players 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.
- Schneider Electric SE.
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The report has segmented the market on the basis of region, product, zone, class and end user.
Breakup by Product:
- LED Indicators
Breakup by Zone:
- Zone 0
- Zone 20
- Zone 1
- Zone 21
- Zone 2
- Zone 22
The Breakup by Class:
- Class 1
- Class 2
- Class 3
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
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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