Global Intrinsically Safe Equipment Market Overview 2023-2028
IMARC Group, a leading market research company, has recently releases report titled “Intrinsically safe equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global Intrinsically safe equipment market report, size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
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 specialized devices and instruments designed to operate safely in potentially explosive or hazardous environments where the presence of flammable gases, vapors, or dust could pose a significant risk of ignition. It is built with specific design principles that limit the amount of energy in the equipment to levels well below the thresholds required for ignition. It undergoes rigorous testing and certification by regulatory bodies to ensure its compliance with safety standards. It also requires specialized accessories, such as intrinsically safe batteries or connectors, to maintain safety within the system. It is used to measure, control, and communicate critical data and perform tasks while minimizing the risk of explosions.
Global Intrinsically Safe Equipment Market Trends and Drivers:
At present, the increasing demand for IS equipment, as they help companies comply with various strict safety rules and standards and maintain a safe work environment, represents one of the vital factors impelling the growth of the market. Besides this, the rising evolution of the industrial Internet of Things (IIoT) and industry 4.0 is supporting the growth of the market. In addition, the growing utilization of wireless communication and sensor networks for real-time monitoring and control to conduct remote operations in hazardous areas is offering a favorable market outlook. Apart from this, the increasing proliferation of renewable energy sources, including hydel and solar power, as they are sustainable and reduce the carbon footprint, is contributing to the growth of the market.
Global Intrinsically Safe Equipment Market 2023-2028 Analysis and Segmentation:
Top Key Players covered in this report 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.
The report segmented the market on the basis of region, 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
o United States
o Canada
- Asia-Pacific
o China
o Japan
o India
o South Korea
o Australia
o Indonesia
o Others
- Europe
o Germany
o France
o United Kingdom
o Italy
o Spain
o Russia
o Others
- Latin America
o Brazil
o Mexico
o Others
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- 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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