New York, USA, July 20, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Intrinsically Safe Equipment Market Research Report Information by Zone, Class, Product, End User And By Region – Market Forecast Till 2032, the market is anticipated to acquire a valuation of approximately USD 5.70 billion by the end of 2032. The reports further predict the market to flourish at a robust CAGR of over 7.80% during the assessment timeframe.
The primary market drivers for market growth are growing adoption in developing nations, worker safety emphasis, the growth of hazardous industries, retrofitting and updating of existing infrastructure, safety and regulatory compliance.
Intrinsically Safe Equipment Market Key Players
Eminent industry players profiled in the global Intrinsically Safe Equipment market report include
- Pepperl + Fuchs
- Fluke Corporation
- OMEGA Engineering (Spectris PLC)
- Stahl AGRAE Systems (Honeywell)
- Eaton Corporation
- CorDEX Instruments Ltd.
- Bayco Products, Inc.
- Kyland Technology Co., Ltd.
- Banner Engineering Corp.
- Georgia
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The market for intrinsically safe equipment is growing significantly due to the desire for safe operations in potentially hazardous environments. Businesses in the mining, chemical, pharmaceutical, oil and gas, and industrial industries operate in potentially explosive situations where the presence of flammable gases, vapours, or dust can pose significant risks. Intrinsic safety refers to the design of electrical and electronic equipment to prevent the release of sufficient energy to ignite these risky substances. The market for intrinsically safe equipment has experienced enormous growth as a result of a number of significant causes. Safety and regulatory compliance are the first important aspects to consider. Strict safety laws and standards mandate the use of intrinsically safe equipment in industries to lower the danger of explosions and protect worker safety. The necessity of adhering to these regulations necessitates the high demand for technology that is intrinsically safe.
Intrinsically Safe Equipment Market Report Scope:
| Report Metric | Details |
| Revenue Forecast in 2032 | USD 5.70 Billion |
| Growth Rate | CAGR of 7.80% from 2023 to 2032 |
| Base Year | 2022 |
| Study Period | 2023-2032 |
| Key Market Opportunities | Regulations for safety are being enforced more strictly, and workplace safety awareness is rising |
| Key Market Drivers | Increasing Workplace Safety Awareness and Technological Advancements |
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Intrinsically Safe Equipment Market Dynamics
The expansion of risky industries is necessary for the market. As global industrialization and urbanisation accelerate, there is an increasing need for energy, chemicals, and other products that must function in potentially explosive conditions. Oil and gas exploration, refining, petrochemical manufacturing, mining, and the pharmaceutical industry are just a few of the sectors that are expanding and require the usage of inherently safe gear. The market has benefited from technological advancement as well. Small, light, and innovative items with enhanced functionality have been developed by manufacturers, such as intrinsically safe sensors, communication tools, lighting systems, and control tools. Due to these advancements, intrinsically safe equipment is now more reliable, efficient, and safe overall, which makes it more appealing to companies that operate in risky environments.
The increasing focus on employee safety is a significant additional factor.
Employers are starting to understand the importance of protecting the safety and wellbeing of their employees. By lowering the likelihood of explosions or fires in hazardous places, intrinsically safe equipment provides a crucial solution and empowers workers to work more securely and confidently. The usage of equipment that is intrinsically safe is expanding in developing countries. These countries are quickly industrialising and giving job safety more attention. As they invest in industrial initiatives, oil and gas exploration, and infrastructure development, the need for fundamentally safe equipment increases.
Governments in these areas are also promoting market expansion by establishing standards and rules to improve worker security.
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Intrinsically Safe Equipment Market Segmentation
Equipment that is intrinsically safe Zone 0, Zone 20, Zone 1, Zone 21, Zone 2, and Zone 22 are included in the market segmentation based on Zone. With 35.1% of market sales in 2022 going to the zone 1 segment, this market segment led.
Intrinsically safe equipment for Zone 1—such as lighting fixtures, communication devices, and sensors—holds a substantial market share since it caters to organisations with regular exposure to hazardous substances.
Based on class, the intrinsically safe equipment market is divided into Class 1, Class 2, and Class 3. In 2022, the class 1 group brought in the most money (54.1%). By market share, intrinsically safe equipment designed for oil and gas applications frequently rules the Class 1 subsegment.
Oil and gas, mining, power, chemical petrochemical, processing, and other end users are included in the segmentation of the market for intrinsically safe equipment based on end users. With 37.23% of market revenue in 2022 going to the OIL AND GAS category, the market was led by this group.
The need for intrinsically safe equipment in the oil and gas sector is driven by the need to lower the danger of igniting and explosions when volatile gases and liquids are present.
Intrinsically Safe Equipment Market Regional Analysis
The analysis offers market insights for North America, Europe, Asia-Pacific, and the rest of the world, by region. In 2022, this market was dominated by the Asia-Pacific Intrinsically Safe Equipment Market (45.80%). The demand for technology that is intrinsically safe has increased due to the area's rapid development and urbanisation. Additionally, the Indian market for intrinsically safe equipment was expanding at the quickest rate in the Asia-Pacific region, while China's market for such equipment maintained the biggest market share.
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The market for equipment that is intrinsically safe has potential as a result of the infrastructure that is now being updated and retrofitted. Many industries need to modify or repair their obsolete infrastructure in potentially explosive conditions in order to comply with safety laws. Integrating intrinsically safe technology into existing systems ensures compliance with safety regulations and satisfies the need for stronger safety measures. driving the market for intrinsically safe equipment's income.
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