Intrinsically Safe Equipment Market Analysis

Global Intrinsically Safe Equipment Market Overview

Intrinsically Safe Equipment Market Size was valued at USD 2.9 Billion in 2022. The Intrinsically Safe Equipment market industry is projected to grow from USD 3.12 Billion in 2023 to USD 5.70 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.80% during the forecast period (2024 - 2032). Growing adoption in developing countries, worker safety focus, hazardous industry growth, retrofitting and upgrading of existing infrastructure, safety and regulatory compliance, are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Intrinsically Safe Equipment Market Trends

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  Safety and compliance to regulations is driving the market growth

  
  

The demand for safe operations in potentially dangerous areas is driving the market for intrinsically safe equipment, which is expanding quickly. Businesses in the oil and gas, mining, chemical, pharmaceutical, and industrial sectors work in potentially explosive environments where the presence of flammable gases, vapours, or dust can present serious hazards. The design of electrical and electronic equipment to stop the release of enough energy to ignite these dangerous compounds is known as intrinsic safety. Due to a number of important factors, the market for intrinsically safe equipment has seen tremendous expansion. The first significant factors are safety and regulatory compliance. To reduce the risk of explosions and safeguard the safety of employees, industries are required by strict safety laws and standards to use intrinsically safe equipment. Due to the critical nature of compliance with these rules, there is a high demand for technology that is intrinsically safe.

The development of dangerous industries is essential to the market's growth. There is a rising need for energy, chemicals, and other products that must operate in potentially explosive environments as global industrialisation and urbanisation increase. Exploration for oil and gas, refinement, petrochemical production, mining, and pharmaceuticals are just a few of the sectors that continue to grow and necessitate the use of intrinsically safe machinery. The development of technology has also contributed to the market. Manufacturers have created novel products that are small, light, and have improved functionality, such as intrinsically safe sensors, communication tools, lighting systems, and control tools. These developments have increased the intrinsically safe equipment's overall safety, dependability, and efficiency, increasing its appeal to industries that operate in hazardous settings. Another important driver is the growing attention to worker safety. The significance of maintaining the safety and wellbeing of their workers is becoming more and more understood by employers. Equipment that is intrinsically safe offers a critical answer by reducing the possibility of explosions or fires in dangerous areas, enabling personnel to perform more securely and confidently. In underdeveloped nations, the use of inherently safe equipment is also rising. These nations are rapidly industrialising and are becoming more concerned about job safety. The demand for inherently safe equipment rises as they make investments in industrial projects, oil and gas exploration, and infrastructure expansion.

Additionally fostering the market's expansion, governments in these regions are putting norms and regulations into place to enhance workplace safety. Additionally, the market for inherently safe equipment has prospects due to the retrofitting and updating of current infrastructure. In order to meet safety regulations, many sectors have outdated infrastructure in potentially explosive situations that needs to be retrofitted or upgraded. Integrating intrinsically safe equipment into current systems guarantees adherence to safety laws and meets the requirement for more robust safety precautions. Thus, driving the Intrinsically Safe Equipment market revenue.

Intrinsically Safe Equipment Market Segment Insights

Intrinsically Safe Equipment Zone Insights

The Intrinsically Safe Equipment Market segmentation, based on Zone includes Zone 0, Zone 20, Zone 1, Zone 21, Zone 2, and Zone 22. The zone 1 segment dominated the market, accounting for 35.1% of market revenue in 2022. As it serves businesses with frequent exposure to hazardous substances, intrinsically safe equipment for Zone 1—such as lighting fixtures, communication devices, and sensors—holds a significant market share.

Intrinsically Safe Equipment Class Insights

The Intrinsically Safe Equipment Market segmentation, based on Class, includes Class 1, Class 2, and Class 3. The class 1 category generated the most income (54.1%) in 2022. Intrinsically safe equipment made for oil and gas applications often dominates the Class 1 subsegment by market share.

Figure 1: Intrinsically Safe Equipment Market, by Class, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Intrinsically Safe Equipment Product Insights

The Intrinsically Safe Equipment Market segmentation, based on Product includes Sensors, Detectors, Switches, Transmitters, Insulators, LED Indicators and others. The switches segment dominated the market, accounting for 35% of market revenue (78.48 Billion) in 2022. Switches are frequently employed to operate machinery and equipment in environments that could be explosive, assuring safety.

Intrinsically Safe Equipment End User Insights

The Intrinsically Safe Equipment Market segmentation, based on End User includes Oil and Gas, Mining, Power, Chemical Petrochemical, Processing and others. The OIL AND GAS segment dominated the market, accounting for 37.23% of market revenue in 2022. In the oil and gas industry, the requirement to reduce the risk of igniting and explosions in the presence of volatile gases and liquids is what drives the demand for intrinsically safe equipment.

Intrinsically Safe Equipment Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia-Pacific Intrinsically Safe Equipment Market dominated this market in 2022 (45.80%). Rapid industrialization and urbanization in the area have increased the demand for inherently safe equipment. Further, the China’s Intrinsically Safe Equipment market held the largest market share, and the Indian Intrinsically Safe Equipment market was the fastest growing market in the Asia-Pacific region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: INTRINSICALLY SAFE EQUIPMENT MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

North America Intrinsically Safe Equipment market accounts for the second-largest market share. Industries with significant presences in the region include mining, chemical, and oil and gas, which fuel demand for inherently safe machinery. Further, the U.S. Intrinsically Safe Equipment market held the largest market share, and the Canada Armor Materials market was the fastest growing market in the North America region.

The Europe Intrinsically Safe Equipment Market is expected to grow at the fastest CAGR from 2023 to 2032. Europe is yet another essential market for inherently safe technology. Moreover, the German Intrinsically Safe Equipment market held the largest market share, and the UK Intrinsically Safe Equipment market was the fastest growing market in the European region.

Intrinsically Safe Equipment Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Intrinsically Safe Equipment market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Intrinsically Safe Equipment industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Intrinsically Safe Equipment industry to benefit clients and increase the market sector. In recent years, the Intrinsically Safe Equipment industry has offered some of the most significant advantages to medicine. Major players in the Intrinsically Safe Equipment market, including Pepperl + Fuchs, Fluke Corporation ,OMEGA Engineering (Spectris PLC), R. Stahl AG, RAE Systems (Honeywell), Eaton Corporation, CorDEX Instruments Ltd., Bayco Products, Inc., Kyland Technology Co., Ltd., Banner Engineering Corp., Georgin., and others, are attempting to increase market demand by investing in research and development operations.

Fluke Corporation is a leading manufacturer of test and measurement equipment, including a range of intrinsically safe equipment. Fluke is a leader in the industrial safety sector and offers cutting-edge solutions for dangerous settings that guarantee worker safety and regulatory compliance. Equipment from Fluke that is fundamentally safe is made to stop the ignition of flammable materials in the mining, chemical and oil and gas sectors. They offer a variety of equipment that adhere to the strict safety requirements of hazardous situations, such as intrinsically safe multimeters, calibrators, thermal cameras, gas detectors, and other tools. Fluke is a well-known brand in the intrinsically safe equipment industry thanks to the firm's dedication to quality and dependability. Their goods are renowned for their precision, robustness, and use, allowing experts to swiftly perform measurements and inspections in potentially explosive environments.

RAE Systems, a subsidiary of Honeywell, is a prominent player in the intrinsically safe equipment market, offering a comprehensive range of solutions for hazardous environments. RAE Systems is an expert in developing and producing devices for gas detection and monitoring that adhere to high safety standards. Portable gas detectors, wireless monitoring systems, and personal protective equipment are some examples of the company's intrinsically safe equipment. These products were created with the express purpose of detecting and keeping track of a variety of gases in the oil and gas, chemical, manufacturing, and emergency response sectors. The area of competence for RAE Systems is the provision of cutting-edge sensing technology and trustworthy solutions for real-time gas detection, protecting both the environment and workers. For effective monitoring and analysis, their devices are outfitted with cutting-edge technologies including wireless networking, data logging, and cloud-based software.

Key Companies in the Intrinsically Safe Equipment market include

• Pepperl + Fuchs


• Fluke Corporation


• OMEGA Engineering (Spectris PLC)


• Stahl AG


• RAE Systems (Honeywell)


• Eaton Corporation


• CorDEX Instruments Ltd.


• Bayco Products, Inc.


• Kyland Technology Co., Ltd.


• Banner Engineering Corp.


• Georgin

Intrinsically Safe Equipment Industry Developments

August 2020 - The 360-degree LED E-Stop buttons from Banner Engineering Corporation include a unique feature that uses In-Series Diagnostics (ISD) technology. When a button is pressed, it provides access to device-level data, making troubleshooting even simpler. It is simpler to determine which E-stop button was hit and to handle the problem in a secure and fast manner thanks to the ISD technology, which can support up to 32 devices in a single chain.

Intrinsically Safe Equipment Market Segmentation

Intrinsically Safe Equipment Zone Outlook

• Zone 0


• Zone 20


• Zone 1


• Zone 21


• Zone 2


• Zone 22

Intrinsically Safe Equipment Class Outlook

• Class 1


• Class 2


• Class 3

Intrinsically Safe Equipment Product Outlook

• Sensors


• Detectors


• Switches


• Transmitters


• Insulators


• LED Indicators


• Others

Intrinsically Safe Equipment End User Outlook

• Oil and Gas


• Mining


• Power


• Chemical and Petrochemical


• Processing


• Others

Intrinsically Safe Equipment Regional Outlook

• North America
  
  
  
  • US.
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America