According to the recent study the intrinsically safe equipment market is projected to reach an estimated $4.9 billion by 2028 from $3.5 billion in 2023, at a CAGR of 7.2% from 2023 to 2028. Growth in this market is primarily driven by emergence of industry 4.0, growing initiatives taken by the government of various countries to ensure workplace safety and security, and increasing demand for IoT-enabled devices with control and energy management features, such as sensors, actuators, and valves.
A more than 150 – page report is developed to understand trends, opportunities and forecast in intrinsically safe equipment market by product (sensors, detectors, switches, transmitters, isolators, led indicators, and others), end use industry (oil and gas, mining, power, chemical and petrochemical, processing, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World).
“Switches market is expected to remain the largest segment during the forecast period.”
Based on product, the intrinsically safe equipment market is segmented into sensors, detectors, switches, transmitters, isolators, led indicators, and others. Lucintel forecasts that the switches market is expected to remain the largest segment due to the increasing use of these switches in all commercial and industrial applications to reduce the possibility of electrical fires, electric shock, injuries, and fatalities.
“Within the intrinsically safe equipment market, the oil and gas segment is expected to remain the largest end use industry”
Based on end use industry the oil and gas segment is expected to witness the highest growth over the forecast period due to the widespread requirement for this gadget in the oil and gas sector owing to the highly explosive environment and the existence of flammable gases.
“North America will dominate the intrinsically safe equipment market in near future”
North America will remain the largest region due to the stringent government regulations and increasing concerns on maintaining workplace safety and security in the region.
Major players of intrinsically safe equipment market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Adalet, R. STAHL, Pepperl+Fuchs, OMEGA Engineering, Fluke, RAE Systems, and Eaton are among the major intrinsically safe equipment providers.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or write us at [email protected]