The global Intrinsically Safe Equipment Market is estimated to grow USD 5.70 Billion during the forecast period of 2023–2032

The intrinsically safe equipment market is poised to witness significant revenue growth in future years. The growing focus on worker safety and regulatory compliance would drive market growth. Market Research Future (MRFR) confirms that the global intrinsically safe equipment market value will escalate from USD 2.9 BN in 2022 to USD 5.70 BN by 2032, registering a 7.80% CAGR during the assessment period (2023-2032).

Intrinsically safe equipment is used in potentially explosive environments, such as oil & gas, mining, chemical, pharmaceutical, and industrial sectors. The demand for intrinsically safe equipment is escalating quickly, mainly due to the rapid growth in end-user industries. The growing pressure to meet safety and regulatory compliances expands the intrinsically safe equipment market.

Industries use intrinsically safe equipment to reduce the risk of explosions and safeguard employees. Besides, the growing adoption of intrinsically safe equipment led by the significant rise of hazardous industries in developing countries substantiates the market shares. Also, increasing efforts to retrofit and upgrade existing infrastructure for optimum safety enhance the intrinsically safe equipment market growth.

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Major Players

Leading intrinsically safe equipment market players are

• Fluke Corporation
• Pepperl + Fuchs
• OMEGA Engineering (Spectris PLC)
• RAE Systems (Honeywell)
• Stahl AG
• Eaton Corporation
• Bayco Products, Inc
• CorDEX Instruments Ltd.
• Kyland Technology Co., Ltd.
• Georgin, Banner Engineering Corp.

Intrinsically Safe Equipment Market – Segments

The market is segmented into zones, classes, products, end-users, and regions. The product segment is sub-segmented into sensors, detectors, switches, transmitters, insulators, led indicators, and others. Of these, the switches segment accounts for the largest market size. Switches are extensively used to assure the safety of machinery and equipment deployed in explosive environments.

The zone segment is sub-segmented into Zone 0, 1, 2, 20, 21, and 22. Of these, the Zone 1 segment witnesses the largest revenue growth, as it serves businesses with frequent exposure to hazardous substances. Intrinsically safe equipment for Zone 1 includes lighting fixtures, communication devices, and sensors. 

The class segment is sub-segmented into class 1, class 2, and class 3. Among these, the class 1 segment dominates the market, witnessing significant adoption of class 1 intrinsically safe equipment in oil and gas applications.

The end-user segment is sub-segmented into oil & gas, mining, power, chemical & petrochemical, processing, and others. Of these, oil & gas is the largest segment due to its requirement to reduce the risk of igniting and explosions. The presence of volatile gases and liquids drives the demand for intrinsically safe equipment. By regions, the intrinsically safe equipment market is sub-segmented into the Asia-Pacific, Americas, MEA, Europe, and the Rest-of-the-World.

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Global Intrinsically Safe Equipment Market – Regional Analysis

The Asia-Pacific region dominates the global intrinsically safe equipment market, witnessing rising demand across end-user industries. Also, the flourishing chip manufacturing industries in China and South Korea create significant intrinsically safe equipment market demand. The well-established chemical industries, mainly in Japan, China, South Korea, and India, drive the intrinsically safe equipment market demand. China is the largest, while India is the fastest-growing market for intrinsically safe equipment.

The intrinsically safe equipment markets in North America and Europe also witness significant revenue growth. The robust mining, chemical, and oil & gas industries in these regions fuel the demand for inherently safe machinery. Additionally, the growing demand for inherently safe technology escalates the intrinsically safe equipment market value in these regions. 

Intrinsically Safe Equipment Market – Competitive Analysis 

The highly competitive, intrinsically safe equipment market appears fragmented, with the presence of several notable players accounting for a substantial share. Intrinsically safe equipment manufacturers focus on collaborating with research institutes and partnering with other players to design, develop, and manufacture cost-effective solutions for higher energy and power density applications. 

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Industry/ Innovation/ Related News

Jan. 22, 2019 — Ecom, a Pepperl+Fuchs company offering hazardous area mobile devices, launched the Zone 1/Division 1 Certified Tablet, Tab-Ex 02 DZ1. This next generation of Ecom’s groundbreaking technology is developed in collaboration with Samsung. Tab-Ex 02 DZ1 is based on the ruggedized Samsung Galaxy Tab Active2. The new tablet is intrinsically safe certified, offering a protection technique for safely operating electrical equipment in hazardous areas. Tab-Ex 02 DZ1 provides a powerful digital solution for mobile workers in the oil & gas, refining, chemical, and pharmaceutical industries.

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