Intrinsically Safe Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Intrinsically Safe Equipment Market is segmented by Zone (Zone 0, Zone 20, Zone 1, Zone 21, Zone 2, Zone 22), Class (Class 1, Class 2, Class 3), Product (Sensors, Detectors, Switches, Transmitters, Insulators, LED Indicators), End User (Oil and Gas, Mining, Power, Chemical and Petrochemical, Processing), and Geography.

Market Snapshot

CAGR
Study Period: 2018 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: 7.37 %

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Market Overview

The Intrinsically Safe Equipment Market was valued at USD 2.71 billion in 2020 and expected to reach USD 4.15 billion by 2026 and grow at a CAGR of 7.37% over the forecast period (2021 - 2026). Enterprises in various end-user industries are moving toward the age of digitization driven by the advent of Industry 4.0, which is creating a need for hardware such as sensors, actuators, and valves, among others that can work with IoT gadgets for control and energy management. Such functionality can assist in the current COVID-19 scenario, as it can aid the controlling of the device remotely.

  • For instance, in 2020, Abu Dhabi National Oil Company (ADNOC) terminated USD 1.65-billion worth of contracts awarded to Petrofac's Emirati unit for the Dalma gas development project. This is also hindered the growth of the safety equipment market.
  • The increasing usage in all the hazardous zones, with a significant amount of flexibility and cost-effectiveness, is anticipated to drive the market in the future. Intrinsically safe I/O, such as I/O cards, Fieldbus interfaces, and other devices, are kept in a non-hazardous area, with safety barriers or isolation transformers limiting power to instrumentation cables going into hazardous areas. Intrinsically safe is considered the superior method for hazardous locations since it prevents disaster. For this reason, it is widely used in various industries.
  • The intrinsic safety technique allows for live maintenance within hazardous areas, without the need to obtain gas clearance certificates. Technological innovations, increasing safety regulations, and reliability is some of the major factors driving the growth of the market studied.
  • Oil & gas and mining sectors are some of the primary end-user markets for intrinsically safe equipment. The growing number of causalities and explosions in the industry is forcing governments around the globe to regulate stringent laws concerning safety. Also, the growing energy demand and the increasing number of offshore and onshore oil exploration offers a massive opportunity for the studied market to penetrate the sector. Also, the growing automation in the sector is further expanding the need for intrinsically safe equipment.
  • Intrinsically safe equipment has been going through some critical transformations over the past couple of years, with various governments pushing for stricter regulations concerning workplace safety.

Scope of the Report

Intrinsic Safety (IS) is a low-energy signaling procedure, which prevents explosions and ensures that the energy transferred to a hazardous area is below the energy required to initiate an explosion. The intrinsic safety technique allows for live maintenance within hazardous areas, without the need to obtain gas clearance certificates. Different products considered under the scope of the report include sensors, detectors (gas, smoke & voltage), switches, transmitters, isolators, LED indicators, and others. The others segment includes electrical testers and other forms of emerging equipment.

Zone
Zone 0
Zone 20
Zone 1
Zone 21
Zone 2
Zone 22
Class
Class 1
Class 2
Class 3
Products
Sensors
Detectors
Switches
Transmitters
Isolators
LED Indicators
Others Products
End User
Oil and Gas
Mining
Power
Chemical and Petrochemical
Processing
Other End Users
Geography
North America
United States
Canada
Europe
Germany
United Kingdom
France
Rest of Europe
Asia Pacific
China
Japan
India
Rest of Asia Pacific
Latin America
Brazil
Mexico
Argentina
Rest of Latin America
Middle East and Africa
Saudi Arabia
United Arab Emirates
Rest of Middle East and Africa

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Key Market Trends

Switches Holds a Prominent Position in Intrinsically Safe Equipment Market

  • A safety switch is a device that instantaneously switches off the electricity supply if an electrical fault is detected in order to minimize the risk of electricity-related fires, electric shock, injury, and human death. The safety switches are generally used for two purposes, as a disconnecting means for a service entrance and as a disconnecting means and fault protection for motors or equipment. There are two types of safety switch, non-fusible safety switch, and fusible safety switch.
  • Non-fusible safety switches have no associated fuses, and there is no circuit protection capability. It only provides a convenient means to open and close an electric circuit. The opening of the circuit disconnects the load from its source of electrical power, and closing the circuit connects the load. Thus, the circuit protection is provided by external overcurrent devices such as a circuit breaker or fuses.
  • Fusible safety switch can be combined with fuses in a single enclosure and, thus, known as a fusible safety switch. The switch provides a means to manually open and close the circuit, and the fuse prevents heat-generated damage, overcurrent, or short-circuiting.
  • As per the National Electrical Code (NEC) established by the National Fire Protection Association (NFPA), safety switches are a necessity and vital tool in all commercial and industrial applications. According to the NEC article, a safety switch must be located in-sight from all motors or manufacturing equipment. The in-sight means area which is visible and is not more than 50 feet from the equipment or machine it controls. It can also be used at the service entrance, which is a point at which electricity first enters a plant or building. This allows for the power to be disconnected from a whole building at one time.
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United States Holds the Largest Market of Intrinsically Safe Equipment in North America

  • The increasing number of government regulations and rising concerns on safety and security in the workplace are driving the demand for the intrinsically safe equipment market in the United States.
  • During the 1970s, the principal distinguishing characteristic between the usage of intrinsic safety in the United States and the European market was that the use of intrinsic safety was not mandated by federal law in the former country. However, this has changed, with the government introducing regulations to mandate the use of safety equipment across different industry verticals.
  • The major regulatory bodies in the region are Underwriters Laboratories (UL), an American safety consulting and certification company, Occupational Safety and Health Administration (OSHA), Factory Mutual - FM3610, and National Fire Protection Association (NFPA), among others.
  • However, as compared to the rest of the world, the alternative “Zone System” of classifying the hazardous locations is still new for the United States. These accreditations are now allowing the development of a comprehensive examination and testing program, addressing the requirements for multiple certifications.
  • Recently, in October 2018, OSHA cited American Remediation and Environmental Inc. for confined space, fire, and explosion hazards. The company faces USD 171,281 in penalties due to lack of proper explosion-proof and intrinsically safe devices. The strict enforcement of regulations drives the demand in the region.
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Competitive Landscape

The Intrinsically Safe Equipment Market consists of several market players competing for the market share through new innovative products. In terms of market share, few of the players currently have dominance in the market. The major players with a prominent share in the market are focusing on expanding their customer base across the end-user industry base. Strategic merger and acquisition, collaboration to incorporate new technological capabilities are prominent in the market. The companies operating in the market are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability.

  • October 2020 - SICK introduced an easy solution for various quality assurance applications in factory automation with its new Quality Inspection SensorApp and InspectorP62x all-in-one vision sensor. The SensorApp is pre-installed in the entire InspectorP6xx series of 2D vision sensors from SICK, providing flexibility for various application requirements.

Recent Developments

  • August 2020 - Banner Engineering Corporation's 360-degree illuminated E-Stop buttons were released with a new feature with In-Series Diagnostics (ISD) technology. It gives access to device-level data making it even easier to troubleshoot when a button is activated. The ISD technology can support up to 32 devices in a single chain, making it easier to identify which E-stop button was pressed and resolve the issue in a safe, timely manner.
  • January 2020 - Cimarron Energy Inc. released ARControl Dual, the most innovative Burner Management System (BMS), specifically designed to help oil and gas producers operate equipment with dual burners from a single control box. The ARControl Dual is specifically designed to simplify the management of equipment that requires two burners and reduce both capital and operating expenditures to better serve customers in the oil and gas industry.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions​ and Market Definition​

    2. 1.2 Scope of the Study​

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Industry Attractiveness - Porter's Five Force Analysis

      1. 4.2.1 Threat of New Entrants

      2. 4.2.2 Bargaining Power of Buyers/Consumers

      3. 4.2.3 Bargaining Power of Suppliers

      4. 4.2.4 Threat of Substitute Products

      5. 4.2.5 Intensity of Competitive Rivalry

    3. 4.3 Industry Value Chain Analysis​

    4. 4.4 Assessment of Impact of COVID-19 on the Industry

  5. 5. MARKET DYNAMICS

    1. 5.1 Market Drivers

      1. 5.1.1 Increasing Number of Government Regulations

      2. 5.1.2 Growing Energy Requirements, Driving the Demand for Exploration of New Mines and Oil and Gas Resources

    2. 5.2 Market Challenges

      1. 5.2.1 Varying Safety Regulations Across Different Regions

      2. 5.2.2 Cost and Design Complexity

  6. 6. MARKET SEGMENTATION

    1. 6.1 Zone

      1. 6.1.1 Zone 0

      2. 6.1.2 Zone 20

      3. 6.1.3 Zone 1

      4. 6.1.4 Zone 21

      5. 6.1.5 Zone 2

      6. 6.1.6 Zone 22

    2. 6.2 Class

      1. 6.2.1 Class 1

      2. 6.2.2 Class 2

      3. 6.2.3 Class 3

    3. 6.3 Products

      1. 6.3.1 Sensors

      2. 6.3.2 Detectors

      3. 6.3.3 Switches

      4. 6.3.4 Transmitters

      5. 6.3.5 Isolators

      6. 6.3.6 LED Indicators

      7. 6.3.7 Others Products

    4. 6.4 End User

      1. 6.4.1 Oil and Gas

      2. 6.4.2 Mining

      3. 6.4.3 Power

      4. 6.4.4 Chemical and Petrochemical

      5. 6.4.5 Processing

      6. 6.4.6 Other End Users

    5. 6.5 Geography

      1. 6.5.1 North America

        1. 6.5.1.1 United States

        2. 6.5.1.2 Canada

      2. 6.5.2 Europe

        1. 6.5.2.1 Germany

        2. 6.5.2.2 United Kingdom

        3. 6.5.2.3 France

        4. 6.5.2.4 Rest of Europe

      3. 6.5.3 Asia Pacific

        1. 6.5.3.1 China

        2. 6.5.3.2 Japan

        3. 6.5.3.3 India

        4. 6.5.3.4 Rest of Asia Pacific

      4. 6.5.4 Latin America

        1. 6.5.4.1 Brazil

        2. 6.5.4.2 Mexico

        3. 6.5.4.3 Argentina

        4. 6.5.4.4 Rest of Latin America

      5. 6.5.5 Middle East and Africa

        1. 6.5.5.1 Saudi Arabia

        2. 6.5.5.2 United Arab Emirates

        3. 6.5.5.3 Rest of Middle East and Africa

  7. 7. COMPETITIVE LANDSCAPE

    1. 7.1 Company Profiles*

      1. 7.1.1 Pepperl + Fuchs

      2. 7.1.2 Fluke Corporation

      3. 7.1.3 OMEGA Engineering (Spectris PLC)

      4. 7.1.4 R. Stahl AG

      5. 7.1.5 RAE Systems (Honeywell)

      6. 7.1.6 Eaton Corporation

      7. 7.1.7 CorDEX Instruments Ltd.

      8. 7.1.8 Bayco Products, Inc.

      9. 7.1.9 Kyland Technology Co., Ltd.

      10. 7.1.10 Banner Engineering Corp.

      11. 7.1.11 Georgin

  8. 8. INVESTMENT ANALYSIS

  9. 9. FUTURE OF THE MARKET

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Frequently Asked Questions

The Intrinsically Safe Equipment Market market is studied from 2018 - 2026.

The Intrinsically Safe Equipment Market is growing at a CAGR of 7.37% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

Pepperl+Fuchs, Fluke Corporation, OMEGA Engineering, R. STAHL, RAE Systems (Honeywell) are the major companies operating in Intrinsically Safe Equipment Market.

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