North America Intrinsically Safe Equipment market is expected to grow from $459.36 million to $629 million by 2020 with a CAGR of 6.5%. In the region, USA is the major market with a share of more than 70% followed by Canada which has a share of 23% and the other countries make the rest of the 7% of the market.
Government regulations and general concernes on safety and security in workplace are driving the demand for Intrinsically Safe Equipment Market across industry verticals. These equipments can be detectors, transmitters, switches, LED lights and sensors. The market is expected to grow at an exponential rate with the increase in focus on safety and cost benefits.
Intrinsic Safety refers to the measures as well as materials put into place to prevent explosions in potentially hazardous environments caused by either electrical spark or thermal energy. Intrinsically safe equipment will do so by limiting both the electrical and thermal energy of the apparatus to a minimum in potentially hazardous environments.
Major applications of intrinsically safe equipment in North American region come under healthcare sector. In USA, healthcare sector is mostly owned and operated by private enterprises. More than 60% of the hospitals are non-profit, around 20% is government-owned and the rest is private. The efficiency and the reach of healthcare in USA varies from one state to the other. In Canada, healthcare is publicly funded and this helps majority of the population to get access to basic as well as advanced healthcare. USA spent almost 20% of the government expenditure on healthcare in 2012. All these factors will contribute to the growth of intrinsic safe equipment market.
An intrinsically safe equipment is safe by its own inherent design and does not require any external source. Installation of such equipment is easy and they have low maintenance cost.
The report discusses key factors that will impact the industry and profiles of leading suppliers like Fluke, OMEGA Engineering, Eaton, Pepperl+Fuchs, R. STAHL, and CorDEX Instruments.
WHAT THE REPORT OFFERS:
1. Market Definition for the Intrinsically Safe Equipment Market along with identification of key drivers and restraints for the Asia Pacific Market.
2. Market analysis for the Intrinsically Safe Equipment Market, with country specific assessments and competition analysis on a global and regional scale.
3. Identification of factors instrumental in changing the market scenarios, rising prospective opportunities and identification of key companies which can influence the market.
4. Extensively researched competitive landscape section with profiles of major companies along with their share of markets.
5. Identification and analysis of the Macro and Micro factors that affect the Intrinsically Safe Equipment Market on regional scale.
6. A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.