Intrinsically Safe Equipment Market to record USD 1.25 Bn incremental growth; North America to occupy 39% market share -- Technavio

NEW YORK, Oct. 28, 2022 /PRNewswire/ -- The "Intrinsically Safe Equipment Market by End-user and Geography - Forecast and Analysis 2022-2026" report has been added to Technavio's offering. The report expects the market size to grow by USD 1.25 billion, accelerating at a CAGR of 7.19% during the forecast period. The market will witness significant growth in North America. The region will account for 39% of the global market share. Discover market potential and make informed business decisions based on qualitative and quantitative evidences highlighted exclusively in this market study. Buy Report Now

Key Growth Region

The intrinsically safe equipment market in North America is driven by an increase in government regulations and increased concerns about workers' safety and security. Since the 1850s, the US has been producing oil and has increased production to nearly 16 million barrels per day. The US has the ninth-largest oil reserves in the world as of 2020. Oil is a powerful and versatile Canadian energy source that will continue to play a role in the global energy balance for decades. In addition, oil and gas producers in Canada are concentrating on unconventional E&P activities to boost production. As a result of these factors, the growth of the intrinsically safe equipment market in North America will be significant over the forecast period. Identify other potential regions in the market. Download Free Sample Report

Market Dynamics: Key Driver and Challenge

The market is driven by growing safety standards. In any industrial situation, accidents are inevitable, yet they are almost always preventable. When they occur, they remind any organization's principal focus should always be safety. Accident prevention is achieved by employee compliance and thorough safety training. However, it all starts with management's choice to prioritize employee safety as a top priority. IS certification is a critical tool for reducing risks and ensuring the safety of industrial equipment, resources, and people. In addition, the growing stringency of regulations regarding workers' safety has necessitated organizations to undertake appropriate procedures to mitigate the risks and ensure that their work environment is safe. All these factors are expected to positively influence the growth of the global intrinsically safe equipment market during the forecast period.

However, the increased cost of intrinsically safe equipment will challenge the growth of the market. Intrinsically safe equipment is expensive when compared with non-intrinsic versions. . To certify intrinsically safe equipment, complete documentation of all components is required. The process of getting IS certification is rigorous, time-consuming, and costly as the ultimate result is equipment that reduces the risk of explosion for workers in these environments. The high costs associated with the adoption of intrinsic safety equipment is expected to hinder the growth of the market in focus.

Know about the impact of drivers, trends, and challenges on the growth of the market. Download a Free Sample Report

Company Profiles

The intrinsically safe equipment market report includes information on the product launches, sustainability, and prospects of leading vendors including ABB Ltd., Banner Engineering Corp., Bayco Products Inc., BEKA associates Ltd., CorDEX Instruments Ltd., Datalink Electronics Ltd., Eaton Corp. Plc, Fluke Corp., G.M.International srl, Kyland Technology Co. Ltd., PCB Piezotronics Inc., Pepperl and Fuchs SE, R. Stahl AG, Regulateurs GEORGIN, Rockwell Automation Inc., Schneider Electric SE, Shanghai Chenzhu Instrument Co.Ltd., Siemens AG, Spectris Plc, and SRS Engineering Corp.

Competitive Analysis

The competitive scenario provided in the intrinsically safe equipment market report analyzes, evaluates, and positions companies based on various performance indicators. Some of the factors considered for this analysis include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share, etc. Request Free Sample Report

Market Segmentation

• By end-user, the market is classified into segments such as oil and gas, mining, power, chemical and petrochemical, and others. The oil and gas industry is the prime end-user in the market.
• By Geography, the market is analyzed across North America, Europe, APAC, South America, and the Middle East and Africa. North America will have the largest share of the market.

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Table of contents:

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 06: Executive Summary – Chart on Incremental Growth
• Exhibit 07: Executive Summary – Data Table on Incremental Growth
• Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 09: Parent market
• Exhibit 10: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 11: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 12: Market segments

• 3.3 Market size 2021

• 3.4 Market outlook: Forecast for 2021-2026 
• Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
• Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
• Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
• Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

• 4.1 Five forces summary 
• Exhibit 17: Five forces analysis - Comparison between 2021 and 2026

• 4.2 Bargaining power of buyers 
• Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026

• 4.3 Bargaining power of suppliers 
• Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026

• 4.4 Threat of new entrants 
• Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026

• 4.5 Threat of substitutes 
• Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026

• 4.6 Threat of rivalry 
• Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026

• 4.7 Market condition 
• Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

5 Market Segmentation by End-user

• 5.1 Market segments 
• Exhibit 24: Chart on End-user - Market share 2021-2026 (%)
• Exhibit 25: Data Table on End-user - Market share 2021-2026 (%)

• 5.2 Comparison by End-user 
• Exhibit 26: Chart on Comparison by End-user
• Exhibit 27: Data Table on Comparison by End-user

• 5.3 Oil and gas - Market size and forecast 2021-2026
• Exhibit 28: Chart on Oil and gas - Market size and forecast 2021-2026 ($ million)
• Exhibit 29: Data Table on Oil and gas - Market size and forecast 2021-2026 ($ million)
• Exhibit 30: Chart on Oil and gas - Year-over-year growth 2021-2026 (%)
• Exhibit 31: Data Table on Oil and gas - Year-over-year growth 2021-2026 (%)

• 5.4 Mining - Market size and forecast 2021-2026
• Exhibit 32: Chart on Mining - Market size and forecast 2021-2026 ($ million)
• Exhibit 33: Data Table on Mining - Market size and forecast 2021-2026 ($ million)
• Exhibit 34: Chart on Mining - Year-over-year growth 2021-2026 (%)
• Exhibit 35: Data Table on Mining - Year-over-year growth 2021-2026 (%)

• 5.5 Power - Market size and forecast 2021-2026
• Exhibit 36: Chart on Power - Market size and forecast 2021-2026 ($ million)
• Exhibit 37: Data Table on Power - Market size and forecast 2021-2026 ($ million)
• Exhibit 38: Chart on Power - Year-over-year growth 2021-2026 (%)
• Exhibit 39: Data Table on Power - Year-over-year growth 2021-2026 (%)

• 5.6 Chemical and petrochemical - Market size and forecast 2021-2026 
• Exhibit 40: Chart on Chemical and petrochemical - Market size and forecast 2021-2026 ($ million)
• Exhibit 41: Data Table on Chemical and petrochemical - Market size and forecast 2021-2026 ($ million)
• Exhibit 42: Chart on Chemical and petrochemical - Year-over-year growth 2021-2026 (%)
• Exhibit 43: Data Table on Chemical and petrochemical - Year-over-year growth 2021-2026 (%)

• 5.7 Others - Market size and forecast 2021-2026
• Exhibit 44: Chart on Others - Market size and forecast 2021-2026 ($ million)
• Exhibit 45: Data Table on Others - Market size and forecast 2021-2026 ($ million)
• Exhibit 46: Chart on Others - Year-over-year growth 2021-2026 (%)
• Exhibit 47: Data Table on Others - Year-over-year growth 2021-2026 (%)

• 5.8 Market opportunity by End-user 
• Exhibit 48: Market opportunity by End-user ($ million)

6 Customer Landscape

• 6.1 Customer landscape overview 
• Exhibit 49: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7 Geographic Landscape

• 7.1 Geographic segmentation 
• Exhibit 50: Chart on Market share by geography 2021-2026 (%)
• Exhibit 51: Data Table on Market share by geography 2021-2026 (%)

• 7.2 Geographic comparison 
• Exhibit 52: Chart on Geographic comparison
• Exhibit 53: Data Table on Geographic comparison

• 7.3 North America - Market size and forecast 2021-2026
• Exhibit 54: Chart on North America - Market size and forecast 2021-2026 ($ million)
• Exhibit 55: Data Table on North America - Market size and forecast 2021-2026 ($ million)
• Exhibit 56: Chart on North America - Year-over-year growth 2021-2026 (%)
• Exhibit 57: Data Table on North America - Year-over-year growth 2021-2026 (%)

• 7.4 Europe - Market size and forecast 2021-2026
• Exhibit 58: Chart on Europe - Market size and forecast 2021-2026 ($ million)
• Exhibit 59: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
• Exhibit 60: Chart on Europe - Year-over-year growth 2021-2026 (%)
• Exhibit 61: Data Table on Europe - Year-over-year growth 2021-2026 (%)

• 7.5 APAC - Market size and forecast 2021-2026
• Exhibit 62: Chart on APAC - Market size and forecast 2021-2026 ($ million)
• Exhibit 63: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
• Exhibit 64: Chart on APAC - Year-over-year growth 2021-2026 (%)
• Exhibit 65: Data Table on APAC - Year-over-year growth 2021-2026 (%)

• 7.6 South America - Market size and forecast 2021-2026
• Exhibit 66: Chart on South America - Market size and forecast 2021-2026 ($ million)
• Exhibit 67: Data Table on South America - Market size and forecast 2021-2026 ($ million)
• Exhibit 68: Chart on South America - Year-over-year growth 2021-2026 (%)
• Exhibit 69: Data Table on South America - Year-over-year growth 2021-2026 (%)

• 7.7 Middle East and Africa - Market size and forecast 2021-2026 
• Exhibit 70: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
• Exhibit 71: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
• Exhibit 72: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
• Exhibit 73: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)

• 7.8 US - Market size and forecast 2021-2026
• Exhibit 74: Chart on US - Market size and forecast 2021-2026 ($ million)
• Exhibit 75: Data Table on US - Market size and forecast 2021-2026 ($ million)
• Exhibit 76: Chart on US - Year-over-year growth 2021-2026 (%)
• Exhibit 77: Data Table on US - Year-over-year growth 2021-2026 (%)

• 7.9 China - Market size and forecast 2021-2026
• Exhibit 78: Chart on China - Market size and forecast 2021-2026 ($ million)
• Exhibit 79: Data Table on China - Market size and forecast 2021-2026 ($ million)
• Exhibit 80: Chart on China - Year-over-year growth 2021-2026 (%)
• Exhibit 81: Data Table on China - Year-over-year growth 2021-2026 (%)

• 7.10 Germany - Market size and forecast 2021-2026 
• Exhibit 82: Chart on Germany - Market size and forecast 2021-2026 ($ million)
• Exhibit 83: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
• Exhibit 84: Chart on Germany - Year-over-year growth 2021-2026 (%)
• Exhibit 85: Data Table on Germany - Year-over-year growth 2021-2026 (%)

• 7.11 UK - Market size and forecast 2021-2026
• Exhibit 86: Chart on UK - Market size and forecast 2021-2026 ($ million)
• Exhibit 87: Data Table on UK - Market size and forecast 2021-2026 ($ million)
• Exhibit 88: Chart on UK - Year-over-year growth 2021-2026 (%)
• Exhibit 89: Data Table on UK - Year-over-year growth 2021-2026 (%)

• 7.12 Japan - Market size and forecast 2021-2026
• Exhibit 90: Chart on Japan - Market size and forecast 2021-2026 ($ million)
• Exhibit 91: Data Table on Japan - Market size and forecast 2021-2026 ($ million)
• Exhibit 92: Chart on Japan - Year-over-year growth 2021-2026 (%)
• Exhibit 93: Data Table on Japan - Year-over-year growth 2021-2026 (%)

• 7.13 Market opportunity by geography 
• Exhibit 94: Market opportunity by geography ($ million)

8 Drivers, Challenges, and Trends

• 8.1 Market drivers

• 8.2 Market challenges

• 8.3 Impact of drivers and challenges 
• Exhibit 95: Impact of drivers and challenges in 2021 and 2026

• 8.4 Market trends

9 Vendor Landscape

• 9.1 Overview

• 9.2 Vendor landscape 
• Exhibit 96: Overview on Criticality of inputs and Factors of differentiation

• 9.3 Landscape disruption 
• Exhibit 97: Overview on factors of disruption

• 9.4 Industry risks 
• Exhibit 98: Impact of key risks on business

10 Vendor Analysis

• 10.1 Vendors covered 
• Exhibit 99: Vendors covered

• 10.2 Market positioning of vendors 
• Exhibit 100: Matrix on vendor position and classification

• 10.3 Banner Engineering Corp. 
• Exhibit 101: Banner Engineering Corp. - Overview
• Exhibit 102: Banner Engineering Corp. - Product / Service
• Exhibit 103: Banner Engineering Corp. - Key offerings

• 10.4 Bayco Products Inc. 
• Exhibit 104: Bayco Products Inc. - Overview
• Exhibit 105: Bayco Products Inc. - Product / Service
• Exhibit 106: Bayco Products Inc. - Key offerings

• 10.5 CorDEX Instruments Ltd. 
• Exhibit 107: CorDEX Instruments Ltd. - Overview
• Exhibit 108: CorDEX Instruments Ltd. - Product / Service
• Exhibit 109: CorDEX Instruments Ltd. - Key offerings

• 10.6 Eaton Corp. Plc 
• Exhibit 110: Eaton Corp. Plc - Overview
• Exhibit 111: Eaton Corp. Plc - Business segments
• Exhibit 112: Eaton Corp. Plc - Key news
• Exhibit 113: Eaton Corp. Plc - Key offerings
• Exhibit 114: Eaton Corp. Plc - Segment focus

• 10.7 Fluke Corp. 
• Exhibit 115: Fluke Corp. - Overview
• Exhibit 116: Fluke Corp. - Product / Service
• Exhibit 117: Fluke Corp. - Key offerings

• 10.8 Kyland Technology Co. Ltd. 
• Exhibit 118: Kyland Technology Co. Ltd. - Overview
• Exhibit 119: Kyland Technology Co. Ltd. - Product / Service
• Exhibit 120: Kyland Technology Co. Ltd. - Key offerings

• 10.9 Pepperl and Fuchs SE 
• Exhibit 121: Pepperl and Fuchs SE - Overview
• Exhibit 122: Pepperl and Fuchs SE - Product / Service
• Exhibit 123: Pepperl and Fuchs SE - Key news
• Exhibit 124: Pepperl and Fuchs SE - Key offerings

• 10.10 R. Stahl AG 
• Exhibit 125: R. Stahl AG - Overview
• Exhibit 126: R. Stahl AG - Product / Service
• Exhibit 127: R. Stahl AG - Key offerings

• 10.11 Regulateurs GEORGIN 
• Exhibit 128: Regulateurs GEORGIN - Overview
• Exhibit 129: Regulateurs GEORGIN - Product / Service
• Exhibit 130: Regulateurs GEORGIN - Key offerings

• 10.12 Spectris Plc 
• Exhibit 131: Spectris Plc - Overview
• Exhibit 132: Spectris Plc - Business segments
• Exhibit 133: Spectris Plc - Key news
• Exhibit 134: Spectris Plc - Key offerings
• Exhibit 135: Spectris Plc - Segment focus

11 Appendix

• 11.1 Scope of the report

• 11.2 Inclusions and exclusions checklist 
• Exhibit 136: Inclusions checklist
• Exhibit 137: Exclusions checklist

• 11.3 Currency conversion rates for US$ 
• Exhibit 138: Currency conversion rates for US$

• 11.4 Research methodology 
• Exhibit 139: Research methodology
• Exhibit 140: Validation techniques employed for market sizing
• Exhibit 141: Information sources

• 11.5 List of abbreviations 
• Exhibit 142: List of abbreviations

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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