Intrinsically Safe Equipment Market Projected to Reach US$ 7.18 Billion at 8.21% CAGR Till 2023 | Global Key Players - Pepperl + Fuchs, Fluke, Omega SA, R. Stahl, RAE Systems, Eaton

Marketprognosis.com Publish a New Market Research Report On “Global Intrinsically Safe Equipment Market 2018 - 2023” which contains global key player’s survey information and forecast to 2023.

Overview of the Global Intrinsically Safe Equipment Market:

The Global Intrinsically Safe Equipment Market was valued at USD 4.47 Billion in 2017, and is expected to reach USD 7.18 Billion by 2023, registering a CAGR of 8.21%, over the forecast period (2018 - 2023).

The scope of the report includes insights on the solutions offered by major players, including providers of hardware and associated professional services. The regions considered in the scope of the report include North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. The study also emphasizes on segmentation by zone. Intrinsic safety refers to the measures as well as materials put in place to prevent explosions in potentially hazardous environments, caused either by an electric spark or dissipation of thermal energy. Intrinsically safe equipment prevents catastrophic occurrences by maintaining the electrical and thermal energy of the apparatus at optimum in potentially hazardous environments.

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Ensuring safety while handling hazardous substances in industrial areas has been a major concern for all stakeholders. In the wake of such related accidents in the oil & mining sector, government agencies and various trade bodies in all major economies have urged for stringent regulations. The certifying bodies for intrinsically safe equipment mainly include Underwriters Laboratories, Canadian Standards Association, National Fire Protection Agency, and Mine Safety and Health Administration. The regulations developed by these organizations are centered on the use of intrinsically safe equipment across all industry verticals. All the major electrical product manufacturers have revamped their operations to account for changes in safety regulations.

Industrial plants and mining refineries have invested time and resources in safety equipment to protect their workforce and manufacturing units from any unwanted catastrophic incidences. Organizations like IECEx, NEC/CEC, and OSHA have played a major role in prescribing safety standards and operational regulations. Regulation is usually imposed by a governmental agency; trade units must comply with the prescribed regulations while standards are the desirable mode of operations and are not strictly enforced due to differences in compliance frameworks around the world. In the United Kingdom, the Dangerous Substances and Explosive Atmospheres regulation (DSEAR) has been commissioned to prescribe safety regulations for industrial areas in a potentially hazardous environment.

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The demand from the oil and gas industry, chemical industry, and the stringent regulations of operations in the industry are the major reasons for making the United States the largest contributor to North America’s market share. Manufacturing, pharmaceuticals, food & beverage, and other industries are all dependent on industrial gases for their seamless operations, keeping the demand afloat. The challenge faced by this market is that the demand is not regular and depends more on the end-user needs. Also, the companies face the challenge of getting the equipment certified from the local authority set by the government to look in these affairs. This makes it difficult to follow one global standard of certification standards.

Major Key Players:

1 Pepperl + Fuchs

2 Fluke Corporation

3 Omega SA

4 R. Stahl

5 RAE Systems

6 Eaton Corporation

7 CorDEX Instruments and More….………..

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This study answers to the below key questions:

1 What will the market size be in 2023 and what will the growth rate be?

2 What are the key market trends?

3 What are the challenges to market growth?

4 Who are the key players in this market?

5 What are the market opportunities and threats faced by the key players?

In the end, this report covers data and information on capacity and production overview, production, market share analysis, sales overview, supply, sales, and shortage, import, export and consumption as well as cost, price, revenue and gross margin of Intrinsically Safe Equipment Market.

Table of Contents:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Key Inferences

5 Market Overview

6 Drivers, Restraints, Opportunities and Challenges Analysis (Droc)

7 Market Segmentation

8 Competitive Landscape

9 Key Players

10 Future Outlook of the Market

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This release was published on openPR.