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Intrinsically Safe Equipment Market by End-user and Geography - Forecast and Analysis 2022-2026

  • Published: May 2022
  • Pages: 120
  • SKU: IRTNTR73396
Technavio

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The predicted growth of the intrinsically safe equipment market size is USD 1.25 billion at a progressing CAGR of 7.19% between 2021 and 2026.

The intrinsically safe equipment market report offers information on several market 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. among others. Furthermore, our analysts have provided valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches for the coming years.

This intrinsically safe equipment market forecast report extensively covers segmentations by:

  • End-user - Oil and gas, mining, power, chemical and petrochemical, and others
  • Geography - North America, Europe, APAC, South America, and Middle East and Africa

What will the Intrinsically Safe Equipment Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Intrinsically Safe Equipment Market Size for the Forecast Period and Other Important Statistics

 

Intrinsically Safe Equipment Market: Key Drivers, Trends, and Challenges

The growing safety standards is notably driving the intrinsically safe equipment market growth, although factors such as the increased cost of intrinsically safe equipment may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the intrinsically safe equipment industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Intrinsically Safe Equipment Market Driver

  • The growing safety standards is one of the key drivers fueling the intrinsically safe equipment market growth. 
  • Industries that employ flammable materials must take appropriate procedures to mitigate the risks associated with their use
  • When it comes to hazard control, various organizations advise that particular regulations and protocols should be followed to ensure that industries are safe.
  • IS certification is a critical tool for reducing risks and ensuring the safety of industrial equipment, resources, and people. 
  • Accident prevention is achieved by employee compliance and thorough safety training, but it all starts with management's choice to prioritize employee safety as a top priority. This, in turn, will drive the intrinsically safe equipment market growth during the forecast period. 

Key Intrinsically Safe Equipment Market Trend

  • Reliability of intrinsically safe equipment is one of the key intrinsically safe equipment market trends contributing to the market growth.
  • In hazardous areas, explosions are always a possibility.
  • Practical explosion protection solutions such as explosion suppression systems are essential for electrical equipment, and safety precautions must ensure that connections in the safe region have a degree of flexibility.
  • Intrinsically safe equipment is the most realistic approach to delivering both safety and freedom.
  • By using intrinsically safe equipment the explosions are prevented, not contained. Such advantages will drive the intrinsically safe equipment market growth during the forecast period.

Key Intrinsically Safe Equipment Market Challenge

  • The increased cost of intrinsically safe equipment is one of the factors hindering the intrinsically safe equipment market growth.
  • Most of the expenditures on intrinsically safe equipment are related to obtaining and maintaining certification rather than the actual components of the equipment.
  • To certify intrinsically safe equipment, complete documentation of all components is required.
  • When a device is given the IS classification, it means that its electrical and thermal energy levels are too low to ignite hazardous air mixes, making it ideal for usage in hazardous situations like the oil and gas industry.
  • The process of getting IS certification is rigorous, time-consuming, and costly since the ultimate result is equipment that reduces the risk of explosion for workers in these environments. As a result, higher costs of intrinsically safe equipment might hinder the market growth during the forecast period. 

This intrinsically safe equipment market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global intrinsically safe equipment market as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the intrinsically safe equipment market during the forecast period.

Who are the Major Intrinsically Safe Equipment Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market 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
  • SRS Engineering Corp.

 

This statistical study of the intrinsically safe equipment market encompasses successful business strategies deployed by the key vendors. The intrinsically safe equipment market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

  • Banner Engineering Corp. - Under the unified segment, the company offers sensor-related products such as machine safety, lighting and indication, industrial wireless, barcode readers, machine vision, optical rotary encoders, and accessories. 
  • Banner Engineering Corp. - The company offers SMI30 Series intrinsically safe barrel sensor which is an extremely rugged and powerful opposed mode designed for most demanding hazardous area sensing applications. 

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The intrinsically safe equipment market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Intrinsically Safe Equipment Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the intrinsically safe equipment market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Intrinsically Safe Equipment Market?

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39% of the market’s growth will originate from North America during the forecast period. The US is the key market for intrinsically safe equipment market in North America. Market growth in this region will be faster than the growth of the market in Europe.

An increase in government regulations and increased concerns about workers' safety and security will facilitate the intrinsically safe equipment market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The outbreak of COVID-19 severely affected the regional market in 2020. However, by 2021, large-scale vaccination drives carried out by the governments of the countries in North America led to a decline in COVID-19 cases, which resumed the operations in end-user industries such as oil and gas, mining, and other industries in North America. This increased the demand for intrinsically safe equipment. Thus, the regional intrinsically safe equipment market is expected to witness growth during the forecast period.

What are the Revenue-generating End-user Segments in the Intrinsically Safe Equipment Market?

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The intrinsically safe equipment market share growth by the oil and gas segment will be significant during the forecast period. The rising number of deaths and explosions in the oil and gas industry is prompting governments all over the world to enact more strict safety regulations. With rising energy demand and an increase in offshore and onshore oil exploration, the global intrinsically safe equipment market has a huge opportunity to expand. In addition, rapid automation of the oil and gas industry is increasing the demand for intrinsically safe equipment. Such an increasing demand from oil and gas industries will drive the intrinsically safe equipment market growth during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the intrinsically safe equipment market size and actionable market insights on post COVID-19 impact on each segment.

 

Intrinsically Safe Equipment Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 7.19%

Market growth 2022-2026

$ 1.25 billion

Market structure

Fragmented

YoY growth (%)

6.78

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 39%

Key consumer countries

US, China, Japan, Germany, and UK

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

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.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

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What are the Key Data Covered in this Intrinsically Safe Equipment Market Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive intrinsically safe equipment market growth during the next five years
  • Precise estimation of the intrinsically safe equipment market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the intrinsically safe equipment industry across North America, Europe, APAC, South America, and Middle East and Africa
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of intrinsically safe equipment market vendors

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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
              • in manufacturing industry: Market dynamics in some major processes and discrete industries are changing drastically, and manufacturers are gradually feeling the brunt of excessive demand fluctuations. The fluctuating prices of oil and gas and metals in the global market and the shortage of a skilled workforce worldwide have directly affected the profitability of manufacturing companies. A sudden and unexpected shift in market dynamics can drastically impact manufacturing processes and investments in capital goods.
                • slowdown in the automotive industry: High motorization rates in North America and Europe, the increase in tariffs on imported vehicles in the US and China, and the global economic slowdown are likely to reduce vehicle sales in the coming years. Anticipating a decline in vehicle sales, several vehicle manufacturers are halting their vehicle production. For instance, in March 2019, Ford announced the shutdown of its three vehicle-manufacturing sites in Russia. Similarly, in August 2019, Mahindra and Mahindra Ltd. stopped vehicle production at its manufacturing units in India for 8-14 days. During the same month, Maruti Suzuki announced that it had cut its vehicle production for the sixth consecutive month in 2019. In August 2019, Honda announced a halt in car production at its Argentina-based manufacturing plants. Such a slowdown in the automotive industry is expected to hamper the growth of the market during the forecast period.

                  Research Framework

                  Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

                  TechnavioINFORMATION SOURCES

                  Primary sources

                  • Manufacturers and suppliers
                  • Channel partners
                  • Industry experts
                  • Strategic decision makers

                  Secondary sources

                  • Industry journals and periodicals
                  • Government data
                  • Financial reports of key industry players
                  • Historical data
                  • Press releases
                  Technavio

                  TechnavioDATA ANALYSIS

                  Data Synthesis

                  • Collation of data
                  • Estimation of key figures
                  • Analysis of derived insights

                  Data Validation

                  • Triangulation with data models
                  • Reference against proprietary databases
                  • Corroboration with industry experts
                  Technavio

                  TechnavioREPORT WRITING

                  Qualitative

                  • Market drivers
                  • Market challenges
                  • Market trends
                  • Five forces analysis

                  Quantitative

                  • Market size and forecast
                  • Market segmentation
                  • Geographical insights
                  • Competitive landscape
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                  The intrinsically safe equipment market growth will increase by $1254.47 million during 2022-2026.
                  The intrinsically safe equipment market is expected to grow at a CAGR of 7.19% during 2022-2026.
                  Technavio has segmented the intrinsically safe equipment market by end-user (Oil and gas, Mining, Power, and Chemical and petrochemical) and geographic (North America, Europe, APAC, South America, and Middle East and Africa).
                  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, SRS Engineering Corp. are a few of the key vendors in the intrinsically safe equipment market.
                  North America will register the highest growth rate of 38.52% among the other regions. Therefore, the intrinsically safe equipment market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
                  The key factors driving the intrinsically safe equipment market growth are:
                  • Growing safety standards
                  • Reliability of intrinsically safe equipment
                  The intrinsically safe equipment market vendors should focus on grabbing business opportunities from the oil and gas segment as it accounted for the largest market share in the base year.
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