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

 - 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.

Key Market Trends

Detectors Holds a Prominent Position in Intrinsically Safe Equipment Market

- Smoke detectors have been installed in various industries in time of various crises. Many regulations have been implemented which have necessitated the need for installation of such smoke detection systems.

- With the advent of IoT and Ai in the development of smart devices, the market for smart smoke detector has also become lucrative for manufacturers to integrate these technologies in smoke detectors, encouraging them to develop new products in the smoke detector.

- For instance, in September 2018, Honeywell introduced its advanced smoke detection technology, that is capable of detecting and reporting smoke before a fire develops. It can also be integrated with widely used advance fire panels without the need for additional hardware or wiring.

- National Fire Protection Association (NFPA) and many other such organizations have necessitated the installation of such equipment for safety purposes. Gas detection instruments are also installed in many manufacturing industries to keep track of the nature of air mixture, the presence of flammable dust particles and other equipment.

- Many other innovations have been prominent in the industry, such as the xenon flash lamp by Spectrex. Open path detectors have been used as a complement to the individual point detectors for better detection of gaseous mixtures.

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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 US 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.

Competitive Landscape

The intrinsically safe equipment market consists of several market players viding 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.

- April 2019 - Pepperl+Fuchs expands its portfolio with plans to launch Intrinsically Safe Smartphone for Zone 1/21 and Div. 1 - Smart-Ex 02. The Smart-Ex 02 DZ1 is the successor of the world's first intrinsically safe smartphone for Zone 1/21 and DIV 1 areas. In addition, it meets all important global hazardous location and regulatory certifications.

- January 2019 - Pepperl+Fuchs, will acquire the business of Comtrol Corporation effective February 1st, 2019. Comtrol is an US-based pioneer in industrial Ethernet communication and IO-Link gateway products known for its RocketPort product family, among others. Comtrol’s technologies will complement Pepperl+Fuchs’ portfolio of Sensorik4.0 sensor solutions and interface technologies that includes AS-Interface, IO-Link masters, and industrial connectivity.

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