Global Intrinsic Safety Modules Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

Global Intrinsic Safety Modules Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

Intrinsic safety is a fundamental method of plants protection that is based on the principle of current and voltage limitation in circuits placed in hazardous areas. Intrinsic safety modules connect intrinsically safe rated equipment, such as transmitters, solenoids, proximity sensors and encapsulated assemblies, with control systems.

Market Overview:

The latest research study on the global Intrinsic Safety Modules market finds that the global Intrinsic Safety Modules market reached a value of USD 2722.07 million in 2023. It’s expected that the market will achieve USD 3916.39 million by 2029, exhibiting a CAGR of 6.25% during the forecast period.

The epidemic has dealt a huge blow to the global economy. This is the worst global recession in decades, despite massive efforts by governments to respond, supported by fiscal and monetary policies. But in the longer term, the deep recession triggered by the epidemic is expected to reduce investment and lead to a prolonged economic downturn. If the coronavirus (COVID-19) outbreak persists, if movement restrictions are extended or reimposed, or if there is a prolonged disruption to economic activity, the recession could get worse. Businesses could struggle to repay debt, heightened risk aversion could lead to higher borrowing costs, and bankruptcies and defaults could lead to financial crises in many countries.

The pandemic has had mixed effects on the Intrinsic Safety Modules industry. First of all, for the Intrinsic Safety Modules industry, the epidemic has affected the production plans of companies in the Intrinsic Safety Modules industry. Due to the outbreak of COVID-19, raw material production and operations are affected. This may cause disruption in the supply of raw materials for the Intrinsic Safety Modules industry, thereby affecting the production plans of the companies. The raw materials of Intrinsic Safety Modules mainly include Zener diodes, resistors, fuses, pulse transformers, photoelectric isolators and other electronic components. The outbreak of the epidemic has hit the production of electronic components, and there may be problems with market supply, which will affect the production of the Intrinsic Safety Modules industry. On the other hand, due to the impact of the new crown pneumonia epidemic, in order to prevent the further spread of the epidemic, the government issued restrictions on personnel travel and related isolation policies, the management efficiency of enterprises in the industry has declined, and the company's production plan has also been affected.

At the same time, due to the disruption of global supply chains due to the COVID-19 epidemic, most industries around the world have been affected, and industries such as Oil and Gas, Mining, Chemicals and Petrochemicals have also been affected. For example, the impact of industrial activities and economic activities has led to a reduction in oil and gas demand, and the drop in oil prices during the epidemic has caused the Oil and Gas industry to be affected. In addition, the outbreak has led to disruptions in the workforce and suspension of production equipment, oil and gas extraction operations, refineries and other sites. Hazardous areas of these plants contain flammable gases, vapors, and dusts that can cause explosions, resulting in personal injury and property damage. Since petroleum and its related products are mostly flammable and explosive, it is necessary to use safe and beneficial explosion-proof methods to ensure safety. Intrinsic Safety Modules, as electrical equipment connected between intrinsically safe electrical equipment and non-intrinsically safe electrical equipment, can effectively improve the safety in the production process of petrochemical enterprises. Intrinsic Safety Modules are one of the important safety devices in factories in the oil and gas field. Therefore, the outbreak of the epidemic has led to the suspension of production and operation of factories in the downstream oil and gas and chemical industries, and the reduction or postponement of related equipment procurement plans, which may have an impact on the market. In terms of logistics, affected by the epidemic, many countries have imposed controls on domestic traffic and personnel movement, and imposed restrictions on import and export of goods. This has resulted in varying degrees of logistical disruptions, inventory and shipping delays during sales of Intrinsic Safety Modules.

However, the epidemic may also bring development opportunities to the industry from another aspect. The outbreak of the epidemic has promoted the digital development of factories in the oil and gas and chemical industries, and promoted automated production. Therefore, these areas are improving efficiency through automation and process optimization through a series of IoT and communication devices, instruments, electrical equipment. However, in the flammable and explosive scenes of factories in the oil and gas and chemical fields, the use of these electrical equipment brings risks to factory operations. Industries have traditionally relied on complex wiring systems and bulky explosion-proof enclosures to prevent accidents. Intrinsic Safety Modules, designed to limit electrical and thermal energy to levels below those required to ignite certain hazardous atmospheric mixtures, are becoming increasingly important in the digitalization of the oil and gas and chemical industries. Therefore, from this perspective, the outbreak of the epidemic has promoted digitalization and industrial automation transformation in the oil and gas and chemical industries, and the market demand for Intrinsic Safety Modules may increase, bringing opportunities for the development of the industry.

Region Overview:

In 2022, the share of the Intrinsic Safety Modules market in Europe stood at 36.67%.

Company Overview:

Eaton is an intelligent power management company dedicated to improving the quality of life and protecting the environment around the world. The company stands by its commitment to doing business right, operating sustainably and helping customers manage their electricity. By capitalizing on the global growth trends of electrification and digitalization, the company is accelerating the planet's transition to renewable energy and helping to solve the world's most pressing power management challenges. The Electrical Products segment includes Electrical Components, Industrial Components, Residential Products, Single Phase Power Quality, Fire Detection, Wiring Equipment, Structural Support Systems, and Circuit Protection.

Pepperl+ Fuchs is one of the world's largest manufacturers of electronic sensors and the global market leader in intrinsically safe and explosion protection technology. For more than 70 years, the company has been setting the standard for quality and innovation in factory and process automation. The target industries for Process Automation equipment, which includes point-to-point and bus-to-bus products, point-to-bus connection products, level sensing, corrosion monitoring, power supplies, BEBCO EPS purge & pressurization, industrial PCs, interface panels for hazardous environments, and barcode scanning solutions are involved in chemicals, pharmaceuticals, petrochemicals, oil & gas, as well as wastewater treatment and power technology.

Eaton is one of the major players operating in the Intrinsic Safety Modules market, holding a share of 15.95% in 2023.

Segmentation Overview:

By type, Zener Barriers segment accounted for the largest share of market in 2022.

Application Overview:

By application, the Oil & Gas segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Intrinsic Safety Modules market covered in Chapter 3:

Eaton
Siemens
Pepperl+ Fuchs
Turck
GM International
PR Electronics
Sensata Technologies
Rockwell Automation
ABB
R. STAHL Group

In Chapter 4 and Chapter 14.2, on the basis of types, the Intrinsic Safety Modules market from 2019 to 2030 is primarily split into:

Zener Barriers
Isolator Barriers
Converter Barriers

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Intrinsic Safety Modules market from 2019 to 2030 covers:

Oil & Gas
Mining
Power
Chemicals & Petrochemicals
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2019-2030) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)