Intrinsic safety modules are related to relays and sensors that are responsible for testing the oscillations in power supply that can lead to a (SC) short circuit in the whole system. Intrinsic safety modules are very important because they connect intrinsically safe-rated apparatus such as solenoids, transmitters, encapsulated assemblies, and sensors. They are more economical than other technologies used for safety from dangerous procedures or other protective devices that are fixed. The growth of the intrinsic safety modules market is highly reliant on the growth of oil & gas, power and mining market globally.
The cost effectiveness and easy installation of intrinsic safety modules will be one of the main drivers for the global intrinsic safety modules market. The expenditure incurred on electric wiring and fixing up of wiring throughout the industrial facility can be avoided by using intrinsic safety modules. This in turn, lowers the overall cost by lowering the equipment cost and installation cost. It also eliminates the cost that is incurred on junction boxes, fort conduits, and specific power supplies. The elimination of conduits, clips, connectors, or wiring minimizes the risks of errors.
The adoption of intrinsic safety modules and different kinds of intrinsically safe barrier modules simplify the problems that arise while retrofitting the existing systems. High demand for output/input safety modules, mostly from the BRICS (Brazil, Russia, India, China, and South Africa) and Middle East countries, will act as a main driver for the growth of the intrinsic safety modules market. Established regions such as North America and Europe are already a major market for these modules, while countries such as India, China, South Korea, Vietnam, Indonesia and Thailand and those in Middle East and Latin America, which are emerging markets, are engendering high demand for intrinsic safety modules
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The intrinsic safety modules market can be segmented based on product, and end use. The global intrinsic safety modules market by product is further segment as intrinsic safety modules with isolator barrier, intrinsic safety modules with zener barrier, and intrinsic safety modules with convertor barrier. By end-user it can segment as usage in mining, oil & gas, power, chemicals and petrochemicals. The presence of well-developed industries in the Americas is driving the growth prospects for the intrinsic safety modules market in the region during the projected period. These end-user industries increasingly focus on enhancing the productivity and improve the quality of production. This in turn, compels them to adopt automated technologies to ensure safe performance.
Consequently, the need for intrinsically safe equipment will increase because these components ensure safety, which is necessary for industrial facilities. In terms of region, the intrinsic safety modules market can also be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America, currently, dominates the global intrinsic safety modules market due to increased technological advancements in the region. Additionally, the intrinsic safety modules market in Asia Pacific is expanding at a significant growth rate.
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The intrinsic safety modules market is fragmented and characterized by the presence of local, regional, and international players. Companies are focusing on the development of new and innovative products due to the increased spending on research and developmental activities. The threat of new entrants is moderate because it is a capital-intensive industry. This in turn, will strengthen the competitive environment of the intrinsically safe equipment market.
There are several players with diverse and innovative product portfolios are operating in the intrinsic safety modules market. Key players operating in the intrinsic safety modules market include Eaton, Rockwell Automation, Schneider Electric, Siemens, ABB, Pepperl+ Fuchs, OMEGA, Rotork, IMI Sensors, and Extronics. Most of the intrinsic safety module manufacturers are headquartered in North America and Europe.