Latin America Intrinsically Safe Equipment Market - By Zone (Zone 0, Zone 20, Zonw 1, Zone 21, Zone 2, Zone 22), Class (Class 1, Class 2, Class 3), Products (Sensors, Detectors, Switches, Transmitters, Isolators, LED Indicators), Geography, Trends, Forecast - (2017 - 2022)
The Latin America Intrinsically Safe Equipment market is valued at USD 14.69 million in 2016 and is expected to reach a value of USD 23.83 million by the end of 2022, growing at a projected CAGR of 8.4% during the forecast period of 2017 – 2022. Government regulations and general concernes on safety and security in workplace are driving the demand for Intrinsically Safe Equipment Market across industry verticals. These equipments can be detectors, transmitters, switches, LED lights and sensors. The market is expected to grow at an exponential rate with the increase in focus on safety and cost benefits. Intrinsic Safety refers to the measures as well as materials put into place to prevent explosions in potentially hazardous environments caused by either electrical spark or thermal energy. Intrinsically safe equipment will do so by limiting both the electrical and thermal energy of the apparatus to a minimum in potentially hazardous environments. Latin America uses these equipment primarily in the oil sector. Venezuela has the largest proven oil reserves in the world and the country is also one among the largest oil exporting countries in the world. It has huge refineries to process the oil it extracts. An intrinsically safe equipment is safe by its own inherent design and does not require any external source. Installation of such equipment is easy and they have low maintenance cost. The report discusses key factors that will impact the industry and profiles of leading suppliers like Fluke, OMEGA Engineering, Eaton, Pepperl+Fuchs, R. STAHL, and CorDEX Instruments. WHAT THE REPORT OFFERS: 1 .Market Definition for the Intrinsically Safe Equipment Market along with identification of key drivers and restraints for the Asia Pacific Market. 2. Market analysis for the Intrinsically Safe Equipment Market, with country specific assessments and competition analysis on a global and regional scale. 3. Identification of factors instrumental in changing the market scenarios, rising prospective opportunities and identification of key companies which can influence the market. 4. Extensively researched competitive landscape section with profiles of major companies along with their share of markets. 5. Identification and analysis of the Macro and Micro factors that affect the Intrinsically Safe Equipment Market on regional scale. 6. A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.