Industrial Safety Market

Industrial Safety Market registered a revenue of USD 5.3 billion in 2021 and is projected to reach USD 8.8 billion in 2029, growing at a CAGR of 6.5% during the forecast period from 2022-2029.

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Key Drivers

The industrial safety market is likely to experience a high growth in the upcoming years owing to the rising adoption of industrial safety systems across various industries as a result of growing incidences of accidents, which is increasing the concerns related to the safety of the humans and environment. Additionally, continuous technological advancements for the development of industrial safety systems, such as the implementation of IIOT in the systems to enhance the level of safety and performance, is further complementing the growth of the market between 2020-2027. Various stringent safety regulations implemented by the government to ensure the safety in the work culture and rising awareness of safety among the public is encouraging the adoption of industrial safety systems, especially in the manufacturing plants.

The advent of industry 4.0 revolution and accelerating industrial activities across the developing countries is leading to a rise in the demand for industrial safety systems. The emergence of the COVID-19 pandemic in 2020 will positively influence the market due to the rising emphasis on the safety of workers, which in turn, will promote the usage of industrial safety systems in various industries.  On the other end, the huge investment required for the implementation of the equipment and the high cost of maintenance are the two major factors hampering the growth of the market.

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Component – Segment Analysis

Based on component, the programmable safety systems segment is expected to increase at a higher CAGR during the forecast period owing to the rising deployment of these components for increasing the level of safety across various industries. Simultaneously, the programmable safety systems offer remarkable benefits such as ease of integration, compliance with the evolving safety standards, enhanced flexibility, and low cost of ownership. All these factors will further attract many consumers to the market.

Industry – Segment Analysis

On the basis of the industry, the power generation segment is anticipated to grow at a higher compound annual growth rate over the forecast period due to the strong demand for the industrial safety systems in this industry, driven by the increased incidences of incidents and accidents which is leading to a risk to environment and lives of humans.

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Regional – Segment Analysis

Based on the region, the Asia-Pacific region is projected to dominate the market during the forecast period. This is attributed to the accelerating adoption of industrial safety systems across several industries, including metals & mining, oil & gas, and other industries. Furthermore, increasing industrial activities, rapid urbanization, and rising awareness of the need for safety in the industries are other factors driving the growth of the industrial safety in this region.

Top Market Players

Various notable players operating in the market include Honeywell International Inc, ABB, Schneider Electric, Rockwell Automation, Inc., Emerson Electric Co., Yokogawa Electrics CIS Ltd., HIMA, General Electric, Siemens, and OMRON Corporation, among others.

Key Developments:

• • In 2019, Honeywell International Inc acquired Rebellion Photonics, which is an intelligent, innovative, and visual gas monitoring solutions provider. Through this acquisition, the company deployed the technology of Rebellion through the company’s performance materials & technology business to enable the manufacturing process to become safer.
  • In 2020, ABB launched a virtual reality-based system to support workers in the maintenance and operation of the machinery and focuses on enhancing the safety & efficiency across the industrial sectors. This system permits the individuals to interact with the projected field, effectively replace the traditional form of communication, and also enable to communicate with the team members or other team members.

Segments covered in the Report:

The global industrial safety market has been segmented on the basis of component, product, industry, and region. Based on the component, the market is segmented into programmable safety systems, safety sensors, safety switches, safety controllers/module/relays, safety valves, emergency stop devices, and others. Based on the product, the market is segmented into fire & gas monitoring systems, emergency shutdown systems (ESD), burner management systems (BMS), high integrity pressure protection systems (HIPPS), and turbomachinery control (TMC). Based on the industry, the market is segmented into food & beverages, oil & gas, chemicals, pharmaceuticals, metals & mining, power generation, water & wastewater, and others.

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Key questions answered in this research report:

• • At what pace is the global industrial safety market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global industrial safety market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global industrial safety market?
  • Which product generated maximum revenues in 2021 and identify the most promising product during the forecast period?
  • What are the various components of the industrial safety, and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Industrial Safety Market by Component

• • Programmable Safety Systems
  • Safety Sensors
  • Safety Switches
  • Safety Controllers/Module/Relays
  • Safety Valves
  • Emergency Stop Devices
  • Others

Global Industrial Safety Market by Product

• • Fire & Gas Monitoring Systems
  • Emergency Shutdown Systems (ESD)
  • Burner Management Systems (BMS)
  • High Integrity Pressure Protection Systems (HIPPS)
  • Turbomachinery Control (TMC)

Global Industrial Safety Market by Industry

• • Food & Beverages
  • Oil & Gas
  • Chemicals
  • Pharmaceuticals
  • Metals & Mining
  • Power Generation
  • Water & Wastewater
  • Others

Global Industrial Safety Market by Region

• • North America Industrial Safety Market (Option 1: As a part of the free 25% customization)

• • • By Component
    • By Product
    • By Industry
    • US Market All-Up
    • Canada Market All-Up

• • Europe Industrial Safety Market (Option 2: As a part of the free 25% Customization)

• • • By Component
    • By Product
    • By Industry
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

• • Asia-Pacific Industrial Safety Market (Option 3: As a part of the free 25% Customization)

• • • By Component
    • By Product
    • By Industry
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

• • RoW Industrial Safety Market (Option 4: As a part of the free 25% Customization)

• • • By Component
    • By Product
    • By Industry
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Industrial Safety Leading Market Players (Option 5: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Honeywell International Inc
  • ABB
  • Schneider Electric
  • Rockwell Automation, Inc.
  • Emerson Electric Co.
  • Yokogawa Electrics CIS Ltd.
  • HIMA
  • General Electric
  • Siemens
  • OMRON Corporation