The Industrial Safety market crossed US$ 6.5 billion mark in 2022 and is expected to hit US$ 16.4 billion by 2030, recording a CAGR of 12.2% during the forecast period.
Industrial safety market has been significantly growing with the imposition of strict safety guidelines
The growth of the industrial safety industry is typically due to mandates for safety laws in various industries. The US Federal government & European government are working to prevent catastrophes by enforcing guidelines relating to employee and process safety and putting certified equipment in risky locations, such as actuators, switches, and explosion-proof sensors. Safety standards & regulatory procedures have been implemented by companies like as the International Standard Organization (ISO), the Occupational Safety & Health Administration (OSHA), and American National Standards Institute (ANSI), and the International Electro technical Commission (IEC) to monitor and improve the effectiveness of industrial processes in various industries. Machine safety laws, like the EU Machinery Directives and North America OSHA regulations, have assisted the expansion of the industrial safety product industry across the globe.
Within the report, the Industrial Safety market is segmented into component, product type and industry vertical. Based on component, the market is segmented into safety valves, safety switches, safety sensors, programmable safety systems and others. On the basis of product type, the industrial safety market is segmented into fire and gas monitoring systems, burner management systems (BMS), emergency shutdown systems (ESD) and others. On the basis of industry vertical, the industrial safety market is segmented into food and beverages, chemical, oil and gas, mining and others. Geographically, the Industrial Safety market is subsegmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa. The Industrial Safety market in Asia Pacific holds the highest growth rate and is expected to retain its position during the forecast period (2022-2030). The high growth is due to the presence of most populous countries such as China and India in the region.
Oil and gas segment in industrial vertical to hold significant growth of industrial safety market during the forecast period (2022-2030)
Based on industrial vertical, the oil and gas segment is estimated to account for a significant Industrial Safety market growth during the forecast period. The oil and gas industry is a pioneer in implementing new technologies. The growth of oil and gas segment is attributed to the necessity for industrial safety systems to identify and control hazards to prevent injuries and deaths on the off shore or on shore fields. The oil and gas industries workers faces the risk of explosion and fire due to igniting inflammable oil or vapors or gases. The aformetioned risk associated with oil and gas industries has stimulated the extensive adoption of safety systems.
Rising adoption of industrial internet of things is one of the major factors accelerating the Industrial Safety market growth.
Industrial internet of things is forming a new opportunities for the integrated safety and compliance services. Industrial internet of things can gathered data from sensors that temperature, measure pressure, level, flow, and vibration and direct this collected data to monitoring systems. Using Industrial internet of things, companies can integrate their processes with safety systems and monitor the same in real time. Industrial internet of things facilitates quick monitoring, analysis, and control, offering virtual management of physical systems, ultimately improving performance. With the growing implementation of industrial internet of things, the demand for industrial safety is expected to grow during the forecast period (2022-2030).
Recent strategic developments in Industrial Safety market
The Industrial Safety market has undergone several significant developments, and a few of these have been mentioned below:
The Industrial Safety market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. ABB Ltd.; Emerson Electric Co.; EUCHNER; HIMA Paul Hildebrandt GmbH; Honeywell International Inc.; OMRON Corporation; ProServ; Rockwell Automation, Inc.; Schneider Electric SE; and Yokogawa Electric Corporation are among the prominent players operating in the Industrial Safety market.
Target audience for the report:
Scope of the report:
In this report, the Industrial Safety market has been segmented on the basis of:
Companies profiled
- ABB Ltd.
- Emerson Electric Co.
- EUCHNER
- HIMA Paul Hildebrandt GmbH
- Honeywell International Inc.
- OMRON Corporation
- ProServ
- Rockwell Automation, Inc.
- Schneider Electric SE
- Yokogawa Electric Corporation