“Industrial safety market to exhibit significant growth during 2020–2025”
The global industrial safety market is estimated to grow from from USD 5.6 billion in 2020 to USD 7.7 billion by 2025, at a CAGR of 6.7%. The adoption of standards such as IEC 61508 and IEC 61511 has led to increased dependency on industrial safety systems to attain the mandatory risk reduction targets. IEC 61508 and IEC 61511 are performance-based standards that promote the concept of the industrial safety life cycle. The widespread adoption of these standards, coupled with increased awareness about the need for industrial safety management and competency at both individual and organizational levels, has seen a step change in the direction to undertake specified industrial safety activities.
“Market for worker safety to grow at higher CAGR during forecasted period”
Worker safety systems are implemented in manufacturing industries to ensure high productivity and reduce energy consumption during the production process. The smart worker solution is used to increase worker safety in industrial environments, along with tracking their work in the most efficient way. Smart worker solutions consist of many hardware and real-time software solutions, such as protective textile equipment, head protection equipment, eyewear, and protection devices, which are connected remotely using wireless connectivity technologies and embedded with software.
“Market for fire & gas monitoring system to grow at highest CAGR during forecast period“
Currently, the industrial safety market for fire & gas monitoring system is expected to grow at the highest CAGR during forecasted period. A Fire & gas monitoring system maintains the overall safety and operation of industrial facilities. Incorrect detector placement and poor environmental conditions can prevent the system from detecting hazardous gas leak or flame, even when it is functioning properly. If a safety hazard is undetected, then the appropriate safety action (shut down, deluge, venting, and others) cannot be initiated. Hence, detector placement is extremely crucial. Fire & gas monitoring systems are widely used in industries such as petrochemicals, manufacturing, power, pharmaceuticals, healthcare, paper & pulp, and mining.
“APAC is projected to grow at a higher CAGR during the forecast period.”
APAC is expected to be the fastest-growing market for industrial safety. China and India to remain lucrative growth markets for manufacturers of industrial safety. With growing manufacturing sectors, India has become one of the fastest-growing countries in the adoption of industrial safety. Due to the outbreak of COVID-19, various companies in APAC to witnessed a decline in demand for industrial safety. The company has been temporarily stalling new projects. As lockdown restrictions continue, the demand is expected to remain below normal forcing utilities to reconsider their capital expenditure.
Profile break-up of primary participants for the report is given below:
- By Company Type – Tier 1 = 52%, Tier 2 = 31%, and Tier 3 = 17%
- By Designation – C-level Executives = 47%, Directors = 31%, and Others = 22%
- By Region – North America = 44%, Europe = 25%, APAC = 21%, and RoW = 10%
The study includes an in-depth competitive analysis of these key players in the industrial safety market, with their company profiles, recent developments, and key market strategies. ABB Ltd. (Switzerland), Emerson Electric Co. (US), General Electric Co. (US), Honeywell International Inc. (US), HIMA Paul Hildebrandt GmbH (Germany), Schneider Electric SE (France), Rockwell Automation, Inc. (US), Siemens AG (Germany), Yokogawa Electric Corp. (Japan), and Omron Corporation (Japan) are among the major players in the industrial safety market.
The global industrial safety market is segmented into type, system, component, industry, and region. The market based on type is segmented into machine safety and worker safety. Based on the components, the industrial safety market has been split into presence sensing safety sensors, safety interlock switches, safety controllers/modules/safety relays, programmable safety systems, emergency stop controls, two-hand safety controls, and others. The systems that are included in the study of the industrial safety market are emergency shutdown system (ESD), fire & gas monitoring system, high-integrity pressure protection system (HIPPS), burner management system (BMS), and turbomachinery control system (TMC). The industrial safety market is segmented into 4 regions, namely North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).
Reasons To Buy the report:
- Illustrative segmentation, analysis, and forecast of the market based on type, component, system, industry, and region have been conducted to give an overall view of the industrial safety market.
- A value chain analysis has been performed to provide in-depth insights into the industrial safety market.
- The key drivers, restraints, opportunities, and challenges pertaining to the industrial safety market have been detailed in this report.
- Detailed information regarding the COVID-19 impact on the industrial safety market has been provided in the report.
- The report includes a detailed competitive landscape of the market, along with key players, as well as in-depth analysis of their revenues