Market Insights
The global industrial safety market is growing continually. The market growth attributes to stringent industrial safety regulations and the rising adoption of industrial safety products. Besides, increasing product developments that can be customized to meet specific requirements and OSHA and ANSI fall protection standards drive the market growth. Moreover, growing safety concerns across the industries, alongside the increasing demand for real-time monitoring safety equipment, escalates the market growth.
According to Market Research Future (MRFR), the global industrial safety market analysis is projected to create a valuation of approximately USD 5,290.1 MN by 2024, growing at 8.2% CAGR during the forecasted period (2019–2024). Over the past decade, the market has been continually witnessing several developments, resulting in the adoption of industrial safety solutions in various verticals. Furthermore, the proliferation of Industry 4.0 and industrial IoT (IIoT) solutions favor the growth of the industrial safety market.
Additionally, increasing regulations and policies supporting the safety of workers and plant machinery foster the adoption of safety solutions. On the flip side, high costs involved in the maintenance and automation of safety equipment are a significant factor estimated to impede market growth. Also, a limited number of certified safety personnel in facilities creates a major challenge for factory operators to implement industrial safety solutions. Nevertheless, the growing demand for industrial safety in heavy industries would support market growth throughout the review period.
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Global Industrial Safety Market - Segments
The report is segmented into five dynamics;
By Type : Emergency Shutdown Systems (ESD), Fire Gas Monitoring Systems, High Integrity Pressure Protection Systems (HIPPS), Burner Management Systems (BMS), Turbomachinery Control (TMC), and others.
By Component : safety sensors, programmable safety systems, safety controllers/module/relays, safety switches, emergency stop devices, safety valves, and others.
By Industry Vertical: Chemicals, Refining, Oil Gas, Pharmaceutical, Paper Pulp, Metal Mining, Water Wastewater, Energy Power, Manufacturing, and others.
By Regions: Asia Pacific, Americas, Europe, and the Rest-of-the-World.
Industrial Safety Market - Regional Analysis
The Industrial Safety Market Analysis is projected to witness significant growth during the forecast period from 2019 to 2024. The geographic analysis of the industrial safety market has been conducted for North America, Europe, Asia-Pacific, and the rest of the world (including the Middle East Africa, and South America). According to MRFR analysis, North America is expected to dominate the industrial safety market in terms of revenue generation during the forecast period. Also, the region has witnessed a major concentration of manufacturing facilities in the US and Canada. This has resulted in the adoption of industrial safety solutions by these facilities, therefore, contributing to the growth of the market in North America. On the other hand, the market in Asia-Pacific is expected to register the highest CAGR during the forecast period. Increasing adoption of automation, industrial IoT, and similar technologies in manufacturing plants has increased the demand for industrial safety in the region. Moreover, government regulations leveraging the safety of employees in developing countries, including Taiwan, India, and South Korea, is projected to fuel market growth.
Global Industrial Safety Market - Competitive Analysis
Highly competitive, the industrial safety market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, mergers acquisitions, collaboration, brand reinforcement, and innovation remain key industry players' key trends. Players make a substantial investment in research and development of innovative technologies and to upgrade their product portfolio.
Major Players:
Players leading the global industrial safety market include Honeywell International, Inc. (US), Eaton PLC (Ireland), Ceasefire (India), Emerson Electric Co. (US), Tusker Industrial Safety (UK), Rockwell Automation, Inc. (US), 3M (US), Schneider Electric SE (France), W.W. Grainger, Inc. (US), ABB Ltd (Switzerland), General Electric (US), Hima Paul Hildebrandt GmbH (US), Yokogawa Electric Corp. (Japan), Panduit (US), Omron Corporation (Japan), Proserv Ingenious Simplicity (UK), DuPont (US)Siemens AG (Germany), Johnson Controls (Ireland), Euchner (Germany), Balluff (US), and Fortress Interlocks (UK).
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About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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