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 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
North America dominates the global industrial safety market. The largest market share attributes to government regulations for industrial safety and security. Besides, the emergence of Industry 4.0 contributes to the adoption of industrial safety systems in this region. Moreover, ongoing industrial developments, alongside the rapid commercialization and rise in security systems implementations across the commercial spaces, drive the market growth.
The strong presence of notable players and well-established development centers & manufacturing facilities in the region fosters market growth, allowing early adoption of advanced technologies. Growing government spending to enhance security systems in the region boosts the growth of the market. The North America industrial safety market is projected to retain its dominance throughout the estimated period.
Europe stands second in the global industrial safety market. The market growth is driven by the increasing uptake of advanced safety technologies across end-user industry-verticals. Rapid urbanization and industrialization act as a major growth driver for regional market growth. The European industrial safety market is expected to create a substantial revenue pocket over the forecasted period.
The Asia Pacific industrial safety market is growing rapidly. Factors such as the presence of the leading manufacturers and technological advances in the region foster the growth of the market. The early adoption of futuristic safety devices and technologies in various industries and enterprises across the region propel market growth. The APAC industrial safety market is estimated to register the highest CAGR during the forecast period.
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.
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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