Industrial Safety Market:
Growth opportunities in the Industrial Safety market look promising over the next six years. This is attributed to the increasing adoption of industrial safety systems across numerous sectors, the constant technological advancements in the industrial safety system, the emergence of the industry 4.0 revolution, and the rising number of industrial activities.
Industrial Safety Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
One of the major factors that is contributing to the growth of the global Industrial safety market size includes the increasing adoption of industrial safety systems across numerous sectors due to the rising incidences of accidents. This has surged the concerns regarding the safety of humans and the environment. Moreover, the various technological advancements in the industrial safety systems, which includes the introduction of IIOT in the systems to improve the level of safety and performance, is further propelling the market growth over the forecast period. Several stringent safety regulations introduced by the government to improve the safety in the work culture and the increasing awareness of safety among the public are increasing the adoption of industrial safety systems.
The emergence of the industry 4.0 revolution and the increasing number of industrial activities, especially in developing nations, has surged the demand for industrial safety systems. Moreover, the outbreak of the coronavirus pandemic owing to the increasing emphasis on the safety of workers will boost the usage of industrial safety systems in different sectors. However, the huge investment required for purchasing the equipment and the high maintenance cost are hampering the market growth.
Component Segment Drivers
On the basis of component, the programmable safety systems is anticipated to witness a faster CAGR during the forecast period. This is attributed to the increasing deployment of these components, particularly for improving the level of safety in various sectors. The programmable safety systems provide various advantages, which include ease of integration, compliance with the evolving safety standards, improved flexibility, and low cost of ownership. These factors are propelling the market growth over the forecast period.
Regional Drivers
Based on the regional coverage, Asia-Pacific is expected to grow at a faster CAGR over the forecast period. The rising adoption of industrial safety systems in various sectors such as oil & gas, metals & mining, and others. In addition to this, the growing number of industrial activities, rapid urbanization, along with the growing awareness related to safety in the industries are further responsible for the regional market growth.
Industrial Safety Market’s leading Manufacturers:
- Honeywell International Inc
- ABB
- Schneider Electric
- Rockwell Automation, Inc.
- Emerson Electric Co.
- Yokogawa Electrics CIS Ltd.
- HIMA
- General Electric
- Siemens
- OMRON Corporation
Industrial Safety Market Segmentation:
Segmentation by Component:
- Programmable Safety Systems
- Safety Sensors
- Safety Switches
- Safety Controllers/Module/Relays
- Safety Valves
- Emergency Stop Devices
- Others
Segmentation by Product:
- Fire & Gas Monitoring Systems
- Emergency Shutdown Systems (ESD)
- Burner Management Systems (BMS)
- High Integrity Pressure Protection Systems (HIPPS)
- Turbomachinery Control (TMC)
Segmentation by Industry:
- Food & Beverages
- Oil & Gas
- Chemicals
- Pharmaceuticals
- Metals & Mining
- Power Generation
- Water & Wastewater
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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