Industrial Safety Market, By Type, Component, Offering, End User and By Geography

According to Stratistics MRC, the Global Industrial Safety Market is accounted for $6.33 billion in 2022 and is expected to reach $9.39 billion by 2028 growing at a CAGR of 6.7% during the forecast period. An industry has to regulate all operations and events in order to protect workers and assets by lowering risks, accidents, dangers, and near disasters which is known to be industrial safety. It is controlled by the government through a variety of laws and regulations. It protects the industrial environment, equipment, assets and personnel. Various systems such as emergency shutdown, fire and gas monitoring and pressure protection among others are used in multiple industrial verticals such as oil & gas, food & beverage, pharmaceutical, chemicals, and metals & mining.

According to the IEA, oil demand is expected to rise from its current level of 6.5 million barrels per day to 9 million barrels per day by 2040.

Market Dynamics:

Driver:

Raising usage of IIoT

New potential for integrated safety and compliance services are being created by the industrial internet of things. IIoT may gather data from sensors that track vibration, temperature, pressure, level, and flow and transmit it to monitoring systems. Performance is eventually improved by IIoT since it enables rapid monitoring, analysis, and control while also providing virtual administration of physical systems. With the increasing adoption of IIoT, the market demand is propelling drastically.

Restraint:

High investments

Industrial safety has to comply with regulatory standards. Organizations are required to update their safety systems since the safety standards are continuously revised to reflect technology developments and new regulations. Additional expenditures in safety systems and components are needed for this upgrade. As a result, this factor restricts the market growth, particularly for small and medium-sized enterprises.

Opportunity:

Mandating the safety regulations

Major economies governments, notably those in the US and Europe, have taken proactive steps to minimize mishaps by enforcing rules pertaining to worker and process safety and installing certified equipment, such as explosion-proof sensors, switches, and actuators in hazardous places. To monitor and improve the effectiveness of industrial processes, various organizations, such the International Standard Organization (ISO) and American National Standards Institute (ANSI), have put in place safety standards and regulatory procedures.

Threat:

Huge installation and maintenance costs

Installation of industrial safety systems is necessary as a precautionary step to protect people, equipment, and production lines in an emergency. The expense of installing, maintaining, and repairing industrial safety equipment places a significant strain on the organization's budget. While huge companies can handle these costs, small and medium-sized businesses may find it challenging. This cost factor is hampering the market growth.

COVID-19 Impact:

The COVID-19 epidemic has had a devastating impact on the oil and gas sector, with oil prices falling sharply. Due to numerous limitations put in place by governments throughout the world in 2020, there was a significant reduction in the demand for oil and gas, which caused a significant imbalance between supply and demand. Due to the closure of international borders, non-operational distribution methods, and numerous safety and health precautions implemented, there were limits on foreign trading. But gradually rising demand from the energy and power industry boosted the rise.

The safety sensors segment is expected to be the largest during the forecast period

The safety sensors segment is estimated to have a lucrative growth. Occupational risks are kept at bay in the workplace because of industrial machine safety sensors and switches. They support the management and prevention of mechanical risks in a range of work settings. Sensors can identify operators who are close to potentially dangerous equipment or facilities. There are scanners in the line-up that look for objects using laser light. The precision, enhanced asset health, and increased process control are factors that are causing the segment to expand.

The food & beverage segment is expected to have the highest CAGR during the forecast period

The food & beverage segment is anticipated to witness the fastest CAGR growth during the forecast period. To ensure safe and effective operations, the food and beverage industry is subject to strict regulations. The food and beverage sector aspires to produce goods of a high standard and reliability at a reasonable price. Through prompt corrective actions, the safety systems assist in attaining better operational transparency across production lines and reduction of compliance costs.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period. Industrialization is having a significant impact on emerging economies like China and India. Industrial safety has already been implemented in China and India in a number of operations, including the production of power and oil & gas. The market is expanding as a result of the industrial sectors in this area adopting safety automation solutions.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period. This region has the presence of global innovative technology providers and tech-savvy consumers. The US government imposed stringent regulations and safety standards in all industries. The growing integration of advanced technologies and smart sensors in workplace safety to monitor and track equipment offers opportunities to the workspace safety vendors in the region.

Key players in the market:

Some of the key players profiled in the Industrial Safety Market include Schneider Electric SE, ABB Ltd, Honeywell International Inc., Rockwell Automation, Inc., Emerson Electric Co., Siemens AG, Yokogawa Electric Corporation, Johnson Controls International plc, HIMA Paul Hildebrandt GmbH, MSA Safety Incorporated, EUCHNER GmbH + Co. KG, Omron Corporation, Paladon Systems S.r.l., Balluff GmbH, SICK AG and Fortress Interlocks.

Key Developments:

In February 2023, Schneider Electric launched its new Industrial Digital Transformation Services, during the 27th Annual ARC Industry Leadership Forum, taking place in Orlando, Florida. The specialized global service is designed to help industrial enterprises achieve future-ready, innovative, sustainable, and effective end-to-end digital transformation.

In January 2023, Siemens has introduced two new aspirating smoke detectors (ASD), FDA261 and FDA262, catering to particularly challenging fire safety installations that extend over wide areas, such as large data centers, e-commerce warehouses, or industrial manufacturing sites. A single device can cover up to 6,700 m2, currently the largest coverage area available on the market.

In May 2022, Honeywell announced to launch two new NIOSH-certified respiratory offerings to help meet the needs of healthcare workers. The new products expand Honeywell's personal protective equipment (PPE) portfolio for healthcare professionals, incorporating the company's decades of expertise producing respiratory-protection solutions.

Types Covered:

• Emergency Shutdown
• Fire & Gas Monitoring
• High Integrity Pressure Protection
• Burner Management
• Turbomachinery Control
• Access control & Intrusion Detection
• Bypass & Override Management
• Process Control Systems (PCS)
• Pipeline Monitoring & Control
• Network Security Systems

Components Covered:

• Programmable Safety Systems
• Safety Controllers/Module/Relays
• Safety Sensors
• Emergency Stop Devices
• Safety Switches
• Safety Valves
• Other Components

Offerings Covered:

• Software
• Hardware

End Users Covered:

• Water & Wastewater Treatment
• Chemical
• Energy & Power
• Oil & Gas
• Pharmaceuticals
• Mining & Metals
• Paper & Pulp
• Food & Beverage
• Construction
• Aerospace & Defense
• Automotive
• Semiconductor
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances