Global Industrial Safety Market: Market Research by Knowledge Sourcing Intelligence
Industrial Safety Market to Reach $7.103 Billion by
2024
Industrial Safety Market is projected to expand at a CAGR of
7.72% to reach $7.103 billion by 2024, from $4.545 billion in 2018. Industrial
safety refers to the policies and the protections put in place so that the
workers in the industry can be protected from any injury and hazards. Process
systems and safety controls are usually merged. The maintenance of a safe and
healthy working environment is not only important for the people, but it is
also a law, which is compulsory to be followed. Whether the workers are of
entry-level, seasoned, or permanent, steps must be taken to minimize the risks
and ensure the fulfillment of common safety standards and procedures. Industrial
Safety Market comprises of sensors, logic solvers, and final control elements
to ensure process safety in a plant when predetermined conditions are violated.
The growth of the Industrial Safety Market is influenced
significantly by government regulations such as EU Machinery Directives and
North America’s OSHA standards. Apart from government regulations,
technological advancements and increasing demand from developing nations are
driving the industrial safety market growth.
The rising need for reliable safety systems for personnel and asset production
is attributing to the market growth as well. Furthermore, the rising demand for
safety systems in the industries is also supporting the demand. However, the
major limiting factors are the complexity of standards, lack of awareness and
the high cost of Industrial Safety products.
The competitive intelligence section deals with major
players in the market, their market shares, growth strategies, products,
financials, and recent investments among others. Key industry players profiled
as part of this section are ABB, Emerson Electric, HIMA Paul Hildebrandt,
Schneider Electric, and Siemens among others.
Market Segmentation
The Industrial Safety Market can be segmented based on type,
technology, application, and geography. By product, the market can be segmented
as Fire and Gas Monitoring and Control, Burner Management Systems (BMS),
Turbomachinery Control (TMC), High Integrity Pressure Protection Systems
(HIPPS) and Emergency Shutdown Systems (ESD). By component, the market can be
segmented as sensors, safety controllers/module/relays, emergency stop devices,
safety switches, and programmable safety systems among others. By the end-user, the
market can be segmented as oil and gas, healthcare, mining manufacturing, power
generation, paper and pulp, energy and power, chemicals among others.
By geography, the market can be segmented as North America,
South America, Europe, the Middle East, and Africa, and the Asia Pacific. The industrial safety market analysis shows
that the Asia Pacific region will hold the majority share in the market owing
to the rapid industrialization and growing safety regulations and awareness.
Key questions answered in
the report:
· What has been the performance of the Industrial Safety Market and
how it will perform in the future?
·
What are the key players in the target market study?
·
What are the various segments on which the market research is
conducted?
·
What are the driving factors that are leading to the growth of
the market?
·
What are the recent developments happening in the industry?
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