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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