Industrial Safety Market generated a revenue of USD 5.3 billion in 2021 and is projected to reach USD 8.8 billion in 2029, growing at a CAGR of 6.5% during the forecast period from 2022-2029.
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The factors driving the growth of Industrial Safety Market includes Government regulations regarding process and personnel safety, expansion of industrial facilities around the world, growing demand for safety systems across metals & mining, oil & gas, and pharmaceuticals, increase in the number of industrial accidents and improvements in the living standards. As per the data available at Statista, the around 130 workers aged between 30 to 45 years across India died due to industrial accidents in 2018 and 5 children below 14 years of age during the same year, which is pushing the demand for industrial safety systems across industry verticals in India. Increasing adoption of automated technologies in the manufacturing processes, rise in the launch of innovative products, growing concerns related to stemming from the rising workplace fatalities and rapid urbanization, are some of the additional factors supplementing the Global Industrial Safety Market. In addition, the increasing investments by major corporations on research and development, strategic mergers, and alliances between key companies, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.
However, growth of the Industrial Safety Market is hindered due to high installation cost of industrial safety systems.
The leading players operating in the market are Emerson Electric Co., Yokogawa Electrics CIS Ltd., HIMA, Honeywell International Inc, ABB, Schneider Electric, General Electric, Siemens, Rockwell Automation, Inc., and OMRON Corporation, among others.
Based on Component, the Programmable Safety Systems segment is predicted to expand at a significant CAGR during the forecast period
Programmable safety systems improve flexibility, requires low cost of ownership, and helps businesses to comply with the safety standards, are some of the features pushing the market growth.
Based on Industry, the Power Generation segment is projected to expand at a remarkable CAGR over the forecast period
Growing demand for safety systems such as cable protectors and ground protection mats in the power sector and rising incidents of accidents is propelling growth of the segment.
Based on Regin, the Asia-Pacific region is anticipated to capture the largest market share during the forecast period
Presence of the leading players such as Yokogawa Electrics CIS Ltd. and OMRON Corporation, rising incidents of accidents across industry verticals, rapid urbanization, growing per capita incomes and high per capita incomes, are some of the important factors augmenting the Industrial Safety Market size in the Asia-Pacific region.
In 2019, Honeywell International Inc completed the acquisition of Rebellion Photonics, which is an intelligent, innovative, and visual gas monitoring solutions provider. Through this acquisition, the company deployed the technology of Rebellion through the company’s performance materials & technology business to enable the manufacturing process to become safer.
In 2020, ABB developed a virtual reality-based system to support workers in the maintenance and operation of the machinery and focuses on enhancing the safety & efficiency across the industrial sectors. This system allows the individuals to interact with the projected field and effectively replace the traditional form of communication.
Segmentation by Component
Programmable Safety Systems
Emergency Stop Devices
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
Metals & Mining
Water & Wastewater
Segmentation by Region
Rest of APAC
United States of America
Rest of Europe
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This release was published on openPR.