Industrial Safety Market Forecasted to Value Over US$ 5.5 Million by 2026 End

  • 02 Jul 2019

Global Industrial Safety Market forecasted to value over US$ 5.5 Million by 2026 end and register a CAGR of over 8% from 2019 to 2026. 

Industrial safety plays a huge role in ensuring occupational safety in multiple industries. It is used in providing safety against various occupational safety and assures safety to industrial assets and the industrial environment. 

The market is segmented on the basis of product type, component, and industry. On the basis of product, the market is bifurcated into F&GM, ESD, BMS, TMC, HIPPS. Emergency shutdown systems are expected to drive the growth of the market in the forecast period.  ESD is essential as it’s capable of shutting down an entire plant. It uses its sensors to detect unwanted conditions and responds through logic solvers.  ESD systems are cost effective and are vastly used by the Oil & Gas and pharmaceutical industry. HIPPS are also widely used and are expected to boost the growth of the market. They provide protection to pipelines and vessels.  

FGM or fire & gas monitoring systems is also expected to grow during the forecast period. It continuously monitors fire and toxic gas leakages and prevents any escalation of danger by sending an early warning. Burner Management System (BMS) ensures the boiler don't explode by providing safety and safely operating during shutdowns and startups.

Oil & Gas industry is the biggest end users of the industrial safety market. Oil and gas plants are prone to accidents and incidents that can affect the environment and the people. The increasing need for industrial safety in the oil & gas industry has boosted the growth of the market. Industrial safety is also vastly used by chemicals, metal & mining, pharmaceuticals, and food & beverages industries as well. 

On the basis of component, the market is divided into programmable safety systems, safety valves, safety systems, safety switches, safety sensors, and emergency stop devices. Programmable safety systems are easy to operate and are expected to spur the size of the market. By deploying programmable safety systems many industries can fulfil their critical infrastructure.

The gradual increase in the need for reliable safety systems for the protection of personnel and asset protection has boosted the growth of the market. The growing automation in industrial areas especially in hazardous industrial areas is fueling the growth of the market. The strict government regulations and protocols regarding the creation of a safer work culture have propelled the growth of the market. 

However, the lack of awareness regarding workplace safety in many industries has crippled the growth of the market. Lack of awareness regarding occupational hazard is also limiting the growth of the market. 

In terms of regions, North America holds the majority of the share of the market. Europe is predicted to control the market in the coming years. Implementation of multiple safety directives and machine safety regulations has accelerated the growth of the market in the region. The German government has implemented various regulatory standards aiming at industrial safety and it has boosted the growth of the market in the region. 

Some of the major players of the market are Siemens, Fortress Interlocks, Balluff, General Electric, Rockwell, Hima Paul, Rockwell, Euchner, and Emerson. 

Industrial Safety Market Segmentation: 
By Product Type 

•    F&GM
•    BMS
•    HIPPS
•    ESD
•    TMC

By Component 
•    Programmable Safety Systems
•    Safety Valves
•    Safety Switches
•    Safety Sensors
•    Emergency Stop Devices

By Industry 
•    Chemicals 
•    Metals & Mining 
•    Food & Beverages
•    Pharmaceuticals
•    Oil&Gas
•    Power Generation

By Region: 
•    Europe  
•    North America  
•    APAC  
•    Latin America 
•    Rest of World  

Competitive Landscape:  
•    Tier 1 players- established companies in the market with a major market share  
•    Tier 2 players 
•    Emerging players which are growing rapidly 
•    New Entrants   

FutureWise Takeaways: 
•    Growth prospects  
•    SWOT analysis 
•    Key trends 
•    Key data points affecting market growth  

Objectives of the Study: 
•    To provide with an exhaustive analysis on the industrial safety market based on the product type, component, industry, and region 
•    To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints) 
•    To evaluate and forecast micro-markets and the overall market  
•    To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East
•    To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions 
•    Profiling of companies to evaluate their market shares, strategies, financials and core competencies  


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