Industrial Safety Market Introduction:

Industrial Safety Market forecasted to value over US$ 5.5 Million by 2027 end and register a CAGR of over 8% from 2020 to 2027. 

Industrial safety is mainly used for ensuring occupational and eliminating the cause of industrial accidents. It protects the industrial environment, equipment, assets and personnel.

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 (ESD) are expected to drive the growth of the market in the forecast period.  ESD reduce the consequences of an accident or incident by shutting down equipment and systems. ESD also isolates electrical equipment, emergency ventilation control, and hydrocarbon inventories. ESDs are cost-effective and government safety regulations for industrial has seen massive demand from the oil & gas industry. 

HIPPS are also widely used and are expected to boost the growth of the market. They provide process packaging against overpressure and protect vessels.

FGM or fire & gas monitoring systems is also expected to grow in the forecast period. FGM continuously monitors combustible gas or fire leakages.

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 such industry has boosted the growth of the market. Chemicals, metal & mining, pharmaceuticals, and food & beverages are some of the end users who use industrial safety equipment. 

On the basis of component, the market is split into programmable safety systems, safety valves, safety systems, safety switches, safety sensors, and emergency stop devices. Programmable safety systems are expected to spur the size of the market. By deploying programmable safety systems, many industries and plants can fulfil their safety requirements. It also offers interoperability with other systems as well.

Workplace accidents and injuries affect the productivity of every business. The injuries take. a toll on the lives of industrial workers. Hence the growing need for workplace safety worldwide has propelled the growth of the market. Gradual demand for safety systems in the oil & gas industry alongside industrial revolution 4.0 has fueled the growth of the market. Rapid advancements in manufacturing industries particularly automotive manufacturing activities had a positive influence on 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. North America is home some of the prominent players of the market and government protocols the aiming at the safety of industrial place and workers has prompted the growth of the market in the region. 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. 

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