Industrial Safety Market
PUBLISHED: 2023 ID: SMRC23100
SHARE
SHARE

Industrial Safety Market

Industrial Safety Market Forecasts to 2028 – Global Analysis By Type (Emergency Shutdown, Fire & Gas Monitoring, High Integrity Pressure Protection, Burner Management, Turbomachinery Control, Access control & Intrusion Detection, Bypass & Override Management, Process Control Systems (PCS), Pipeline Monitoring & Control and Network Security Systems), Component (Programmable Safety Systems, Safety Controllers/Module/Relays, Safety Sensors, Emergency Stop Devices, Safety Switches, Safety Valves and Other Components), Offering, End User and By Geography

4.8 (50 reviews)
4.8 (50 reviews)
Published: 2023 ID: SMRC23100

This report covers the impact of COVID-19 on this global market
Loading...

Years Covered

2020-2028

Estimated Year Value (2022)

US $6.33 BN

Projected Year Value (2028)

US $9.39 BN

CAGR (2022 - 2028)

6.7%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

Asia Pacific

Highest Growing Market

North America


According to Stratistics MRC, the Global Industrial Safety Market is accounted for $6.33 billion in 2022 and is expected to reach $9.39 billion by 2028 growing at a CAGR of 6.7% during the forecast period. An industry has to regulate all operations and events in order to protect workers and assets by lowering risks, accidents, dangers, and near disasters which is known to be industrial safety. It is controlled by the government through a variety of laws and regulations. It protects the industrial environment, equipment, assets and personnel. Various systems such as emergency shutdown, fire and gas monitoring and pressure protection among others are used in multiple industrial verticals such as oil & gas, food & beverage, pharmaceutical, chemicals, and metals & mining.

According to the IEA, oil demand is expected to rise from its current level of 6.5 million barrels per day to 9 million barrels per day by 2040.



Market Dynamics:

Driver:

Raising usage of IIoT

New potential for integrated safety and compliance services are being created by the industrial internet of things. IIoT may gather data from sensors that track vibration, temperature, pressure, level, and flow and transmit it to monitoring systems. Performance is eventually improved by IIoT since it enables rapid monitoring, analysis, and control while also providing virtual administration of physical systems. With the increasing adoption of IIoT, the market demand is propelling drastically.

Restraint:

High investments

Industrial safety has to comply with regulatory standards. Organizations are required to update their safety systems since the safety standards are continuously revised to reflect technology developments and new regulations. Additional expenditures in safety systems and components are needed for this upgrade. As a result, this factor restricts the market growth, particularly for small and medium-sized enterprises.

Opportunity:

Mandating the safety regulations

Major economies governments, notably those in the US and Europe, have taken proactive steps to minimize mishaps by enforcing rules pertaining to worker and process safety and installing certified equipment, such as explosion-proof sensors, switches, and actuators in hazardous places. To monitor and improve the effectiveness of industrial processes, various organizations, such the International Standard Organization (ISO) and American National Standards Institute (ANSI), have put in place safety standards and regulatory procedures.


Threat:

Huge installation and maintenance costs

Installation of industrial safety systems is necessary as a precautionary step to protect people, equipment, and production lines in an emergency. The expense of installing, maintaining, and repairing industrial safety equipment places a significant strain on the organization's budget. While huge companies can handle these costs, small and medium-sized businesses may find it challenging. This cost factor is hampering the market growth.

Covid-19 Impact

The COVID-19 epidemic has had a devastating impact on the oil and gas sector, with oil prices falling sharply. Due to numerous limitations put in place by governments throughout the world in 2020, there was a significant reduction in the demand for oil and gas, which caused a significant imbalance between supply and demand. Due to the closure of international borders, non-operational distribution methods, and numerous safety and health precautions implemented, there were limits on foreign trading. But gradually rising demand from the energy and power industry boosted the rise.

The safety sensors segment is expected to be the largest during the forecast period

The safety sensors segment is estimated to have a lucrative growth. Occupational risks are kept at bay in the workplace because of industrial machine safety sensors and switches. They support the management and prevention of mechanical risks in a range of work settings. Sensors can identify operators who are close to potentially dangerous equipment or facilities. There are scanners in the line-up that look for objects using laser light. The precision, enhanced asset health, and increased process control are factors that are causing the segment to expand.

The food & beverage segment is expected to have the highest CAGR during the forecast period

The food & beverage segment is anticipated to witness the fastest CAGR growth during the forecast period. To ensure safe and effective operations, the food and beverage industry is subject to strict regulations. The food and beverage sector aspires to produce goods of a high standard and reliability at a reasonable price. Through prompt corrective actions, the safety systems assist in attaining better operational transparency across production lines and reduction of compliance costs.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period. Industrialization is having a significant impact on emerging economies like China and India. Industrial safety has already been implemented in China and India in a number of operations, including the production of power and oil & gas. The market is expanding as a result of the industrial sectors in this area adopting safety automation solutions.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period. This region has the presence of global innovative technology providers and tech-savvy consumers. The US government imposed stringent regulations and safety standards in all industries. The growing integration of advanced technologies and smart sensors in workplace safety to monitor and track equipment offers opportunities to the workspace safety vendors in the region.



Key players in the market

Some of the key players profiled in the Industrial Safety Market include Schneider Electric SE, ABB Ltd, Honeywell International Inc., Rockwell Automation, Inc., Emerson Electric Co., Siemens AG, Yokogawa Electric Corporation, Johnson Controls International plc, HIMA Paul Hildebrandt GmbH, MSA Safety Incorporated, EUCHNER GmbH + Co. KG, Omron Corporation, Paladon Systems S.r.l., Balluff GmbH, SICK AG and Fortress Interlocks.

Key Developments:

In February 2023, Schneider Electric launched its new Industrial Digital Transformation Services, during the 27th Annual ARC Industry Leadership Forum, taking place in Orlando, Florida. The specialized global service is designed to help industrial enterprises achieve future-ready, innovative, sustainable, and effective end-to-end digital transformation.

In January 2023, Siemens has introduced two new aspirating smoke detectors (ASD), FDA261 and FDA262, catering to particularly challenging fire safety installations that extend over wide areas, such as large data centers, e-commerce warehouses, or industrial manufacturing sites. A single device can cover up to 6,700 m2, currently the largest coverage area available on the market.

In May 2022, Honeywell announced to launch two new NIOSH-certified respiratory offerings to help meet the needs of healthcare workers. The new products expand Honeywell’s personal protective equipment (PPE) portfolio for healthcare professionals, incorporating the company’s decades of expertise producing respiratory-protection solutions.

Types Covered:
• Emergency Shutdown
• Fire & Gas Monitoring
• High Integrity Pressure Protection
• Burner Management
• Turbomachinery Control
• Access control & Intrusion Detection
• Bypass & Override Management
• Process Control Systems (PCS)
• Pipeline Monitoring & Control
• Network Security Systems

Components Covered:
• Programmable Safety Systems
• Safety Controllers/Module/Relays
• Safety Sensors
• Emergency Stop Devices
• Safety Switches
• Safety Valves
• Other Components

Offerings Covered:
• Software
• Hardware

End Users Covered:
• Water & Wastewater Treatment
• Chemical
• Energy & Power
• Oil & Gas
• Pharmaceuticals
• Mining & Metals
• Paper & Pulp
• Food & Beverage
• Construction
• Aerospace & Defense
• Automotive
• Semiconductor
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary

2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions

3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 End User Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19

4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry

5 Global Industrial Safety Market, By Type
5.1 Introduction
5.2 Emergency Shutdown
5.3 Fire & Gas Monitoring
5.4 High Integrity Pressure Protection
5.5 Burner Management
5.6 Turbomachinery Control
5.7 Access control & Intrusion Detection
5.8 Bypass & Override Management
5.9 Process Control Systems (PCS)
5.10 Pipeline Monitoring & Control
5.11 Network Security Systems

6 Global Industrial Safety Market, By Component
6.1 Introduction
6.2 Programmable Safety Systems
6.3 Safety Controllers/Module/Relays
6.4 Safety Sensors
6.5 Emergency Stop Devices
6.6 Safety Switches
6.7 Safety Valves
6.8 Other Components

7 Global Industrial Safety Market, By Offering
7.1 Introduction
7.2 Software
7.3 Hardware

8 Global Industrial Safety Market, By End User
8.1 Introduction
8.2 Water & Wastewater Treatment
8.3 Chemical
8.4 Energy & Power
8.5 Oil & Gas
8.6 Pharmaceuticals
8.7 Mining & Metals
8.8 Paper & Pulp
8.9 Food & Beverage
8.10 Construction
8.11 Aerospace & Defense
8.12 Automotive
8.13 Semiconductor
8.14 Other End Users

9 Global Industrial Safety Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa

10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies

11 Company Profiling
11.1 Schneider Electric SE
11.2 ABB Ltd
11.3 Honeywell International Inc.
11.4 Rockwell Automation, Inc.
11.5 Emerson Electric Co.
11.6 Siemens AG
11.7 Yokogawa Electric Corporation
11.8 Johnson Controls International plc
11.9 HIMA Paul Hildebrandt GmbH
11.10 MSA Safety Incorporated
11.11 EUCHNER GmbH + Co. KG
11.12 Omron Corporation
11.13 Paladon Systems S.r.l.
11.14 Balluff GmbH
11.15 SICK AG
11.16 Fortress Interlocks

List of Tables
1 Global Industrial Safety Market Outlook, By Region (2020-2028) ($MN)
2 Global Industrial Safety Market Outlook, By Type (2020-2028) ($MN)
3 Global Industrial Safety Market Outlook, By Emergency Shutdown (2020-2028) ($MN)
4 Global Industrial Safety Market Outlook, By Fire & Gas Monitoring (2020-2028) ($MN)
5 Global Industrial Safety Market Outlook, By High Integrity Pressure Protection (2020-2028) ($MN)
6 Global Industrial Safety Market Outlook, By Burner Management (2020-2028) ($MN)
7 Global Industrial Safety Market Outlook, By Turbomachinery Control (2020-2028) ($MN)
8 Global Industrial Safety Market Outlook, By Access control & Intrusion Detection (2020-2028) ($MN)
9 Global Industrial Safety Market Outlook, By Bypass & Override Management (2020-2028) ($MN)
10 Global Industrial Safety Market Outlook, By Process Control Systems (PCS) (2020-2028) ($MN)
11 Global Industrial Safety Market Outlook, By Pipeline Monitoring & Control (2020-2028) ($MN)
12 Global Industrial Safety Market Outlook, By Network Security Systems (2020-2028) ($MN)
13 Global Industrial Safety Market Outlook, By Component (2020-2028) ($MN)
14 Global Industrial Safety Market Outlook, By Programmable Safety Systems (2020-2028) ($MN)
15 Global Industrial Safety Market Outlook, By Safety Controllers/Module/Relays (2020-2028) ($MN)
16 Global Industrial Safety Market Outlook, By Safety Sensors (2020-2028) ($MN)
17 Global Industrial Safety Market Outlook, By Emergency Stop Devices (2020-2028) ($MN)
18 Global Industrial Safety Market Outlook, By Safety Switches (2020-2028) ($MN)
19 Global Industrial Safety Market Outlook, By Safety Valves (2020-2028) ($MN)
20 Global Industrial Safety Market Outlook, By Other Components (2020-2028) ($MN)
21 Global Industrial Safety Market Outlook, By Offering (2020-2028) ($MN)
22 Global Industrial Safety Market Outlook, By Software (2020-2028) ($MN)
23 Global Industrial Safety Market Outlook, By Hardware (2020-2028) ($MN)
24 Global Industrial Safety Market Outlook, By End User (2020-2028) ($MN)
25 Global Industrial Safety Market Outlook, By Water & Wastewater Treatment (2020-2028) ($MN)
26 Global Industrial Safety Market Outlook, By Chemical (2020-2028) ($MN)
27 Global Industrial Safety Market Outlook, By Energy & Power (2020-2028) ($MN)
28 Global Industrial Safety Market Outlook, By Oil & Gas (2020-2028) ($MN)
29 Global Industrial Safety Market Outlook, By Pharmaceuticals (2020-2028) ($MN)
30 Global Industrial Safety Market Outlook, By Mining & Metals (2020-2028) ($MN)
31 Global Industrial Safety Market Outlook, By Paper & Pulp (2020-2028) ($MN)
32 Global Industrial Safety Market Outlook, By Food & Beverage (2020-2028) ($MN)
33 Global Industrial Safety Market Outlook, By Construction (2020-2028) ($MN)
34 Global Industrial Safety Market Outlook, By Aerospace & Defense (2020-2028) ($MN)
35 Global Industrial Safety Market Outlook, By Automotive (2020-2028) ($MN)
36 Global Industrial Safety Market Outlook, By Semiconductor (2020-2028) ($MN)
37 Global Industrial Safety Market Outlook, By Other End Users (2020-2028) ($MN)

Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

Frequently Asked Questions

In case of any queries regarding this report, you can contact the customer service by filing the “Inquiry Before Buy” form available on the right hand side. You may also contact us through email: info@strategymrc.com or phone: +1-301-202-5929

Yes, the samples are available for all the published reports. You can request them by filling the “Request Sample” option available in this page.

Yes, you can request a sample with your specific requirements. All the customized samples will be provided as per the requirement with the real data masked.

All our reports are available in Digital PDF format. In case if you require them in any other formats, such as PPT, Excel etc you can submit a request through “Inquiry Before Buy” form available on the right hand side. You may also contact us through email: info@strategymrc.com or phone: +1-301-202-5929

We offer a free 15% customization with every purchase. This requirement can be fulfilled for both pre and post sale. You may send your customization requirements through email at info@strategymrc.com or call us on +1-301-202-5929.

We have 3 different licensing options available in electronic format.

  • Single User Licence: Allows one person, typically the buyer, to have access to the ordered product. The ordered product cannot be distributed to anyone else.
  • 2-5 User Licence: Allows the ordered product to be shared among a maximum of 5 people within your organisation.
  • Corporate License: Allows the product to be shared among all employees of your organisation regardless of their geographical location.

All our reports are typically be emailed to you as an attachment.

To order any available report you need to register on our website. The payment can be made either through CCAvenue or PayPal payments gateways which accept all international cards.

We extend our support to 6 months post sale. A post sale customization is also provided to cover your unmet needs in the report.

Request Customization

We provide a free 15% customization on every purchase. This requirement can be fulfilled for both pre and post sale. You may send your customization requirements through email at info@strategymrc.com or call us on +1-301-202-5929.

Note: This customization is absolutely free until it falls under the 15% bracket. If your requirement exceeds this a feasibility check will be performed. Post that, a quote will be provided along with the timelines.

WHY CHOOSE US ?

Assured Quality

Assured Quality

Best in class reports with high standard of research integrity

24X7 Research Support

24X7 Research Support

Continuous support to ensure the best customer experience.

Free Customization

Free Customization

Adding more values to your product of interest.

Safe and Secure Access

Safe & Secure Access

Providing a secured environment for all online transactions.

Trusted by 600+ Brands

Trusted by 600+ Brands

Serving the most reputed brands across the world.

Testimonials