Yahoo Finance Industrial Safety Market Global Forecast to 2027: Mandates for Safety and Rising Demand for Safety Systems in Oil & Gas Industry to Boost Market Growth
Global Industrial Safety Market
Dublin, July 01, 2022 (GLOBE NEWSWIRE) -- The "Industrial Safety Market with COVID-19 Impact Analysis by Component (Presence Sensing Safety Sensors, Safety Controllers, Programmable Safety Systems), Industry (Energy & Power, Automotive, Oil & Gas) and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global industrial safety market is estimated to grow from USD 6.3 billion in 2022 to USD 8.8 billion by 2027, at a CAGR of 6.8%. The adoption of standards such as IEC 61508 and IEC 61511 has led to increased dependency on industrial safety systems to attain the mandatory risk reduction targets. IEC 61508 and IEC 61511 are performance-based standards that promote the concept of the industrial safety life cycle. The widespread adoption of these standards, coupled with increased awareness about the need for industrial safety management and competency at both individual and organizational levels, has seen a step change in the direction to undertake specified industrial safety activities.
Market for worker safety to grow at a higher CAGR during the forecasted period
Worker safety systems are implemented in manufacturing industries to ensure high productivity and reduce energy consumption during the production process. The smart worker solution is used to increase worker safety in industrial environments, along with tracking their work in the most efficient way. Smart worker solutions consist of many hardware and real-time software solutions, such as protective textile equipment, head protection equipment, eyewear, and protection devices, which are connected remotely using wireless connectivity technologies and embedded with software.
Market for programmable safety systems to grow at the highest CAGR during the forecast period
Currently, the industrial safety market for programmable safety systems is expected to grow at the highest CAGR during the forecasted period. The growth of this market can be attributed to the wide adoption of programmable safety systems in end-user industries. Programmable safety systems or safety PLCs are considered as the backbone of machine safety systems. In addition, programmable safety systems can be easily used in close conjunction with other systems.
APAC is projected to hold the largest market share throughout the forecast period.
The increased acceptance of international industrial safety standards is driving the growth of the industrial safety market in this region. Rapid industrialization, rising emphasis on industrialization and organizational industrial safety, as well as the influence of multinational companies in adopting safety systems, are also driving the growth of the industrial safety market in APAC. The growth of heavily regulated industries such as oil & gas and power has increased the demand for industrial safety in developing economies, particularly in China and India.
Key Topics Covered:
Executive Summary
Industrial Safety Market, 2018-2027 (USD Million)
Market for Programmable Safety Systems to Grow at Highest CAGR During Forecast Period
Energy & Power to Account for Largest Market Size from 2022 to 2027
APAC is Expected to Hold Largest Share of Industrial Safety Market Throughout Forecast Period
Premium Insights
Attractive Growth Opportunities in Industrial Safety Market - Mandates for Safety and Rising Demand for Safety Systems in Oil & Gas Industry to Boost Market Growth
Industrial Safety Market, by Type - Machine Safety to Hold Larger Size of Industrial Safety Market in 2027
Industrial Machine Safety Market, by Component - Presence Sensing Safety Sensors to Hold Largest Size of Industrial Safety Market in 2027
Industrial Safety Market, by Industry - Automotive to Hold Largest Size of Industrial Safety Market in 2022
Industrial Safety Market, by Country - US to Hold Largest Size of Industrial Safety Market in 2027
Market Overview
Drivers
High Requirement for Reliable Safety Systems to Ensure Personnel and Asset Protection
Strict Mandates for Safety Regulations
Rapidly Growing Oil & Gas Industry Driving Adoption of Industrial Safety Systems
Restraints
High Investments Required for Automation and Installing Industrial Safety Systems
Lack of Awareness and Complexity of Standards
Opportunities
Growing Acceptance of Workplace Safety Standards in Emerging Economies
Increasing Usage of Industrial Internet of Things
Challenges
Failure to Access All Machinery-Related Risks
Local Manufacturers Offering Low-Priced Industrial Safety Systems
Value Chain Analysis
Technology Analysis
Ecosystem Analysis
Trends/Disruptions Impacting Customers
Case Studies
New Ways to Enhance Water Cutter Safety
Altintel Used Smart Wireless Tankradar to Improve Safety
Ultrasonic Detection of Gas Leaks in Ammonia Plant for Fertilizer Manufacturing
Pricing Analysis
Porter's Five Forces Analysis
Key Stakeholders & Buying Criteria
Trade Analysis
Key Conferences & Events in 2022-2023
Table 11 Industrial Safety Market: Detailed List of Conferences & Events
Regulations and Standards
Regulatory Bodies, Government Agencies, and Other Organizations
Industrial Safety Market, by Type
Industrial Safety Market, by Component
Industrial Safety Systems
Implementation Types of Industrial Safety Components
Industrial Safety Market, by Industry
Geographic Analysis
Competitive Landscape
Company Profiles
ABB
Baker Hughes
Balluff Gmbh
Banner Engineering
Emerson Electric Co
Euchner
Fortress Interlocks
HIMA
Honeywell International
Idec Corporation
Johnson Controls
K.A. Schmersal
Keyence
Mitsubishi Electric
Omron Corporation
Paladon Systems
Pilz
Proserv Ingenious Simplicity
Rockwell Automation, Inc.
Schneider Electric
SGS Group
Sick
Siemens
Velan
Yokogawa Electric
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