Yahoo Finance The Worldwide Industrial Safety Industry is Projected to Reach $17.86 Billion by 2030: Need for Reliable Safety Systems to Ensure Personnel and Asset Protection Drives Growth
Dublin, Feb. 01, 2023 (GLOBE NEWSWIRE) -- The "Industrial Safety Market by Type, Offering, End User, and Geography - Global Forecasts to 2030" report has been added to ResearchAndMarkets.com's offering.
This report provides an in-depth analysis of the industrial safety market in five major geographies and emphasizes on the current market trends, size, and share, recent developments, and forecast till 2030. The global industrial safety market is projected to reach $17.86 billion by 2030, at a CAGR of 11.1% from 2023 to 2030.
Industrial safety refers to the safety systems or devices applied to machinery and their operators to avoid hazards and prevent harm to machines or human life. Industrial safety systems are an important countermeasure in all hazardous facilities, such as oil & gas plants and nuclear power plants.
They help protect workers, plants, and the environment when processes exceed control limits. These systems are designed to protect the processes and not to control themselves. The process is controlled via a process control system (DCS) and locked by a safety system so immediate action can be taken in case of a process control system failure.
The growth of this market is attributed to the need for reliable safety systems to ensure personnel and asset protection, stringent regulations for workplace safety, and the growth of the oil & gas sector driving the adoption of industrial safety systems. However, the high installation costs of industrial safety systems are expected to restrain the growth of this market.
Furthermore, the increasing usage of industrial internet-of-Things is expected to offer potential growth opportunities. Failure to access all machinery-related risks is a challenge for this market.
In this study, the market is segmented based on type, offering, and end user, including its subsegments and geography. The report has considered five major geographies: North America, Asia-Pacific, Europe, Latin America and Middle East & Africa.
Based on type, the fire & gas monitoring systems segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the growing need to provide appropriate safeguards and redundancies to detect, isolate, and minimize the uncontrolled release of flammable and toxic liquids & gases across manufacturing and processing industries.
Based on offering, the software segment is expected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the increasing deployment of software, including advanced technologies such as IoT, AI, and cloud-based services, that have impacted the overall growth of the industrial safety systems industry. With industrial safety systems, various software, such as chemical, healthcare, and administrative software, has been increasingly utilized in different industries' outer premises to resolve real-time issues.
Based on automotive, the automotive segment is projected to register the highest CAGR during the forecast period. With rapidly changing consumer attitudes towards greater connectivity, mobility, and autonomous vehicles, the increasing consumer demand for electric vehicles is pushing automotive players to increase manufacturing projects, thereby boosting demand for industrial safety systems.
Based on geography, the industrial safety market is segmented into five major geographies, namely, North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Europe is slated to register the highest CAGR during the forecast period. The market demand is increasing due to the advantages offered by advanced safety systems over traditional safety systems.
Industries such as chemicals & petrochemicals, oil & gas, and energy & power are recognized as continuously developing industries where aging security issues and the need to expand and modernize infrastructure are essential. Moreover, the increasing manufacturing activities across European countries, safety standards set by governments, and the rising need for workplace safety have driven the region's demand for industrial safety systems.
The key players operating in the global industrial safety market are Schneider Electric SE (France), ABB Ltd (Switzerland), Honeywell International Inc. (U.S.), Rockwell Automation, Inc. (U.S.), Emerson Electric Co. (U.S.), Siemens AG (Germany), Yokogawa Electric Corp. (Japan), Johnson Controls International plc (Ireland), HIMA Paul Hildebrandt GmbH (Germany), MSA Safety Incorporated (U.S.), EUCHNER GmbH + Co. KG (Germany), Omron Corporation (U.S.), Paladon Systems S.r.l. (Italy), Balluff GmbH (Germany), and SICK AG (Germany).
Key questions answered in the report
Which are the high-growth market segments in terms of type, offering, end user and geography?
What is the historical market size for industrial safety systems across the globe?
What are the market forecasts and estimates for the period 2023-2030?
What are the major drivers, restraints, opportunities, and challenges in the global industrial safety market?
Who are the major players in the market, and what are their market shares?
What is the competitive landscape for the global industrial safety market?
What are the recent developments in the global industrial safety market?
What are the different strategies adopted by the major players in the market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global industrial safety market, and how do they compete with other players?
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Impact of COVID-19 on the Global Industrial Safety Systems Market
5. Market Insights
5.1. Introduction
5.2. Drivers
5.2.1. Need for Reliable Safety Systems to Ensure Personnel and Asset Protection
5.2.2. Stringent Regulations for Workplace Safety
5.2.3. Growth of the Oil & Gas Sector Driving the Adoption of Industrial Safety Systems
5.3. Restraints
5.3.1. High Installation Cost of Industrial Safety Systems
5.4. Opportunities
5.4.1. The Increasing Usage of Industrial Internet-of-Things
5.5. Challenges
5.5.1. Failure to Access all Machinery-related Risks
6. Global Industrial Safety Systems Market, by Type
6.1. Introduction
6.2. Emergency Shutdown Systems (ESD)
6.3. Fire & Gas Monitoring Systems
6.4. High Integrity Pressure Protection Systems (HIPPS)
6.5. Burner Management Systems (BMS)
6.6. Turbomachinery Control (TMC) Systems
6.7. Access control & Intrusion Detection Systems
6.8. Bypass & Override Management Systems
6.9. Process Control Systems (PCS)
6.10. Pipeline Monitoring & Control Systems
6.11. Network Security Systems
7. Global Industrial Safety Systems Market, by Offering
7.1. Introduction
7.2. Hardware
7.2.1. Safety Programmable Controllers
7.2.2. Safety Modules
7.2.3. Safety Connection Systems
7.2.4. Safety Drives
7.2.5. Safety Motion Control
7.2.6. Safety Motor Control
7.2.7. Presence Sensing Safety Devices
7.2.7.1. Hand Detection Safety Sensor
7.2.7.2. Safety Laser Scanners
7.2.7.3. Other Devices
7.2.8. Safety Sensors & Switches
7.2.9. Safety Relays
7.2.10. Safety Communication Devices
7.2.11. Operator Control & Monitoring
7.2.12. Head, Eye, Face, and Hearing Protection
7.2.13. Supplied Air Respirators
7.2.14. Air-purifying Respirators
7.2.15. Gas & Flame Detectors
7.2.16. Fall Protection Devices
7.3. Software
7.3.1. Health & Safety Software
7.3.2. Chemical Safety Software
7.3.3. Environmental Software
7.3.4. Administrative Software
7.3.5. Crisis Management Software
7.3.6. Mobile-based Safety Applications
8. Global Industrial Safety Systems Market, by End-user
8.1. Introduction
8.2. Oil & Gas
8.3. Energy & Power
8.4. Chemicals
8.5. Water & Wastewater
8.6. Construction
8.7. Food & Beverages
8.8. Aerospace & Defense
8.9. Automotive
8.10. Semiconductor
8.11. Healthcare & Pharmaceuticals
8.12. Metals & Mining
8.13. Other End-users
9. Industrial Safety Systems Market, by Geography
10. Competitive Landscape
10.1. Introduction
10.2. Key Growth Strategies
10.3. Competitive Benchmarking
10.4. Key Players in the Industrial Safety Systems Market
11. Company Profiles (Business Overview, Financial Overview, Product Portfolio, and Strategic Developments)
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
12. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/k3i071-safety?w=12
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