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 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 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 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.
Profile break-up of primary participants for the report is given below: • By Company Type – Tier 1 = 52%, Tier 2 = 31%, and Tier 3 = 17% • By Designation – C-level Executives = 47%, Directors = 31%, and Others = 22% • By Region – North America = 44%, Europe = 25%, APAC = 21%, and RoW = 10%
The industrial safety market comprises major players such as Schneider Electric SE (France), Honeywell International Inc. (US), ABB Ltd. (Switzerland), Rockwell Automation, Inc. (US), Siemens AG (Germany), Emerson Electric Co. (US), Baker Hughes (US), HIMA (Germany), Yokogawa Electric Corp. (Japan), and Omron Corporation (Japan). These top players have strong portfolios of products and services and a presence in both mature and emerging markets. The study includes an in-depth competitive analysis of these key players in the industrial safety market, with their company profiles, recent developments, and key market strategies.
Research Coverage The report defines, describes, and forecasts the industrial safety market based on type, component, industry, and geography.It provides detailed information regarding factors such as drivers, restraints, opportunities, and challenges influencing the growth of the industrial safety market.
It also analyzes competitive developments such as product launches, acquisitions, and agreements carried out by the key players to grow in the market.
Key Benefits of Buying the Report The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall industrial safety market and the subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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