Meticulous Research®—a leading global market research company, published a research report titled, ‘Industrial Safety Market by Type (Emergency Shutdown Systems (ESD), Burner Management Systems (BMS)), by Offering (Hardware, Software), by End User (Oil & Gas, Energy & Power, Chemicals), and Geography—Global Forecast to 2029’.
The global industrial safety market is projected to reach $15.76 billion by 2029, at a CAGR of 10.5% during the forecast period 2022–2029. 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 industry driving the adoption of industrial safety systems. Furthermore, the growing acceptance of workplace safety standards in emerging economies and increasing usage of the industrial internet of things are expected to offer growth opportunities during the forecast period.
However, the high installation costs of industrial safety systems are expected to restrain the growth of this market. Furthermore, failure to access machinery-related issues is a challenge for this market.
The global industrial safety systems market is segmented by type, offering, end-user and geography. The study also evaluates industry competitors and analyzes the regional and country-level markets.
Based on type, the global industrial safety systems market is segmented into emergency shutdown systems (ESD), fire & gas monitoring systems, high integrity pressure protection systems (HIPPS), burner management systems (BMS), turbomachinery control (TMC) systems, access control & intrusion detection systems, bypass and override management system, process control systems (PCS), pipeline monitoring & control system, and network security systems. In 2022, the emergency shutdown systems segment is expected to account for the largest share of the global safety systems market. The growth of this segment is attributed to the increasing implementation of safety measures by governments and the rising demand in process industries such as oil and gas. Moreover, these systems are used in healthcare, power, manufacturing, pharmaceuticals, and petrochemical industries.
Based on offering, the global industrial safety systems market is segmented into hardware and software. In 2022, the hardware segment is expected to account for the largest share of the global safety systems market. The large market share of this segment is attributed to the stringent regulations for workplace safety and the high demand for safety systems in industries such as oil & gas, energy & power, and food & beverages.
Based on end user, the global industrial safety systems market is segmented into oil & gas, energy & power, chemicals, water & wastewater, construction, food & beverages, aerospace & defense, automotive, semiconductor, healthcare & pharmaceuticals, metals & mining, and other end users. In 2022, the oil & gas industry is expected to account for the largest share of the global safety systems market. The growth of this segment is attributed to the need for industrial safety systems to recognize and control hazards to prevent injuries and deaths. Workers in the oil & gas industries face the risk of fire and explosion due to the ignition of flammable vapors or gases. This has encouraged the wide adoption of safety systems across the oil & gas industry.
Based on geography, the global industrial safety systems market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is expected to account for the largest share of the global industrial safety systems market. The growth of this regional market is attributed to the growing industrialization in emerging countries such as China and India. China and India have already introduced occupational health and safety measures in various activities, such as oil and gas exploration and power generation. With rapid industrialization, the adoption of industrial safety systems in the manufacturing industry in the region has increased significantly, contributing to the growth of the industrial safety systems market.
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The key players operating in the global industrial safety systems 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), Baker Hughes Company (U.S.), Paladon Systems S.r.l. (Italy), Balluff GmbH (Germany), and SICK AG (Germany).
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