Meticulous Research®—a leading global market research company, published a research report titled, ‘Industrial Safety Market by Type, Offering (Hardware, Software), End User (Oil & Gas, Energy & Power, Chemicals), and Geography—Global Forecast to 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. 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.
The global industrial safety 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 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 2023, the emergency shutdown systems segment is expected to account for the largest share of the global industrial safety 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 market is segmented into hardware and software. In 2023, the hardware segment is expected to account for the largest share of the global industrial safety 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 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 2023, the oil & gas industry is expected to account for the largest share of the global industrial safety 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 industrial safety systems across the oil & gas industry.
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Based on geography, the global industrial safety market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the global industrial safety 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 market.
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).
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