Industrial Safety Market (2023-2030)
The Industrial Safety Market is projected to reach $ 17.86 billion by 2030, at a CAGR of 11.1% from 2023 to 2030.
- Published
- Jan 2023
- Pages
- 265
- Format
- PDF + Excel
- Report ID
- MRSE - 104647
- Base year
- 2022
- 2030 · FORECAST
- $17.86B
- 2030
- $17.86B
- CAGR 2023–2030
- 11.1%
2022 baseline · 2023–2030 forecast at 11.1% CAGR · hover a bar for the value
Key highlights
The Industrial Safety Market is projected to reach $ 17.86 billion by 2030, at a CAGR of 11.1% from 2023 to 2030.
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.The fire & gas monitoring systems segment is projected to register the highest CAGR during the forecast period.
The automotive segment is projected 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.
Report summary
| Particulars | Details |
|---|---|
| Base Year | 2022 |
| Estimated Year | 2023 |
| Forecast Period | 2023–2030 |
| Market Size (2030) | USD 17.86 billion |
| CAGR (2023–2030) | 11.1% |
| Format | PDF, Excel & Cloud Portal · 265 pages |
| Segments Covered | By Type: 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 & Override Management Systems, Process Control Systems (PCS), Pipeline Monitoring & Control Systems, Network Security Systems · By Offering: Hardware Safety Programmable Controllers, Safety Modules, Safety Connection Systems, Safety Drives, Safety Motion Control, Safety Motor Control, Presence Sensing Safety Devices Hand Detection Safety Sensor, Safety Laser Scanners, Other Devices, Health & Safety Software, Chemical Safety Software, Environmental Software, Administrative Software, Crisis Management Software · By End User: Oil & Gas, Energy & Power, Chemicals, Water & Wastewater, Construction, Food & Beverages, Aerospace & Defense, Automotive, Semiconductor, Healthcare & Pharmaceuticals, Metals & Mining, Other End-users |
| Countries Covered | Middle East & Africa (RoMEA) |
| Key Companies | Schneider Electric SE, ABB Ltd, Honeywell International Inc. (U.S.), Rockwell Automation, Inc. (U.S.), Emerson Electric Co. (U.S.), Siemens AG, Yokogawa Electric Corp., Johnson Controls International plc, HIMA Paul Hildebrandt GmbH, MSA Safety Incorporated (U.S.), EUCHNER GmbH + Co. KG, Omron Corporation (U.S.), Paladon Systems S.r.l, Balluff GmbH, SICK AG |
Report overview
Segments covered: type, offering, end user. Regions: Middle East & Africa.
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 COVID-19 pandemic emerged in Wuhan, China, in December 2019. By March 2020, COVID-19 had spread across most countries worldwide, with the WHO declaring the disease a global pandemic. Governments were compelled to impose nationwide lockdowns and quarantine restrictions to curb the spread of the infection. The lockdowns affected most sectors due to restrictions on manufacturing operations, travel, and the transportation of all commodities considered non-essential. Raw material and labor shortages further intensified the situation.
Amidst the pandemic spread of COVID-19, the industrial safety market, which relies on the manufacturing sector and substantial adoption on the industrial front, has been negatively impacted, as the pandemic resulted in changes in planned investments for industrial safety from various end users. The pandemic impacted several end-use industries across the globe. The industries severely affected include oil & gas, automotive, chemical, and power generation. These industries faced a high impact due to changes in consumer behavior, low production, and industry closures. Some moderately impacted industries include metals & mining, healthcare & pharmaceuticals, semiconductors, and food & beverage. However, these industries are expected to recover quickly due to consumer demand and the resumption of manufacturing processes.
The business for industrial safety systems, specifically from the pharmaceuticals industry, is less affected than other industries. Pharmaceutical companies need better control over operational excellence to align with the industry's innovations. Maintaining a safe, consistent, and efficient manufacturing process is the basic requirement to ensure the highest quality of products. The growing cost pressures, regulatory and safety guidelines, and increasingly diverse product portfolios are a few issues this industry faces. Hence, prompt control and monitoring of production processes are necessary. A safety system enables the processes to function according to the regulatory safety standards and deliver maximum output with utmost safety. Hence, the use of industrial safety systems has supported pharmaceutical companies in eliminating process constraints such as contamination, dead space, leakages, crystallization, fire safety, and temperature measurement.
Overall, the global industrial safety market was severely hit by the COVID-19 pandemic. But, increasing investments in oil & gas plants, government measures set for greenhouse gas reduction, and the increasing number of accidents at the workplace have created potential opportunities for the market.
The global industrial safety market is segmented by type, offering, end user, and geography. The study also evaluates industry competitors and analyses the country and regional-level markets.
Report infographic
Stringent Regulations for Workplace Safety
Mandates for safety regulations play a significant role in the growth of the industrial safety market. The U.S. government and government bodies of European countries are undertaking constructive measures to prevent accidents by enforcing personnel and process safety regulations and installing certified equipment, including explosion-proof sensors, switches, and actuators in hazardous locations.
Organizations such as Occupational Safety and Health Administration (OSHA) (U.S.), International Electrotechnical Commission (IEC) (Switzerland), International Standard Organization (ISO) (Switzerland), and American National Standards Institute (ANSI) (U.S.) have implemented safety standards and regulatory measures to monitor and enhance the efficiency of industrial processes. Machine safety regulations, such as EU Machinery Directives and North America's OSHA regulations, are helping drive the growth of the industrial safety market.
In July 2019, the Parliament of India introduced the Occupational Safety, Health and Working Conditions Code 2019 in Lok Sabha for Labor and Employment. The Code enforces regulating health and safety conditions of workers in all the workplaces, such as factories, mines, docks, and construction sites. These include separate provisions on licenses, safety regulations, and duties of industry owners. This is expected to encourage the adoption of safety systems across several industries.
The growing safety concerns stemming from the rising workplace fatalities have prompted governments to turn their attention to worker safety. The increasing number of incidents can be avoided by implementing security measures. Occupational health & safety protects individuals from various life-threatening scenarios in the workplace. These scenarios include explosions, falls from height, poor visibility, and excessive noise. Strict occupational health & safety laws mandating these systems in offices and businesses and rising urbanization are expected to drive the growth of the industrial safety market. The manufacturing industry will presumably continue to lead the industrial safety market during the forecast period.
Table of contents
12 chapters · 126 sections · 265 pages · click to expandSegmental analysis
| Segment | Largest share (2023) | Fastest growth (2023–2030) |
|---|---|---|
| By Type | — | Network security systems.The fire & gas monitoring systems |
| By Offering | — | Software |
| By End User | — | Automotive |
By 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.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.
By Offering
- The global industrial safety market is segmented into hardware and software.
- 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 software, healthcare software, and administrative software, have been increasingly utilized in the outer premises in different industries to resolve issues in real-time.
By End User
- 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.
Geographic analysis
Europe
Fastest growthThe 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 demand for industrial safety systems in the region. Europe: Slated to Register the Highest CAGR During the Forecast Period
Competitive landscape
- 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
- SICK AG · Germany
Frequently asked questions
The global industrial safety market report covers the market sizes & forecasts by type, offering, end-user, and geography. The market study involves the value analysis of various industrial safety systems at the country level.
Cite this report
Meticulous Research. (2023). Industrial Safety Market - Global Opportunity Analysis and Industry Forecasts (2023–2030) (Report No. MRSE - 104647). Meticulous Market Research Pvt. Ltd. https://www.meticulousresearch.com/product/industrial-safety-market-5333