openPR Logo
Press release

Industrial Safety Market Projected to reach $5.4 billion by 2024 | Key players include Emerson, Honeywell, Rockwell, ABB, Schneider, Yokogawa and General Electric

03-01-2019 08:09 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: MarketsandMarkets™

MarketsandMarkets

MarketsandMarkets

According to the market research report "Industrial Safety Market by Product Type (ESD, HIPPS, TMC, BMS, and F&GM), Component (Safety Sensors, Safety Switches, Programmable Safety Systems, Safety Valves, Emergency Stop Devices), Industry, and Region - Global Forecast to 2024", the industrial safety market was worth USD 3.3 billion in 2019 and is expected to reach USD 5.4 billion by 2024, at a CAGR of 8.6% during the forecast period. The major factors fueling the growth include mandates for safety regulations, rising demand for safety systems in the oil & gas industry, rising need for reliable safety systems for personnel and asset protection, industrial revolution 4.0, and growing automation in hazardous industrial areas.

Browse 63 market data Tables and 39 Figures spread through 140 Pages and in-depth TOC on "Industrial Safety Market - Global Forecast to 2024"
View detailed Table of Content here -
https://www.marketsandmarkets.com/Market-Reports/safety-instrumented-system-market-19720540.html

“Safety sensors to lead industrial safety market by 2024”

Sensors used in a safety system are developed and designed to ensure safe, logic-based outputs in case a measurement or signal transmission does not occur. These safety sensors include the elements of redundancy wherein if any one element fails, another takes control over the operation and avoids productivity losses resulting from a shutdown. Safety sensors are used in automatic safety barriers, edges, electronic safety sensors, emergency stops (e-stops), palm buttons, safety controls, laser scanners, light curtains, mats, optoelectronic devices (single and multi-beam), and two-hand safety controls. Industrial safety incorporates various types of sensors such as temperature, infrared (IR), ultra-violet (UV), touch, and proximity sensors. Safety sensors are used in all industrial safety as they perform important functions such as continuous process sensing and finding inconsistencies within processes.

Request for Customization @ https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=19720540&utm_source=OpenPR

“Emergency shutdown systems to hold largest share of industrial safety market during forecast period”

The rising demand for industrial safety-certified ESD systems in process and discrete industries and the increasing implementation of industrial safety measures by several governments are the key factors driving the growth of the market for ESD systems. Oil & gas plants are prone to incidents that can adversely affect people and the environment. Industrial safety systems such as emergency shutdown systems can considerably reduce the risk of accidents in oil & gas plants by initiating plant shutdown in emergencies. Therefore, industrial safety systems are widely used in the oil & gas industry. Internationally recognized standards such as ANSI/ISA S84.01 and IEC 61508 serve as guidelines to ensure industrial safety to mitigate or avoid hazardous situations. ESD systems are widely used in petrochemicals, pharmaceuticals, manufacturing, power, and healthcare industries.

“Oil & gas industry to lead industrial safety market by 2024”

Oil & gas plants are prone to incidents that can affect people and the environment. In avoiding such incidents, functional safety becomes a matter of utmost importance. Various safety instrumented systems are used in the oil & gas industry. HIPPS are used to safeguard pipelines, vessels, and process packages against overpressure. ESDs are used to minimize the consequences of emergencies by shutting down systems and equipment and isolating hydrocarbon inventories, electrical equipment, and emergency ventilation control.

“Europe to be largest market for industrial safety systems during forecast period”

Europe presents a substantial market for industrial safety systems as industrial safety standards are strictly followed within the European Economic Area (comprises all European Union countries). The region’s safety standards and directives restrict the supply and operations of machines that do not meet the regulatory requirements. The region’s stringent regulatory standards and safety directives are driving the growth of the industrial safety market in Europe. In Germany, machine and industrial safety measures are governed by various regulatory standards, such as the IEC 61508 (that has been adopted and published in the country as DIN EN 61508 by the German Institute for Standardization).

Speak to Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=19720540&utm_source=OpenPR

Major players in the industrial safety market include Emerson (US), Honeywell (US), Rockwell (US), ABB (Switzerland), Schneider (France), Yokogawa (Japan), General Electric (US), Hima Paul (US), Omron (Japan), Siemens (Germany), Proserv Ingenious Simplicity(UK), Johnson Controls (Tyco) (Ireland), Balluff (US), Euchner (Germany), and Fortress Interlocks (UK).

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Industrial Safety Market Projected to reach $5.4 billion by 2024 | Key players include Emerson, Honeywell, Rockwell, ABB, Schneider, Yokogawa and General Electric here

News-ID: 1625645 • Views: 316

More Releases from MarketsandMarkets™

Sports Analytics Market revenues to gain $5.2 billion by 2024
According to a research report "Sports Analytics Market by Sports Type (Individual and Team), Component, Application (Performance Analysis, Player Fitness and Safety, Player and Team Valuation, and Fan Engagement), Deployment Model, and Region - Global Forecast to 2024", published by MarketsandMarkets, the sports analytics market size expected to grow from USD 1.9 billion in 2019 to USD 5.2 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 22.0%
Over the Top Services Market will reach to $156.9 billion by 2024
According to a new market research report "Over-the-Top Services (OTT) Market by Type (Online Gaming, Music Streaming, VoD and Communication), Monetization Model (Subscription-based, Advertising-based, and Transaction-based), Streaming Device, Vertical, and Region - Global Forecast to 2024", published by MarketsandMarkets™, the Over-the-Top Services Market expected to grow from USD 81.6 billion in 2019 to USD 156.9 billion by 2024, at a CAGR of 14.0% during 2019–2024. Major growth factors for
Infrared and Terahertz Spectroscopy Market worth $1.3 billion by 2025 - Leading …
According to the new market research report "Infrared and Terahertz Spectroscopy Market by Instrument Type (Benchtop Instruments, Microscopy Instruments, Portable Instruments, Hyphenated Instruments), Spectrum, Application - Global Forecast to 2025", published by MarketsandMarkets™, the market is expected to reach USD 1.3 billion by 2025 from USD 1.0 billion in 2020, at a CAGR of 5.2% during the forecast period. The key factors driving the growth of this market are the
Patient Access Solutions Market worth $2.4 billion by 2025 - Leading Key Players …
According to the new market research report "Patient Access Solutions Market by product & service (Training services, Eligibility Verification, Medical Necessity, Pre-certification), Delivery Mode (Web & Cloud, On premise), End-User (Providers, HCIT Outsourcing Companies) - Global Forecast to 2025", published by MarketsandMarkets™, the Patient Access Solution Market size is projected to reach USD 2.4 billion by 2025, at a CAGR of 7.2% between 2020 and 2025. Browse in-depth TOC on "Patient

All 5 Releases


More Releases for MarketsandMarkets

Electric Powertrain Market Insights by 2027| MarketsandMarkets
The Global Electric Powertrain Market size is projected to reach $191.4 billion by 2027, from an estimated $62.9 billion in 2019, at a CAGR of 14.9 %. The electric powertrain market is expected to witness rapid growth due to stringency in emission norms which is pushing automakers to come up with electrified powertrain technologies. Between 2025 and 2030, emission standards would require automakers to reduce CO2 emissions by 15% and
Automotive Interior Market - Global Forecast to 2025 | MarketsandMarkets
According to the new market research report "Automotive Interior Market by Component (Seat, Interior Lighting), Material (Glass Composite, Carbon Composite, Metal, Vinyl, Fabric), Autonomous Driving (Semi-autonomous, Autonomous), Electric Vehicle, Vehicle Type and Region - Global Forecast to 2025 " Published by MarketsandMarkets™, The global Automotive Interior Market is projected to reach USD 153.8 billion by 2025 from USD 123.2 billion in 2020, at a CAGR of 8.8% during the forecast
Automotive Fuse Market Insights by 2025| MarketsandMarkets
The Automotive Fuse Market is projected to grow at a CAGR of 6.84% during the forecast period, to reach $24.33 Billion by 2025 from $14.33 Billion in 2017. The market is estimated to grow in the near future owing to various factors such as an increase in vehicle production, growing electrification, growing importance of safety & comfort features in mid-segment vehicles which will lead to increase in the number of
Next Gen Immuno-Oncology Congress - 4th Annual MarketsandMarkets
In the past decade, many scientific breakthroughs have been achieved through research including success in recent years of cancer immunotherapy with monoclonal antibodies, cancer vaccines, adoptive cell therapy and immune-checkpoint therapy. Personalized immunotherapy with various combinations will be the next promising strategy for the future cancer treatment direction. Register as a Delegate at https://www.reportsnreports.com/events/4th-annual-marketsandmarkets-next-gen-immuno-oncology-congress/register o 30+ experts from academia and industry will be presenting their current work in Immuno-Oncology, Latest updates on
Global Connected Car Market by 2025| MarketsandMarkets
According to recent research "Connected Car Market by Service (Connected Services, Safety & Security, and Autonomous Driving), Form (Embedded, Tethered, and Integrated), Network (DSRC, and Cellular), End Market, Transponder, Hardware, and Region - Global Forecast to 2025", The global connected car market is estimated to be USD 72.89 billion in 2017 and is projected to reach USD 219.21 billion by 2025, at a CAGR of 14.8% from 2017 to 2025.
Vehicle Diagnostics Market by Vehicle Type, Application, Connectivity - 2021 | M …
The report "Vehicle Diagnostics Market by Vehicle Type, Application (Automatic Crash Notification, Vehicle Tracking, Vehicle Health Alert & Roadside Assistance), Connectivity (3G, 4G LTE, Wi-Fi, Bluetooth), Region, & Aftermarket (Vehicle Type & Region) - Forecast to 2021", The vehicle diagnostics market is projected to reach a market size of USD 30.22 Billion by 2021, growing at a CAGR of 16.79% from 2016 to 2021. Stringent emission norms, the rising demand