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

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.

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“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.

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“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).

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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).

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