Latest Industrial Safety Market with COVID-19 Impact by Component System, Industry, and Region - Global Forecast to 2025

The global industrial safety market is estimated to grow from from USD 5.6 billion in 2020 to USD 7.7 billion by 2025, at a CAGR of 6.7%.

The global Industrial Safety Market is segmented into type, system, component, industry, and region. The market based on type is segmented into machine safety and worker safety. Based on the components, the industrial safety market has been split into presence sensing safety sensors, safety interlock switches, safety controllers/modules/safety relays, programmable safety systems, emergency stop controls, two-hand safety controls, and others. The systems that are included in the study of the industrial safety market are emergency shutdown system (ESD), fire & gas monitoring system, high-integrity pressure protection system (HIPPS), burner management system (BMS), and turbo machinery control system (TMC). The industrial safety market is segmented into 4 regions, namely North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).

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Top Company Profile Analysis in this Report

ABB Ltd. (Switzerland), Emerson Electric Co. (US), General Electric Co. (US), Honeywell International Inc. (US), HIMA Paul Hildebrandt GmbH (Germany), Schneider Electric SE (France), Rockwell Automation, Inc. (US), Siemens AG (Germany), Yokogawa Electric Corp. (Japan), and Omron Corporation (Japan) 

The adoption of standards such as IEC 61508 and IEC 61511 has led to increased dependency on industrial safety systems to attain the mandatory risk reduction targets. IEC 61508 and IEC 61511 are performance-based standards that promote the concept of the industrial safety life cycle. The widespread adoption of these standards, coupled with increased awareness about the need for industrial safety management and competency at both individual and organizational levels, has seen a step change in the direction to undertake specified industrial safety activities.  

Worker safety systems are implemented in manufacturing industries to ensure high productivity and reduce energy consumption during the production process. The smart worker solution is used to increase worker safety in industrial environments, along with tracking their work in the most efficient way. Smart worker solutions consist of many hardware and real-time software solutions, such as protective textile equipment, head protection equipment, eyewear, and protection devices, which are connected remotely using wireless connectivity technologies and embedded with software.

Currently, the industrial safety market for fire & gas monitoring system is expected to grow at the highest CAGR during forecasted period. A Fire & gas monitoring system maintains the overall safety and operation of industrial facilities. Incorrect detector placement and poor environmental conditions can prevent the system from detecting hazardous gas leak or flame, even when it is functioning properly. If a safety hazard is undetected, then the appropriate safety action (shut down, deluge, venting, and others) cannot be initiated. Hence, detector placement is extremely crucial. Fire & gas monitoring systems are widely used in industries such as petrochemicals, manufacturing, power, pharmaceuticals, healthcare, paper & pulp, and mining.

APAC is expected to be the fastest-growing market for industrial safety. China and India to remain lucrative growth markets for manufacturers of industrial safety. With growing manufacturing sectors, India has become one of the fastest-growing countries in the adoption of industrial safety. Due to the outbreak of COVID-19, various companies in APAC to witnessed a decline in demand for industrial safety. The company has been temporarily stalling new projects. As lockdown restrictions continue, the demand is expected to remain below normal forcing utilities to reconsider their capital expenditure.

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Reasons to buy the report:

Illustrative segmentation, analysis, and forecast of the market based on type, component, system, industry, and region have been conducted to give an overall view of the industrial safety market.
A value chain analysis has been performed to provide in-depth insights into the industrial safety market.
The key drivers, restraints, opportunities, and challenges pertaining to the industrial safety market have been detailed in this report.
Detailed information regarding the COVID-19 impact on the industrial safety market has been provided in the report.
The report includes a detailed competitive landscape of the market, along with key players, as well as in-depth analysis of their revenues.

Table Of Contents in this Report-

1 Introduction
1.1 Study Objectives
1.2 Market Definition And Scope
1.2.1 Inclusions & Exclusions
1.3 Study Scope
1.3.1 Markets Covered
1.3.2 Years Considered
1.4 Currency
1.5 Limitations
1.6 Stakeholders
1.7 Summary Of Changes

2 Research Methodology
2.1 Research Data
Figure 1 Industrial Safety Market: Research Design
2.1.1 Secondary & Primary Research
2.1.2 Secondary Data
2.1.2.1 Major Secondary Sources
2.1.2.2 Secondary Sources
2.1.3 Primary Data
2.1.3.1 Primary Interviews With Experts
2.1.3.2 Key Data From Primary Sources
2.1.3.3 Key Industry Insights
2.1.3.4 Breakdown Of Primaries
2.2 Market Size Estimation
Figure 2 Market Size Estimation Methodology: Approach (Supply Side): Revenue Of Products Of Industrial Safety Market Size
2.2.1 Bottom-Up Approach
2.2.1.1 Approach For Arriving At Market Share By Bottom-Up Analysis (Demand Side)
Figure 3 Industrial Safety Market: Bottom-Up Approach
2.2.2 Top-Down Approach
2.2.2.1 Approach For Capturing Market Share By Top-Down Analysis (Supply Side)
Figure 4 Industrial Safety Market: Top-Down Approach
2.3 Market Breakdown & Data Triangulation
Figure 5 Data Triangulation
2.4 Research Assumptions

3 Executive Summary
3.1 Pre Covid-19
3.2 Realistic Scenario
3.3 Pessimistic Scenario
3.4 Optimistic Scenario
Figure 6 Pre- And Post-Covid-19 Analysis Of Industrial Safety Market
Figure 7 Market For Programmable Safety Systems To Grow At Highest Cagr During Forecast Period
Figure 8 Energy & Power To Grow At Highest Cagr
Figure 9 Apac—Fastest Growing Segment During Forecast Period

4 Premium Insights
4.1 Attractive Growth Opportunities In Industrial Safety Market
Figure 10 Mandate For Safety Regulations And Rising Demand For Safety Systems In Oil & Gas Industry To Boost Adoption Of Industrial Safety Systems
4.2 Industrial Safety Market, By Component
Figure 11 Presence Sensing Safety Sensors To Hold Largest Size Of Industrial Safety Market In 2025
4.3 Industrial Safety Market, By System
Figure 12 Emergency Shutdown Systems To Hold Largest Size Of Industrial Safety Market In 2025
4.4 Industrial Safety Market, By Industry
Figure 13 Automotive To Hold Larger Share Of Industrial Safety Market In 2020
4.5 Industrial Safety Market, By Region
Figure 14 North America To Hold Largest Size Of Industrial Safety Market In 2025

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
Figure 15 High Requirement For Reliable Safety Systems For Personnel And Asset Protection To Drive Industrial Safety Market
5.2.1 Drivers
5.2.1.1 Fiscal Policy Steps Taken By Regional Financial Institutions To Sustain Manufacturing Facilities Amid Covid-19 Crisis
Figure 16 Break-Up Of Cares Act Package
5.2.1.2 High Requirement For Reliable Safety Systems To Ensure Personnel And Asset Protection
5.2.1.3 Strict Mandates For Safety Regulations
5.2.2 Restraints
5.2.2.1 High Investments Required For Automation And Installing Industrial Safety Systems
5.2.2.2 Lack Of Awareness And Complexity Of Standards
5.2.3 Opportunities
5.2.3.1 Growing Acceptance Of Workplace Safety Standards In Emerging Economies
5.2.3.2 Increasing Usage Of Industrial Internet Of Things
5.2.4 Challenges
5.2.4.1 Supply Chain Disruptions Due To Lockdown And Social Distancing Norms
5.2.4.2 Failure To Access All Machinery-Related Risks
5.2.5 Adoption Of Different Technologies In Industrial Safety Systems

and more...

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