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Industrial Safety Market worth $12.08 billion by 2030, growing at a CAGR of 7.01% - Exclusive Report by 360iResearch
Industrial Safety Market | 360iResearch
The Global Industrial Safety Market to grow from USD 7.51 billion in 2023 to USD 12.08 billion by 2030, at a CAGR of 7.01%.
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Industrial Safety refers to the management of all operations and events within an industry to protect its employees and assets by minimizing hazards, risks, accidents, and near misses. Industrial safety plays a significant role in risk management within industries. It involves identifying potential hazards, assessing risks, and implementing controls to mitigate these risks. Various techniques, such as safety training, risk assessments, safety audits, use of personal protective equipment (PPE), and maintenance of machinery and equipment, are used to ensure industrial safety. Technologies such as AI and IoT also play a significant role in modern industrial safety practices, providing real-time alerts and predictive maintenance capabilities to prevent accidents and breakdowns. Increasing awareness and prioritization of worker safety across industries contributes to the adoption of industrial safety devices. In addition, the rising adoption of automation and IoT technologies for real-time monitoring enhances the efficiency of industrial safety systems. However, the high investment cost for the installation of industrial safety systems and the complexity of integrating diverse safety solutions and interoperability issues limit the deployment of industrial safety devices. Furthermore, the emerging potential for wearable safety devices associated with industrial safety has created significant opportunities for market growth.
The American region, particularly the United States and Canada, prioritize stringent safety protocols in their industries that nourish the deployment of industrial safety systems across the industries. Investments in the production of durable and efficient safety devices for workers have risen in the American region. The numerous initiatives promoting workplace safety and mindful purchasing behavior of safety products have gained momentum. The European, Middle Eastern, and African region is seeing consistent growth in the industrial safety market. EU's safety regulations and Africa's increased focus on workplace safety have affected customer purchasing habits, driving the need for advanced safety solutions. The Middle East, meanwhile, is attracting substantial foreign investments with its generous spending on industrial safety initiatives. The Asia-Pacific region, comprising emerging economies such as China, India, and Japan, has shown significant growth over the years, driven by burgeoning manufacturing industries and rapid urbanization. Consumer needs primarily revolve around affordable yet reliable safety equipment. A significant increase in customer acceptance of higher quality safety systems paving the way for international investors in the APAC region.
Market Segmentation & Coverage:
This research report categorizes the Industrial Safety Market in order to forecast the revenues and analyze trends in each of following sub-markets:
Based on Type, market is studied across Machine Safety and Worker Safety. The Machine Safety is projected to witness significant market share during forecast period.
Based on Product, market is studied across Burner Management System (BMS), Emergency Shutdown System (ESD), Fire & Gas Monitoring System, High Integrity Pressure Protection System (HIPPS), and Turbomachinery Control System (TMC). The Burner Management System (BMS) is projected to witness significant market share during forecast period.
Based on Component, market is studied across Emergency Stop Devices, Programmable Safety Systems, Safety Controllers/Module/Relays, Safety Sensors, Safety Switches, and Safety Valves. The Safety Sensors is projected to witness significant market share during forecast period.
Based on Vertical, market is studied across Aerospace & Defense, Automotive, Chemical, Electronics, Energy & Power, Food & Beverages, Healthcare & Pharmaceutical, and Oil & Gas. The Food & Beverages is projected to witness significant market share during forecast period.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Europe, Middle East & Africa commanded largest market share of 38.33% in 2023, followed by Asia-Pacific.
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FPNV Positioning Matrix:
The FPNV Positioning Matrix is essential for assessing the Industrial Safety Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).
Market Share Analysis:
The Market Share Analysis offers an insightful look at the current state of vendors in the Industrial Safety Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.
Key Company Profiles:
The report delves into recent significant developments in the Industrial Safety Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., ACL Combustion Inc., Balluff GmbH, Banner Engineering India Pvt. Ltd., Born Inc., Cimarron Energy, Inc., Combustex Corp., Emerson Electric Co., Euchner, Fortress Interlocks, General Electric Company, HIMA Paul Hildebrandt GmbH, Honeywell International Inc., Johnson Controls International PLC, Keyence Corporation, KHD Humboldt Wedag International AG, Mitsubishi Electric Corporation, Omron Corporation, Pilz GmbH & Co. KG, Rockwell Automation, Inc., Schneider Electric SE, Siemens AG, SoftServe Inc., Spartan Controls Ltd., and Yokogawa Electric Corporation.
Key Topics Covered:
1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Industrial Safety Market, by Type
7. Industrial Safety Market, by Product
8. Industrial Safety Market, by Component
9. Industrial Safety Market, by Vertical
10. Americas Industrial Safety Market
11. Asia-Pacific Industrial Safety Market
12. Europe, Middle East & Africa Industrial Safety Market
13. Competitive Landscape
14. Competitive Portfolio
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the Industrial Safety Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Industrial Safety Market?
3. What is the competitive strategic window for opportunities in the Industrial Safety Market?
4. What are the technology trends and regulatory frameworks in the Industrial Safety Market?
5. What is the market share of the leading vendors in the Industrial Safety Market?
6. What modes and strategic moves are considered suitable for entering the Industrial Safety Market?
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