Meticulous Research®—a globally recognized leader in market research—has released an in-depth report titled, "Industrial Safety Market by Type, Offering (Hardware, Software), End User (Oil & Gas, Energy & Power, Chemicals), and Geography—Global Forecast to 2030."
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The global industrial safety market is anticipated to achieve a valuation of $17.86 billion by 2030, growing at a robust compound annual growth rate (CAGR) of 11.1% from 2023 to 2030. This growth trajectory is largely driven by the increasing necessity for dependable safety systems to protect personnel and assets, the implementation of stringent workplace safety regulations, and the expansion of the oil & gas sector, which fuels the demand for industrial safety systems. Despite these positive factors, the market faces challenges, notably the high costs associated with installing industrial safety systems. Nevertheless, the rise of industrial Internet of Things (IoT) presents promising growth opportunities. A significant challenge in the sector remains the difficulty in assessing all machinery-related risks effectively.
Market Segmentation
The industrial safety market is segmented based on type, offering, end user, and geographic region, with each segment presenting unique trends and opportunities.
- By Type:
The market is divided into several categories including 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 systems, process control systems (PCS), pipeline monitoring & control systems, and network security systems. Among these, the emergency shutdown systems segment is projected to command the largest market share in 2023. This dominance is attributed to heightened safety protocols implemented by governments and increasing demand in process industries such as oil and gas. Emergency shutdown systems are critical across various sectors including healthcare, power, manufacturing, pharmaceuticals, and petrochemicals due to their role in managing critical safety scenarios.
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- By Offering:
The industrial safety market is further segmented into hardware and software. In 2023, the hardware segment is expected to hold the largest market share. This is primarily due to stringent workplace safety regulations and the substantial demand for safety systems in industries such as oil & gas, energy & power, and food & beverages. Hardware components are essential for implementing physical safety measures and ensuring compliance with safety standards.
- By End User:
The market segmentation by end user includes oil & gas, energy & power, chemicals, water & wastewater, construction, food & beverages, aerospace & defense, automotive, semiconductor, healthcare & pharmaceuticals, metals & mining, and other sectors. The oil & gas industry is forecasted to dominate the market in 2023. The sector's significant need for industrial safety systems stems from its high-risk environment, where the potential for fires and explosions due to flammable vapors or gases is substantial. The adoption of safety systems in this sector is crucial for mitigating risks and ensuring safe operational environments.
- By Geography:
Geographically, the industrial safety market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to hold the largest market share. This is driven by rapid industrialization in emerging economies such as China and India. Both countries have implemented various occupational health and safety measures, particularly in sectors like oil and gas exploration and power generation. The swift industrial growth in Asia-Pacific has led to increased adoption of industrial safety systems in manufacturing and other industries, propelling the regional market forward.
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Key Market Players
The report highlights several key players in the global industrial safety market, each contributing to the sector's development through innovative solutions and technological advancements. Prominent companies include 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), and SICK AG (Germany). These companies are pivotal in advancing industrial safety through the development of cutting-edge technologies and comprehensive solutions tailored to meet the diverse needs of various industries.
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