New York, NY, June 26, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Industrial Safety Market by Product (Burner Management Systems, Fire and Gas Monitoring and Control, High Integrity Pressure Protection Systems, Turbomachinery Control, and Emergency Shutdown Systems), by Component (Safety Sensors, Emergency Stop Devices, Safety Controllers/Module/Relays, Programmable Safety Systems, Safety Valves, Safety Switches, and Others), and by End-Use Industry (Oil and Gas, Food & Beverages, Water and Wastewater, Pharmaceuticals, Power Generation, Chemicals, Mining, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global industrial safety market was USD 3.04 billion in 2018 and is expected to reach USD 5.41 billion by 2025, at a CAGR of 8.6% between 2019 and 2025.
Industrial safety refers to the management of various events and operations within an industry/factory, to ensure employee safety and asset protection by minimizing accidents, risks, hazards, and losses. Rapid technological developments, increasing demand for safety systems in the oil and gas sector, rising number of obligations for safety regulations, growing demand for reliable safety systems, accelerating use of automation in hazardous industrial areas and industrial revolution 4.0 are the prime factors fueling the global industrial safety market growth. The implementation of industrial safety measures by numerous governments across the world is another factor supporting the global industrial safety market. However, the huge initial investments for industrial safety systems installation may restrict the global industrial safety market development. Conversely, the increasing acceptance of workplace safety standards, particularly in developing countries, is likely to open new growth avenues for the major market players.
Browse through 54 Tables & 36 Figures spread over 110 Pages and in-depth TOC on “Global Industrial Safety Market Size & Share 2018: By Product Type, Industry Growth, Segments, Analysis and Forecast to 2025”.
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The global industrial safety market is fragmented based on product, component, and end-use industry. On the basis of product, the global industrial safety market includes burner management systems, fire and gas monitoring, and control, high integrity pressure protection systems, turbomachinery control, and emergency shutdown systems. Emergency shutdown systems are anticipated to grow rapidly over the estimated time period. By component, the global market is categorized into safety sensors, emergency stop devices, safety controllers/module/relays, programmable safety systems, safety valves, safety switches, and others. Programmable safety systems were the fastest growing segment and accounted for a significant share in 2018. By end-use industry, the global industrial safety market includes oil and gas, food and beverages, water and wastewater, pharmaceuticals, power generation, chemicals, mining, and others. In 2018, the power generation segment dominated the global industrial safety market.
In 2018, Europe dominated the global industrial safety market. This growth can be attributed to the stringent regulatory standards and safety directives implemented by the governments across the region. Industrial safety criteria are severely followed in all European Union countries, such as Germany, France, Italy, etc. End-user industries like chemicals, oil and gas, power generation, and water and wastewater treatment generate huge revenues for industrial safety in the region.
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North America held the second spot in the industrial safety market globally in 2018. The U.S. is a major country for industrial safety market in the region. North America is a matured market, as industrial safety systems/products are used across various regional end-use industries and the mandatory installation of advanced safety systems by government regulations in the U.S., Canada, etc.
The Asia Pacific region is anticipated to register the fastest CAGR in the global industrial safety market over the next few years, owing to the rising urbanization and growing industrialization across the region, particularly in the emerging economies of India and China. These countries dominate the regional market due to the rising use of safety systems in power generation and oil and gas sectors. China and India have already adopted industrial safety in several industries like power generation, oil, and gas, etc. In 2018, China was the major market in the region for industrial safety and is expected to continue its dominance in the future as well. The rising domestic demand and easy access to resources have made the Asia Pacific region a leading producer and consumer of different industrial safety systems.
Browse the full “Industrial Safety Market by Product (Burner Management Systems, Fire and Gas Monitoring and Control, High Integrity Pressure Protection Systems, Turbomachinery Control, and Emergency Shutdown Systems), by Component (Safety Sensors, Emergency Stop Devices, Safety Controllers/Module/Relays, Programmable Safety Systems, Safety Valves, Safety Switches, and Others), and by End-Use Industry (Oil and Gas, Food & Beverages, Water and Wastewater, Pharmaceuticals, Power Generation, Chemicals, Mining, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025” Report at https://www.zionmarketresearch.com/report/industrial-safety-market
Latin America and the Middle East and Africa are projected to experience moderate growth in the global industrial safety over the forecast time period, owing to significant investments made by the leading companies for industrial safety projects in these regions. Governments of Brazil, Argentina, South Africa, and the UAE are promoting the use of technology across various industries, which is also driving this global market.
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Some major players of the global industrial safety market are Honeywell, ABB, Schneider, Rockwell, Emerson, Yokogawa, Hima Paul, GE, Siemens, Omron, Johnson Controls, Proserv Ingenious Simplicity, Euchner, Balluff, and Fortress Interlocks.
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This report segments the global industrial safety market into:
Global Industrial Safety Market: Product Analysis
- Burner Management Systems (BMS)
- Fire and Gas Monitoring and Control (F&GM)
- High Integrity Pressure Protection Systems (HIPPS)
- Turbomachinery Control (TMC)
- Emergency Shutdown Systems (ESD)
Global Industrial Safety Market: Component Analysis
- Safety Sensors
- Emergency Stop Devices
- Safety Controllers/Module/Relays
- Programmable Safety Systems
- Safety Valves
- Safety Switches
- Others
Global Industrial Safety Market: End-Use Industry Analysis
- Oil and Gas
- Food and Beverages
- Water and Wastewater
- Pharmaceuticals
- Power Generation
- Chemicals
- Mining
- Others
Global Industrial Safety Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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