Pune, Sept. 12, 2024 (GLOBE NEWSWIRE) -- Market Size & Growth Analysis:
As Per the SNS Insider, The Industrial Safety Market Size was valued at USD 6.74 billion in 2023 and is expected to reach USD 12.39 billion by 2032, and grow at a CAGR of 7% over the forecast period 2024-2032.
Increasing emphasis on industrial safety is fueling the expansion of the market due to strict regulations and advancements in technology.
The Industrial Safety Market is experiencing strong growth due to workplace safety priorities, strict government regulations, and increased automation in industries like manufacturing, energy, chemicals, oil & gas, and pharmaceuticals. Safety sensors, ESD systems, fire and gas monitoring systems, safety controllers, protective gear, and PPE are crucial for accident prevention. The ET&D partnership reduced electrical construction fatalities significantly, emphasizing safety as an investment. Data analysis, training, benchmarks, and comprehensive safety systems are vital for handling risks from natural disasters and promoting workplace safety in high-risk industries.
Artificial intelligence and Internet of Things transform the industrial safety market amidst costly injuries.
The industrial safety sector is quickly changing with the help of AI and IoT progress, improving hazard identification and proactive risk control. With £18 billion being reported in injury-related costs in the UK, these technologies play a vital role in preventing accidents, enhancing safety standards, and mitigating economic impacts across various industries.
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Leading Players Included in this Research Report are:
-ABB Ltd
-Siemens AG
-Schneider Electric SE
-Baker Hughes
-Yokogawa Electric
-Hima Paul Hildebrandt
-Johnson Controls
-Fortress Interlocks
-Rockwell Automation
-Emerson Electric
-Omron Corporation
-General Electric
-Proserv Ingenious Simplicity
-Euchner
-3M
-SICK AG
-KEYENCE CORPORATION
-Pepperl+Fuchs
Industrial Safety Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 6.74 Billion |
| Market Size by 2032 | USD 12.39 Billion |
| CAGR | CAGR of 7% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Key Growth Drivers | • Utilizing Creative Communication to Revolutionize Industrial Safety Market • The Role of AR and VR Technologies in Shaping Industrial Safety Training |
Growth in Industrial Safety Market Driven by Worker Safety and Presence Sensing Sensors.
In 2023, worker safety dominated the industrial safety market based on type, generating 58% of revenue, highlighting the importance of safeguarding employees in industries such as manufacturing and construction. Key breakthroughs, such as smart helmets and IoT-connected PPE developed by Honeywell and 3M, illustrate the industry's move towards data-focused safety solutions, in line with strict regulatory requirements.
In 2023, presence sensing safety sensors accounted for 27% of the industrial safety market, which are important for identifying dangers and improving safety through devices such as light curtains, laser scanners, and proximity sensors. Advancements from leading companies like SICK AG, Omron, Keyence, and Pepperl+Fuchs are boosting market expansion through enhanced detection precision and operational effectiveness.
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Key Market Segmentation
By Type
- Machine Safety
- Worker Safety
By Component
- Presence Sensing Safety Sensors
- Programmable Safety Systems
- Safety Interlock Switches
- Emergency Stop Controls
- Safety Controllers/ Modules/ Relays
- Two-Hand Safety Controls
- Others
By Industry
- Oil & Gas
- Food & Beverages
- Aerospace & Defense
- Healthcare & Pharmaceuticals
- Energy & Power
- Chemicals
- Automotive
- Semiconductor
- Metals & Mining
- Others
North America and Asia Pacific dominate the industrial safety market due to advanced technologies and fast growth.
In 2023, North America led the industrial safety market with 34% of revenue, thanks to its advanced infrastructure, strict safety regulations, and widespread use of cutting-edge technologies. Major companies such as Honeywell and Rockwell Automation have launched products like Honeywell’s Safety Manager and Rockwell’s Integrated Safety Systems, improving live monitoring and risk evaluation. Initiatives such as OSHA’s Voluntary Protection Programs, along with advancements from firms like Banner Engineering and Pilz, continue to stimulate market expansion, giving priority to safety and technology.
By 2023, Asia Pacific became the second fastest-growing industrial safety market, driven by rapid industrial expansion and increased safety investments. China’s stringent regulations and India’s updated standards, coupled with innovations from Tata Steel and Siemens India, underscore the region’s commitment to enhancing workplace safety.
Recent Development
- October 26, 2023: Pepperl+Fuchs Enhances Industrial Safety with New Safe Absolute Positioning Systems Offering SIL 3 and PL e Certifications
- On November 17, 2023, ABB Ability™ Smart Sensor for Hazardous Area was introduced, a wireless gas detector designed for tough industrial settings. This sensor makes installation and maintenance easier while enhancing worker safety.
- On October 25, 2023, a collaboration was established with TÜV Rheinland to provide a wide range of industrial safety services, such as risk evaluations, education, and accreditation. This partnership is focused on assisting customers in enhancing their safety culture and adherence to regulations.
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Key Takeaways
- The Industrial Safety Market is ready for substantial expansion, fueled by technological progress and strict safety rules.
- The Advanced Warehouse systems and Software components play a crucial role in fueling the market's growth.
- North America is ahead in market share, whereas Asia Pacific demonstrates the highest growth potential.
- Recent advancements in technology are improving safety procedures and creating more opportunities in the market.
TABLE OF CONTENTS – Key Points Analysis
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Safety Equipment Production Volumes, by Region (2023)
5.2 Safety Technology Adoption Trends (Historic and Future)
5.3 Safety Compliance and Standards Trends
5.4 Safety Equipment Market Share by Product Type (2023)
5.5 Innovation and R&D in Industrial Safety
6. Competitive Landscape
7. Industrial Safety Market Segmentation, By Type
8. Industrial Safety Market Segmentation, By Component
9. Industrial Safety Market Segmentation, By Industry
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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