New York, United States , Dec. 13, 2023 (GLOBE NEWSWIRE) -- The Global Industrial Safety Market Size to Grow from USD 5.93 Billion in 2022 to USD 12.31 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 7.6% during the forecast period.
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Industrial safety ensures the well-being of workers and the secure operation of machinery, which, if mishandled, can result in significant damage. Essentially, it entails implementing preventive measures to handle potential hazards, thus avoiding human injuries or equipment malfunctions. Several systems like emergency shutdowns, fire and gas monitoring, and pressure protection are employed across diverse sectors such as oil and gas, pharmaceuticals, and metals. Regulatory bodies govern this through numerous laws. Annually, countless industrial accidents lead to substantial production time losses. Major production hours are lost not only due to injuries causing temporary or permanent incapacitation but also because of personnel aiding the injured. Hence, adhering to industrial safety regulations is crucial for maintaining production efficiency. The global push for industrial safety is driven by the proliferation of industries, the need for enhanced production, and stringent governmental guidelines. The rise of the Industrial Internet of Things presents further growth opportunities. However, the hefty investment for equipment and high maintenance costs poses challenges to market growth.
Browse key industry insights spread across 210 pages with 100 market data tables and figures & charts from the report on the "Global Industrial Safety Market Size, By Type (Machine Safety, Worker Safety), By Component (Presence Sensing Safety Sensors, Safety Controllers/ Modules/ Relays, Programmable Safety Systems, Safety Interlock Switches, Emergency Stop Controls, Two-Hand Safety Controls, Others), By Industry (Oil & Gas, Energy & Power, Chemicals, Food & Beverages, Aerospace & Defense, Automotive, Semiconductor, Healthcare & Pharmaceuticals, Metals & Mining, Others), By Geographic Scope and Forecast, 2022 – 2032."
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Industrial Safety Market Growth Analysis
Technological advancements, notably the advent of Industry 4.0 and the integration of IoT in manufacturing, have been pivotal in shaping industrial safety. AI and machine learning drive predictive maintenance, allowing early detection of machinery issues, thereby mitigating risks. Global governments and regulators have set stringent safety standards, often in response to past mishaps or fresh insights, compelling industries to refine their safety protocols and gear.
Industrial Safety Market Distribution Analysis
The industrial safety market focuses on measures safeguarding human resources, equipment, and infrastructure globally. Europe and North America lead due to strict regulations, technological innovations, and a solid industrial base. However, the Asia Pacific, especially India and China, is rapidly growing due to industrialization and heightened safety awareness. Key sectors employing safety measures include energy, manufacturing, and chemicals, prioritizing accident prevention and machinery protection. Advanced technologies like IoT and AI amplify the sector, facilitating real-time monitoring and proactive maintenance.
Insights by Type
The worker safety segment accounted for the largest market share over the forecast period 2023 to 2032. The key reason is that personal protective equipment (PPE) is necessary in all sectors, regardless of size or domain. Worker safety is concerned with safeguarding employees and other industrial participants against accidents, exposures, and other potentially hazardous events. Whether in a huge industrial facility, a construction site, or a small workshop, worker safety is critical, which is why PPE and other worker safety precautions are widely used.
Insights by Component
The presence sensing safety sensors segment accounted for the largest market share over the forecast period 2023 to 2032. They are a vital component of many industrial safety systems due to their versatility, application across many industries, and critical function in detecting unwanted or unexpected intrusions. These sensors are used in both high-end automation and simple industrial systems, resulting in widespread adoption.
Insights by Industry
The oil & gas segment accounted for the largest market share over the forecast period 2023 to 2032. Because of the inherent dangers in exploration, drilling, refining, and transportation, the oil and gas business prioritize safety. Accidents in this industry have significant environmental and human implications, resulting in large financial losses and reputational harm. As a result, large efforts are made to acquire top-tier safety systems that efficiently limit these dangers.
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Insights by Region
North America is anticipated to dominate the Industrial Safety market from 2023 to 2032. This is due to its forward-thinking manufacturing sector, stringent regulatory environment, and early adoption of cutting-edge safety solutions. The presence of major industrial companies, as well as ongoing R&D investments, contribute to the region's dominance. The region's enterprises span from energy and manufacturing to chemicals and medicines, each with its own set of safety regulations.
Asia Pacific is witnessing the fastest market growth between 2023 to 2032. The enormous scale of industrial activity, combined with increased awareness and regulatory emphasis on safety, highlights Asia Pacific as a critical market with huge growth potential over the foreseeable period. The Asia Pacific industrial safety market is expected to grow significantly as firms in the region modernize and embrace new safety laws and technologies.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major Players in the Global Industrial Safety Market Include Siemens AG, Emerson Electric Co., HIMA, Yokogawa Electric Corp., Omron Corporation, Schneider Electric SE, Honeywell International Inc., ABB Ltd., Rockwell Automation, Inc., Baker Hughes, Johnson Controls, Proserv Ingenious Simplicity and Others.
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Recent Market Developments
- On January 2023, SureWerx, a prominent North American supplier of personal protection equipment, safety gear, and tool solutions, announced the sale of the company to Partners Group, a renowned global private markets organization, from The Riverside Company. This strategic investment will allow Partners Group to accelerate SureWerx's growth by introducing complementary new goods and brands and providing best-in-class service to its existing network of committed distributors and end-users.
Market Segmentation
This study forecasts revenue at global, regional, and country levels from 2023 to 2032.
Industrial Safety Market, Type Analysis
- Machine Safety
- Worker Safety
Industrial Safety Market, Component Analysis
- Presence Sensing Safety Sensors
- Safety Controllers/ Modules/ Relays
- Programmable Safety Systems
- Safety Interlock Switches
- Emergency Stop Controls
- Two-Hand Safety Controls
- Others
Industrial Safety Market, Industry Analysis
- Oil & Gas
- Energy & Power
- Chemicals
- Food & Beverages
- Aerospace & Defense
- Automotive
- Semiconductor
- Healthcare & Pharmaceuticals
- Metals & Mining
- Others
Industrial Safety Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
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