The growing concern for safety towards labors is expected to surge the global industrial safety market, states Market Research Future (MRFR). MRFR reveals that the global industrial safety market is poised to expand with a CAGR of 8.2% over the forecast period (2019–2024). In 2019, the market valued USD 3,345.3 million. MRFR mentions that the global industrial safety market can touch a valuation of USD 5,290.1 million by 2024.
Students from the University of New South Wales (UNSW) University, a public research university in Australia won UNSW Maker Games competition. They designed a virtual reality system that could enable workers to shut down dangerous machinery in industrial plants.
The robust execution of stringent government norms regarding workers safety, across the world, is expected to impel the industrial safety market growth. The mining, the chemical, the oil and gas, and the pharmaceutical industries are some of the high end-users of the industrial safety solutions. The increase in research and developmental activities in these industries is expected to gain momentum for the global industrial safety market. Technical advancements such as Internet of Things (IoT) and Artificial Intelligence (AI) are enhancing the effectiveness of industrial safety solutions. These upgradations are likely to gain traction for the industrial safety market. The need for proper maintenance of industrial equipment and machinery is also likely to surge the global industrial safety market growth.
Despite the presence of such strong drivers, lack of certified personnel in safety measures can interfere the expansion of the global industrial safety market.
The industrial safety market study has been segmented based on type, vertical, and component.
Based on the type, the global industrial safety market has been segmented into fire & gas monitoring systems, emergency shutdown systems (ESD), high integrity pressure protection systems (HIPPS), turbomachinery control (TMC), burner management systems (BMS), and others.
Based on the component, the global industrial safety market has been segmented into safety sensors, safety controllers/module/relays, programmable safety systems, emergency stop devices, safety valves, safety switches, and others.
Based on the vertical, the global industrial safety market has been segmented into chemicals, refining, pharmaceutical, oil and gas, metal & mining, paper & pulp, water & wastewater, manufacturing, energy & power, and others.
Based on the region, the industrial safety market has been analyzed across North America, Asia-Pacific, Europe, and the Rest of the World (RoW).
North America is anticipated to secure the largest share of the global industrial safety market growth. The existence of well-established industries in North America and the growing concern regarding the safety of workers are likely to intensify the growth of the regional market. Robust adoption of industrial safety solutions is one of the crucial aspects of the fourth industrial revolution, which is anticipated to boost the North American industrial safety market growth. In the Asia Pacific region, the stringent safety measures taken by the government is expected to surge the regional industrial safety market growth. Additionally, rapid industrialization in Asia Pacific region to encourage the industrial safety market growth. The growing need for availing effective manufacturing solutions to workers in the APAC is anticipated to drive the industrial safety market growth.
MRFR listed some renowned companies, which are functional in the global industrial safety market. They are; Johnson Controls (Ireland), TUSKER INDUSTRIAL SAFETY (UK), DuPont (US), Eaton PLC (Ireland), 3M (US), Ceasefire (India), Panduit (US), GENERAL ELECTRIC (US), W.W. Grainger, Inc. (US), Yokogawa Electric Corp. (Japan), Proserv Ingenious Simplicity (UK), Schneider Electric SE (France), Rockwell Automation, Inc. (US), Euchner (Germany), Honeywell International, Inc. (US), Emerson Electric Co. (US), Balluff (US), Hima Paul Hildebrandt GmbH (US), Fortress Interlocks (UK), ABB Ltd (Switzerland), Omron Corporation (Japan), and Siemens AG (Germany),