Gmi Research's blog : Industrial Safety Market by Size, Share, Forecasts 2029

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Industrial Safety Market generated a revenue of USD 5.3 billion in 2021 and is projected to reach USD 8.8 billion in 2029, growing at a CAGR of 6.5% during the forecast period from 2022-2029.

The factors driving the growth of Industrial Safety Market includes Government regulations regarding process and personnel safety, expansion of industrial facilities around the world, growing demand for safety systems across metals & mining, oil & gas, and pharmaceuticals, increase in the number of industrial accidents and improvements in the living standards. In addition, the increasing investments by major corporations on research and development, strategic mergers, and alliances between key companies, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.

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However, growth of the Industrial Safety Market is hindered due to high installation cost of industrial safety systems.

The leading players operating in the market are Emerson Electric Co., Yokogawa Electrics CIS Ltd., HIMA, Honeywell International Inc, ABB, Schneider Electric, General Electric, Siemens, Rockwell Automation, Inc., and OMRON Corporation, among others.

Based on Component, the Programmable Safety Systems segment is predicted to expand at a significant CAGR during the forecast period

Programmable safety systems improve flexibility, requires low cost of ownership, and helps businesses to comply with the safety standards, are some of the features pushing the market growth.

Based on Industry, the Power Generation segment is projected to expand at a remarkable CAGR over the forecast period

Growing demand for safety systems such as cable protectors and ground protection mats in the power sector and rising incidents of accidents is propelling Global Industrial Safety Market.

Based on Regin, the Asia-Pacific region is anticipated to capture the largest market share during the forecast period

Presence of the leading players such as Yokogawa Electrics CIS Ltd. and OMRON Corporation, rising incidents of accidents across industry verticals, rapid urbanization, growing per capita incomes and high per capita incomes, are some of the important factors augmenting the Industrial Safety Market size in the Asia-Pacific region.

Key Developments

  • In 2019, Honeywell International Inc completed the acquisition of Rebellion Photonics, which is an intelligent, innovative, and visual gas monitoring solutions provider. Through this acquisition, the company deployed the technology of Rebellion through the company’s performance materials & technology business to enable the manufacturing process to become safer.
  • In 2020, ABB developed a virtual reality-based system to support workers in the maintenance and operation of the machinery and focuses on enhancing the safety & efficiency across the industrial sectors. This system allows the individuals to interact with the projected field and effectively replace the traditional form of communication.

Market Segmentation

Segmentation by Component

  • Programmable Safety Systems
  • Safety Sensors
  • Safety Switches
  • Safety Controllers/Module/Relays
  • Safety Valves
  • Emergency Stop Devices
  • Others

Segmentation by Product

  • Fire & Gas Monitoring Systems
  • Emergency Shutdown Systems (ESD)
  • Burner Management Systems (BMS)
  • High Integrity Pressure Protection Systems (HIPPS)
  • Turbomachinery Control (TMC)

Segmentation by Industry

  • Food & Beverages
  • Oil & Gas
  • Chemicals
  • Pharmaceuticals
  • Metals & Mining
  • Power Generation
  • Water & Wastewater
  • Others

Segmentation by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

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  • Technology
On: 2022-12-23 07:08:00.985

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