The global industrial and workplace safety industry is poised to increase at a steady CAGR of 6.4%, reaching US$ 11.6 Bn by 2032 from US$ 5.9 Bn in 2021.
The management of all activities and events within an industry to safeguard its personnel and assets through the prevention of risks, accidents, hazards, and near misses is known as industrial machine safety. Government agencies regulate it through a variety of laws and rules.
Indeed, millions of occupational or industrial accidents occur each year, resulting in significant production time loss, emphasizing the importance of investing in the industrial machine safety market. Furthermore, people who are truly injured due to temporary or permanent disablement, as well as those who assist those who are truly injured, lose a significant amount of production time.
As a result, to maximize production efficiency, it is critical to follow industrial machine safety rules. Many systems, such as emergency shutdown, fire and gas monitoring, and pressure protection, are used in a wide range of industries, including oil and gas, food and beverage, pharmaceutical, chemical, and metals and mining.
In industrial safety applications, a variety of components are used, including safety sensors, relays, switches, and safety valves, with safety relays having the largest market share. North America and Europe account for the lion’s share of the industry due to stringent government regulations and legislation governing industrial safety certifications.
However, from 2022 to 2027, growth in demand from the energy & power sector is expected to steadily boost the industrial safety market for the energy & power end-use industry. The pharmaceutical end-user business overview for safety systems is less affected than other industries. Pharmaceutical firms require enhanced control over operational excellence to keep pace with industry advancements.
What are the Limits to the Industrial and Workplace Safety Market?
In the event of an emergency, industrial safety systems must be built as a precautionary measure to protect personnel, machinery, and production lines. Prices for industrial safety components, installation fees, and maintenance and repair costs all put a significant strain on a company’s budget. Small and medium-sized businesses may struggle to manage these costs, whereas large corporations can.
Furthermore, the industrial machine safety market must comply with legislative requirements. Safety standards are updated regularly to reflect technological advancements and new laws, necessitating the modernization of industrial safety systems. This upgrade will necessitate substantial investments in safety components and systems. As a result, this factor acts as a constraint, especially for small and medium-sized businesses.
What are the Emerging Trends in the Industrial and Workplace Safety Market?
The Internet of Things is changing the landscape of integrated safety and compliance services. IIoT sensors can collect and transmit data on pressure, level, flow, temperature, and vibration to monitoring systems. The data is transmitted via wired and wireless networks, allowing for real-time analysis, alarms, and potential emergency solutions.
Businesses can use the IIoT to integrate their operations with industrial safety systems and monitor them in real-time. The IIoT enables rapid monitoring, analysis, and control of physical systems by providing virtual management of physical systems, resulting in performance improvement. Industrial machine safety market demand is predicted to increase throughout the forecast period, owing to the growing usage of IIoT.
During the projected period, APEJ is likely to lead the worldwide industrial safety market, owing to the rising industrialization of emerging economies such as China and India.
China and India have previously implemented industrial safety measures in a variety of activities, including oil and gas extraction and electricity generation. With rapid industrialization, the adoption of safety automation solutions in manufacturing industries in this region is increasing significantly, contributing to the machine safety market growth.
Key Players
- Schneider Electric SE (France)
- Honeywell International Inc. (US)
- ABB Ltd. (Switzerland)
- Rockwell Automation, Inc. (US)
- Siemens AG (Germany)
- Emerson Electric Co. (US)
- Baker Hughes (US)
- HIMA (Germany)
- Yokogawa Electric Corp. (Japan)
- Omron Corporation (Japan)
