Global Industrial Safety Market Size, Share & Industry Trends Analysis Report By Type (Machine Safety and Worker Safety), By Industry, By Component, By Regional Outlook and Forecast, 2022 - 2028
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Market Report Description
The Global Industrial Safety Market size is expected to reach $9.5 billion by 2028, rising at a market growth of 6.9% CAGR during the forecast period.
The management of all activities and events inside the industry to protect its personnel and assets by avoiding risks, hazards, accidents, and near misses is known as industrial safety. Governmental bodies keep a check on it through various laws & rules. Millions of occupational or industrial accidents occur every year, resulting in significant lost production time, making it critical to invest in industrial safety. Additionally, people who are truly injured lose a significant amount of production time owing to temporary & permanent disability, as well as those who assist those who are injured. As a result, industrial safety laws must be followed to attain production efficiency.
The Occupational Safety and Health Act of 1970 was a watershed moment in industrial safety laws. The Act was the first comprehensive federal industrial safety legislation, and it was near full favor vote passed by both chambers of Congress. The surge in the number of work-related fatalities in the 1960s, particularly the Farmington, West Virginia mine tragedy of 1968, which killed many miners, was one of the variables contributing to a solid support for the act. The act was notable for putting a greater emphasis on preventing rather than compensating for occupational accidents & illnesses. The Occupational Safety and Health Administration (OSHA) & the National Institute of Occupational Safety and Health were established as a result of the act (NIOSH). The act included requirements such as developing obligatory safety & health standards, enforcing those standards, and establishing uniform record-keeping and reporting methods.
Workers' compensation laws vary greatly from state to state, although they always have the same basic goals. Employers must pay disability benefits, medical expenses, and compensation for lost work hours in the event of a work-related injury or illness. Workers, on the other side, are generally forbidden from filing a lawsuit against their employers, safeguarding corporations from costly liability settlements. "Workmen's compensation legislation has done much more to promote safety than all other measures combined," argues David Colling in his book Industrial Safety: Management and Technology. "Employers found that focusing on safety was more cost-effective than compensating employees for injury or death."
COVID-19 Impact Analysis
The COVID-19 pandemic has wreaked havoc on the oil & gas industry, with oil prices plummeting. In 2021, a massive imbalance between supply & demand arose as a result of a significant drop in oil and gas demand because of several limitations implemented by governments around the world. One of the most important sectors, oil, and gas, necessitates the use of safety systems & components. Chemicals and the energy and power industries are two other major end-users of industry safety products, both of which saw a drop in demand as a result of the global pandemic. Therefore, this led a slowdown in the industrial safety market. Due to the closure of international borders, non-operational distribution methods, and many precautionary measures implemented for public health & safety, foreign trade was restricted. However, development in the energy & power sector is predicted to enhance the industrial safety market for the energy & power end-use industry in the upcoming years.
Market Growth Factors
Strict impositions for safety regulations
The expansion of the industrial safety industry is mostly due to mandates for safety laws. The US government & governments in Europe are working to prevent mishaps by enforcing regulations relating to people and process safety and putting certified equipment in hazardous locations, such as switches, explosion-proof sensors, and actuators. Safety standards & regulatory measures have been implemented by organizations like as the Occupational Safety & Health Administration (OSHA), the International Standard Organization (ISO), the International Electro technical Commission (IEC), and the American National Standards Institute (ANSI) to monitor and improve the efficiency of industrial processes. Machine safety laws, like the EU Machinery Directives and OSHA regulations in North America, have aided the expansion of the industrial safety product industry.
Growing utilization of the Industrial Internet of Things
The Internet of Things is opening up new possibilities for integrated safety & compliance services. Sensors that measure pressure, flow, level, temperature, & vibration can be used by the IIoT to collect data and communicate it to monitoring systems. The data is sent across wired & wireless networks, allowing for real-time analysis, alarms, and potential solutions in the event of an emergency. Companies can combine their operations with safety systems and monitor them in real-time using the IIoT. IIoT allows for quick monitoring, analysis, & control, as well as virtual administration of physical systems, resulting in improved performance.
Marketing Restraining Factor:
Difficult to deal with any machinery-related dangers
Overall machine guarding necessitates a risk assessment that includes input from machine operators, maintenance workers, supervisors, engineers, safety specialists, machine guarding experts, & original equipment manufacturer (OEM) representatives, in addition to guard designers. It's hard for a designer to foresee all the dangers involved with equipment setup, operation, inspection, & maintenance on their own. When personnel needs to reach locations inside machine guards, meticulous planning & execution are required. Inadequate risk assessment can also lead to the omission of important requirements for the design and performance of interlock devices and monitoring components like relays and safety-rated programmable logic controllers, which are used for safety while performing substitute safeguarding measures.
Based on Type, the market is segmented into Machine Safety and Worker Safety. The machine safety segment acquired the highest revenue share in the industrial safety market in 2021. Machine safety technologies currently provide greater safety in the processing sectors. Machine safety requirements are becoming increasingly stringent. Stringent safety requirements, high demand for safety systems in the energy & power, oil & gas, and food & beverage industries, and increased demand for reliable safety systems for machine protection are the primary driving drivers of the machine safety market.
Based on Industry, the market is segmented into Automotive, Food & Beverages, Chemicals, Semiconductor, Aerospace & Defense, Healthcare & Life Sciences, Metals & Mining, Energy & Power, Oil & Gas, and Others. The oil & gas segment garnered a significant revenue share in the industrial safety market in 2021. Drilling and servicing oil & gas wells necessitates the use of a wide range of materials and equipment. To avoid injuries & deaths, it is vital to recognize and control dangers. Transporting workers and equipment to and from well locations safely is essential. Wells are frequently located in remote regions, necessitating lengthy-distance travel to reach them.
Based on Component, the market is segmented into Presence Sensing Safety Sensors, Safety Controllers/ Modules/ Relays, Programmable Safety Systems, Safety Interlock Switches, Emergency Stop Controls, Two-Hand Safety Controls, and Others. The presence sensing safety sensors segment acquired the largest revenue share in the industrial safety market in 2021. This occurred due to the need for security requirements for protecting workers & production units from any mishaps mandated by severe industrial safety rules based on national & international standards. In addition, factors like the growth of the fourth industrial revolution, the rising demand for safety light curtains in the packaging industry powered by robotics, and the rising number of industrial accidents are propelling the demand for presence sensing safety sensors in the industrial safety market.
|Market size value in 2021||USD 6 Billion|
|Market size forecast in 2028||USD 9.5 Billion|
|Historical Period||2018 to 2020|
|Forecast Period||2022 to 2028|
|Revenue Growth Rate||CAGR of 6.9% from 2022 to 2028|
|Number of Pages||300|
|Number of Tables||453|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling|
|Segments covered||Type, Component, Industry, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The Asia Pacific region acquired the largest revenue share in the industrial safety market with the in 2021. China & India have already implemented industrial safety in a variety of activities, including oil and gas extraction and electricity generation. With rising industrialization, the acceptance of safety automation solutions in manufacturing industries in this area is increasing rapidly, adding to market growth.
Free Valuable Insights: Global Industrial Safety Market size to reach USD 9.5 Billion by 2028
KBV Cardinal Matrix - Industrial Safety Market Competition Analysis
The major strategies followed by the market participants are Partnership. Based on the Analysis presented in the Cardinal matrix; ABB Group, Honeywell International, Inc. and Siemens AG are the forerunners in the Industrial Safety Market. Companies such as Baker Hughes Company, Rockwell Automation, Inc., HIMA Paul Hildebrandt GmbH are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Omron Corporation, Yokogawa Electric Corporation, HIMA Paul Hildebrandt GmbH, Baker Hughes Company, Emerson Electric Co., Siemens AG, Rockwell Automation, Inc., ABB Group, Honeywell International, Inc., and Schneider Electric SE.
Recent Strategies Deployed in Industrial Safety Market
» Partnerships, Collaborations and Agreements:
- Mar-2022: Baker Hughes joined hands with Accenture, C3 AI, and Microsoft on industrial asset management (IAM) solutions for clients in the energy & industrial sectors. The collaboration would emphasize building & implementing Baker Hughes IAM solutions that use digital technologies to aid enhance the safety, efficiency, & emissions profile of industrial machines, field equipment, and other physical assets. Pooling their own strengths, the four companies would join hands with Baker Hughes IAM capabilities that aid to optimize plant equipment, operational processes, & business operations by improved uptime, raising operational flexibility, capital planning, & energy efficiency management.
- Dec-2021: Rockwell Automation joined hands with Cytiva, a global life sciences leader. This collaboration aimed to boost the industry's digital transformation. In addition, the collaboration would unify their expertise in biomanufacturing & automation to build an efficient, flexible, and scalable platform.
- Jul-2021: HoneyWell International joined hands with Premier, a top technology-driven healthcare improvement company. This collaboration aimed to expand the local production of nitrile exam gloves.
- Mar-2021: Symboticware came into a partnership with Schneider Electric, a French multinational company providing energy and automation digital solutions. The partnership aimed to enhance machine & operator productivity, and improve safety for the off-highway vehicles over natural resource industries with asset performance management & advanced analytics.
- Oct-2020: Schneider Electric formed a partnership with Seniotic Labs, a provider of an AI-driven predictive maintenance solution for rotating motors & AC motors. The partnership aimed to broaden Schneider’s managed service offering to now assist the monitoring of rotating equipment comprising induction motors, conveyors, pumps, and compressors.
- Oct-2020: HoneyWell International joined hands with Wolters Kluwer, a Dutch information services company. The collaboration aimed to unify Honeywell's Industrial Internet of Things (IIoT) connected devices & safety software with the risk and environmental, health & safety (EHS) software from Enablon, a Wolters Kluwer business. This collaboration would allow enterprises in asset-intensive industries to enhance their risk, safety & operational excellence programs.
- Jan-2020: Siemens came into a partnership with Arm, a global semiconductor IP leader. Under this partnership, Arm would bring top edge IP, methodologies, processes & tools together to aid automakers, integrators & suppliers join hands, designing & bringing to market their next-generation platforms much quicker. This partnership was formed to deal with the growing dynamic challenges facing the industry in developing platforms to realize active safety, advanced driver assistance, in-vehicle infotainment, digital cockpits, vehicle-to-vehicle/vehicle-to-infrastructure & self-driving vehicles.
» Product Launches and Product Expansions:
- Feb-2022: ABB India introduced its new variety of flameproof (FLP) motors that are a safe choice for applications in potentially explosive environments. These low voltage motors would offer various benefits comprising low vibration levels with more reliability for an extended lifetime & lowered maintenance needs for a less cost of ownership.
- Nov-2021: ABB unveiled ABB Ability Smart Melt Shop, the first smart factory digital application for the metals industry. This product is developed to boost melt shop productivity, better employee safety, and save energy, with payback within a period of 6 months.
- Oct-2021: OMRON introduced the D41 Series Safety Door Switch. These switches can lower the risk of interlock devices being deactivated for a safe & worry-free production site. Some industrial accidents were caused by tampering with interlocking devices used for safety guards, even though they could have been prevented.
- Sep-2021: Yokogawa Electric expanded its product line, Exaquantum Safety Function Monitoring (SFM) software, an OpreX Asset Operations & Optimization solution. This expansion would aid to identify whether actual operating performance meets safety design targets. In addition, SFM R3.35 delivers continuous monitoring & evaluation of safety data to highlight deviations or failures in plant safety system performance.
- May-2021: Schneider Electric introduced the coStruxure Micro Data Center R-Series for rugged indoor environments. This Micro Data Center provides a "quick-to-deploy" solution to aid handle edge computing infrastructure with "challenging" industrial & manufacturing environments.
- Oct-2020: Honeywell introduced the first tools from its new suite of Connected Life Safety Services (CLSS), the first all-in-one cloud platform for fire safety systems. Honeywell's CLSS suite of tools, built on the Honeywell Forge platform, allows fire technicians to lower interruptions, prove compliance & reduce the time required for the design, installation, commissioning, inspection, maintenance & reporting of life safety systems.
» Acquisitions and Mergers:
- Sep-2019: Yokogawa took over RAP International, a UK-based company. Unifying RAP's electronic risk assessment & would allow to work software solutions with Yokogawa's real-time plant condition monitoring to drive safety assurance, lower turnaround times, and assist customers in giving improved protection for their people, assets, & the environment.
- Nov-2018: HoneyWell Internationals acquired Transnorm, a warehouse automation solutions provider. Under this acquisition, Transnorm would be added to HoneyWell's portfolio of warehouse automation solutions and would help companies better support European distribution centers and parcel delivery providers that are responding to substantial e-commerce growth.
- Jul-2018: ABB took over GE Industrial Solutions, GE's global electrification solutions business. The product portfolios of both companies would be highly complementary. Together, the companies would have an overall combined portfolio, with an expanded global footprint, salesforce & distribution network.
- Jun-2018: Siemens signed an agreement of acquisition with Austin, a startup software company that delivers analysis, auto-correction & simulation technology. Under this acquisition, this technology would enable customers to test & harden IC designs for functional safety in applications like as automotive, industrial & aerospace systems where functional safety & high reliability are mandatory for adherence to safety standards like ISO 26262.
Scope of the Study
Market Segments Covered in the Report:
- Machine Safety
- Worker Safety
- Food & Beverages
- Aerospace & Defense
- Healthcare & Life Sciences
- Metals & Mining
- Energy & Power
- Oil & Gas
- Presence Sensing Safety Sensors
- Safety Controllers/ Modules/ Relays
- Programmable Safety Systems
- Safety Interlock Switches
- Emergency Stop Controls
- Two-Hand Safety Controls
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Omron Corporation
- Yokogawa Electric Corporation
- HIMA Paul Hildebrandt GmbH
- Baker Hughes Company
- Emerson Electric Co.
- Siemens AG
- Rockwell Automation, Inc.
- ABB Group
- Honeywell International, Inc.
- Schneider Electric SE
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How valuable will the Industrial Safety market be in the future?
The global Industrial Safety market size is expected to reach $9.5 billion by 2028.
What are the key driving factors and challenges in the Industrial Safety market?
Growing utilization of the Industrial Internet of Things are driving the market in coming years, however, difficult to deal with any machinery-related dangers growth of the market.
What are the major top companies in the competitive landscape?
Omron Corporation, Yokogawa Electric Corporation, HIMA Paul Hildebrandt GmbH, Baker Hughes Company, Emerson Electric Co., Siemens AG, Rockwell Automation, Inc., ABB Group, Honeywell International, Inc., and Schneider Electric SE.
At what CAGR is the Industrial Safety market estimate to grow in the forecast period?
The expected CAGR of the Industrial Safety market is 6.9% from 2022 to 2028.
Which segment shows a high revenue share of the Industrial Safety market in 2021?
The Automotive segment acquired maximum revenue share in the Global Industrial Safety Market by Industry in 2021 thereby, achieving a market value of $1.9 billion by 2028.
Which region is fastest growing region in the market?
The Asia Pacific is the fastest growing region in the Global Industrial Safety Market by Region in 2021, and would continue to be a dominant market till 2028.