The North America Industrial Safety Market would witness market growth of 6.4% CAGR during the forecast period (2022-2028).
Finding & eliminating risks before they occur is an important aspect of enhancing safety. It could be something as easy as double-checking the guardrails to something as complex as hiring a third-party vendor to check the fire suppression equipment. In all circumstances, having a detailed plan of inspections and responsibilities is beneficial. It's easy for items to slide between the gaps with conventional maintenance management tracking, which relies on paper or spreadsheets. Industrial safety is concerned with filling all these gaps in safety and making the production process in an industry safe for the workers.
The market is driven by factors such as safety requirements, the need for safety in the oil & gas industry, and the fourth industrial revolution. Many industries were obliged by mandatory industrial safety rules to construct safety systems using safety sensors & relays for employee and asset safety. Because of the dangerous environment, the oil and gas industry's growth needs a robust safety system. As a result, this industry accounts for the majority of the market for industrial safety. The industrial safety industry is predicted to rise as new technologies emerge, such as the Internet of Things and Artificial Intelligence, and their integration with the system accelerates. The expensive investment in automation and equipment maintenance in hazardous environments, on the other hand, limits the growth of the industrial safety industry. The rise in smart city construction in emerging economies around the world bodes well for the industrial safety market in the future
The demand for new workplace safety solutions is fueled by the existence of innovative technology suppliers and tech-savvy consumers. Stringent government regulations and safety standards are among the primary reasons boosting the workplace safety market growth in North America. Workplace safety vendors in the region might benefit from the rising integration of modern technologies & smart sensors in workplace safety to monitor & track equipment. Different labor safety organizations, such as the United States Department of Labor’s Occupational Safety and Health Administration (OSHA), have established regulatory frameworks that would enable market growth all over North America.
The problem of industrial safety in the United States has developed in lockstep with the country's industrial development. The enactment of workers' compensation laws around the turn of the twentieth century, as well as the Occupational Safety and Health Act of 1970, were both significant. Over time, the focus on industrial safety has shifted from compensation to prevention, with a greater focus on resolving the long-term consequences of workplace risks.
The US market dominated the North America Industrial Safety Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1,869.4 million by 2028. The Canada market is estimated to grow at a CAGR of 8.9% during (2022 - 2028). Additionally, The Mexico market would display a CAGR of 7.9% during (2022 - 2028).
Based on Type, the market is segmented into Machine Safety and Worker Safety. 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. 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. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Industrial Safety Market is Estimated to reach $9.5 Billion by 2028, at a CAGR of 6.9%
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.
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