Published Date: 31-May-2022
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According to a new report, published by KBV research, 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 Worker Safety segment is showcasing a CAGR of 7.6% during (2022 - 2028). Managing, monitoring, and giving assistance and support for the health and safety of workers falls under this segment. The scope of actions includes onsite safety hazard identification, analysis, and mitigation; identification and analysis of the response and recovery of worker health hazards through personal exposure monitoring, as needed, comprising task-specific exposure monitoring for chemical and biological contaminants and physical stressors (e.g., noise, heat, cold, ionizing radiation); and risk evaluation from prevalent and emergent hazards.
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. It is due to the expansion of the automotive manufacturing units across various developing nations. In addition, there are many companies that are investing a lot in the industrial safety of their workers.
The Programmable Safety Systems segment has shown growth rate of 7.9% during (2022 - 2028). Programmable safety systems are high-reliability logic solvers that can perform both fail-safe & fault-tolerant tasks. Manufacturers are updating existing systems to abide by tight industrial safety regulatory norms. Safety instrumented systems must include programmable safety systems. These systems must be designed or selected in compliance with IEC 61508 and must meet the SIL 3 & SIL 4 performance requirements.
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; thereby, achieving a market value of $3.4 billion by 2028. The Europe market is estimated to witness a CAGR of 6.3% during (2022 - 2028). Additionally, The North America market would exhibit a CAGR of 6.4% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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