Industrial Safety Market with COVID-19 Impact Analysis - Global Forecast to 2025 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Industrial Safety Market with COVID-19 Impact by Component (Presence Sensing Sensors, Safety Switches, Programmable Safety Systems, Emergency Stop Devices), System (ESD, HIPPS, TMC, BMS, and F&GM), Industry, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

The industrial safety market was valued at USD 5.8 billion in 2019 and is projected to reach USD 7.7 billion by 2025; it is expected to grow at a CAGR of 6.7% from 2020 to 2025.

Industrial safety market to exhibit significant growth during 2020-2025

The adoption of standards such as IEC 61508 and IEC 61511 has led to increased dependency on industrial safety systems to attain the mandatory risk reduction targets. IEC 61508 and IEC 61511 are performance-based standards that promote the concept of the industrial safety life cycle. The widespread adoption of these standards, coupled with increased awareness about the need for industrial safety management and competency at both individual and organizational levels, has seen a step-change in the direction to undertake specified industrial safety activities.

Market for worker safety to grow at higher CAGR during the forecasted period

Worker safety systems are implemented in manufacturing industries to ensure high productivity and reduce energy consumption during the production process. The smart worker solution is used to increase worker safety in industrial environments, along with tracking their work in the most efficient way. Smart worker solutions consist of many hardware and real-time software solutions, such as protective textile equipment, head protection equipment, eyewear, and protection devices, which are connected remotely using wireless connectivity technologies and embedded with software.

Market for fire & gas monitoring systems to grow at highest CAGR during the forecast period

Currently, the industrial safety market for fire & gas monitoring systems is expected to grow at the highest CAGR during the forecasted period. A Fire & gas monitoring system maintains the overall safety and operation of industrial facilities. Incorrect detector placement and poor environmental conditions can prevent the system from detecting hazardous gas leak or flame, even when it is functioning properly. If a safety hazard is undetected, then the appropriate safety action (shut down, deluge, venting, and others) cannot be initiated. Hence, detector placement is extremely crucial. Fire & gas monitoring systems are widely used in industries such as petrochemicals, manufacturing, power, pharmaceuticals, healthcare, paper & pulp, and mining.

APAC is projected to grow at a higher CAGR during the forecast period.

APAC is expected to be the fastest-growing market for industrial safety. China and India to remain lucrative growth markets for manufacturers of industrial safety. With growing manufacturing sectors, India has become one of the fastest-growing countries in the adoption of industrial safety. Due to the outbreak of COVID-19, various companies in APAC to witness a decline in demand for industrial safety. The company has been temporarily stalling new projects. As lockdown restrictions continue, the demand is expected to remain below normal forcing utilities to reconsider their capital expenditure.

Market Dynamics

Drivers

• Fiscal Policy Steps Taken by Regional Financial Institutions to Sustain Manufacturing Facilities Amid COVID-19 Crisis
• High Requirement for Reliable Safety Systems to Ensure Personnel and Asset Protection
• Strict Mandates for Safety Regulations

   

Restraints

• High Investments Required for Automation and Installing Industrial Safety Systems
• Lack of Awareness and Complexity of Standards

   

Opportunities

• Growing Acceptance of Workplace Safety Standards in Emerging Economies
• Increasing Usage of Industrial Internet of Things

   

Challenges

• Supply Chain Disruptions Due to Lockdown and Social Distancing Norms
• Failure to Access All Machinery-Related Risks
• Adoption of Different Technologies in Industrial Safety Systems

Company Profiles

Key Players

• Schneider Electric
• Honeywell
• ABB
• Rockwell
• Siemens AG
• Hima Paul
• Yokogawa
• Emerson Electric
• General Electric
• Omron Corporation

Other Key Players

• Johnson Controls
• Balluff Gmbh
• Keyence
• IDEC
• Sick
• Euchner
• Fortress Interlocks (Halma Plc)
• SGS Group
• Mitsubishi Electric
• Pilz
• Velan Inc
• Paladon Systems Ltd.
• Proserv Ingenious Simplicity
• Banner Engineering
• K.A. Schmersal

For more information about this report visit https://www.researchandmarkets.com/r/13sm02