The Global Industrial Safety Market Will Grow to USD 8.8 Billion by 2027, at a CAGR of 6.8% - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Industrial Safety Market with COVID-19 Impact Analysis by Component (Presence Sensing Safety Sensors, Safety Controllers, Programmable Safety Systems), Industry (Energy & Power, Automotive, Oil & Gas) and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The global industrial safety market is estimated to grow from USD 6.3 billion in 2022 to USD 8.8 billion by 2027, at a CAGR of 6.8%. 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 programmable safety systems to grow at the highest CAGR during the forecast period

Currently, the industrial safety market for programmable safety systems is expected to grow at the highest CAGR during the forecasted period. The growth of this market can be attributed to the wide adoption of programmable safety systems in end-user industries. Programmable safety systems or safety PLCs are considered as the backbone of machine safety systems. In addition, programmable safety systems can be easily used in close conjunction with other systems.

APAC is projected to hold the largest market share throughout the forecast period

The increased acceptance of international industrial safety standards is driving the growth of the industrial safety market in this region. Rapid industrialization, rising emphasis on industrialization and organizational industrial safety, as well as the influence of multinational companies in adopting safety systems, are also driving the growth of the industrial safety market in APAC. The growth of heavily regulated industries such as oil & gas and power has increased the demand for industrial safety in developing economies, particularly in China and India.

Market Dynamics

Drivers

• High Requirement for Reliable Safety Systems to Ensure Personnel and Asset Protection
• Strict Mandates for Safety Regulations
• Rapidly Growing Oil & Gas Industry Driving Adoption of Industrial Safety Systems

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

• Failure to Access All Machinery-Related Risks
• Local Manufacturers Offering Low-Priced Industrial Safety Systems 

Companies Mentioned

• ABB
• Baker Hughes
• Balluff Gmbh
• Banner Engineering
• Emerson Electric Co
• Euchner
• Fortress Interlocks (Halma plc)
• Hima
• Honeywell International Inc.
• Idec Corporation
• Johnson Controls
• K.A. Schmersal
• Keyence
• Mitsubishi Electric
• Omron Corporation
• Paladon Systems Ltd.
• Pilz
• Proserv Ingenious Simplicity
• Rockwell Automation, Inc.
• Schneider Electric
• Sgs Group
• Sick
• Siemens
• Velan Inc.
• Yokogawa Electric Corporation

For more information about this report visit https://www.researchandmarkets.com/r/18uo0j