Global Industrial Safety Market - 2022-2029

Global Industrial Safety Market - 2022-2029
Market Overview

Industrial Safety Market reached US$ XX million in 2021 and is expected to record significant growth by reaching up to US$ XX million by 2029, growing at a CAGR of 7.20% during the forecast period (2022-2029).

Safety comes first in today's technologically advanced industrial operations that use energy. A well-designed safety system is essential for safeguarding people, property, the environment and society. Industrial safety is characterized as rules and safeguards to ensure that factory and plant workers are protected from dangers that could result in harm. Industrial safety policies include those implemented by the Occupational Safety & Health Administration (OSHA).

Industrial safety is supervising all activities and incidents within a sector to safeguard its personnel and assets by reducing risks, hazards, mishaps and near misses. The increased demand for workplace safety in many parts of the world has fueled the demand for industrial safety. Numerous levels of safety shutdown systems initiate protective action in an unexpected occurrence in industrial safety operations.

Market Dynamics

The industrial safety market is expanding due to the rising demand for dependable safety systems to safeguard people and assets and tight safety requirements. Furthermore, the growing use of IIoT in various industries in emerging nations is expected to increase participants' acceptance of industrial safety.

IoT use in industrial applications is on the rise

The IIoT can collect data from sensors that detect pressure, level, flow, temperature and vibration and communicate it to monitoring systems. The IIoT (Industrial Internet of Things) opens new avenues for integrated safety and compliance services. A wide range of businesses utilizes the IIoT. The manufacturing process for automobiles uses IIoT devices as one example. Industrial robots are utilized in the automobile industry and IIoT can help preventatively upkeep these systems and identify any issues before they can affect production.

IIoT devices are also widely used in the agriculture sector. Industrial sensors gather information on soil moisture, nutrients and other factors to help farmers grow the best crop possible. Industrial IoT equipment is being used in the oil and gas sector. Some oil corporations keep a fleet of autonomous planes that can scan pipelines with visual and infrared imaging to identify possible issues. The need for industrial safety is predicted to rise during the forecast period due to the increasing usage of IIoT.

Mandatory regulations for industrial safety

Industrial operations are vulnerable to threats like natural disasters, political unrest and cyberattacks. These have the potential to harm the environment, employees and industry seriously. Industrial processes, machinery and plants can also create hazards that could endanger people, property and the environment. Therefore, managing all situations, activities and events within an industrial plant or site is essential for sustainable industrial development to reduce, regulate and eliminate risks and safeguard people, useful resources and the environment.

Organizations such as OSHA, the International Electro-technical Commission, the International Standard Organization and the American National Standards Institute have implemented standards and regulatory measures for safety to monitor & enhance the efficiency of industrial processes. Machine safety laws, such as the E.U. Machinery Directives and OSHA regulations in North America, have aided in the growth of the industrial safety market.

High investment costs

The cost of industrial safety components, installation, maintenance and repair costs places a significant strain on the organization's budget. U.S. spent US$171 billion on occupational injuries in 2019. The cost comprised lost wages, productivity & administrative, medical and employer expenditures after insurance.

Technology advancements and new legislation frequently result in changes to safety standards, necessitating businesses' modernization of safety systems. Additional investments in safety systems and components are necessary due to modernization. The component acts as a restriction, especially for small and medium-sized firms.

COVID-19 Impact Analysis

The oil-exporting developing countries are being hit particularly hard by the combined effects of COVID-19 and the oil price shock at a time when the fossil fuel industry is experiencing a structural collapse. The collapse of oil market and a historic double blow are being experienced by nations that are net exporters of oil as the benchmark price for American crude oil, the West Texas Intermediate, temporarily fell below zero for the first time in history (in April 2020).

The International Energy Agency predicts that oil and gas revenues for the number of significant producers will decline by 50 to 85% in 2020 compared to 2019, based on an oil price of US$ 30 per barrel; however, the losses could be greater depending on future market developments. To bear up with changes in the sector, pharmaceutical companies need greater operational excellence control. A safe, reliable and effective production process is a crucial requirement for assuring the highest quality of products. Rising cost restraints & and safety restrictions and increasingly diversified product portfolios are some of the problems this business is dealing with.

Segment Analysis

By end-user, the industrial safety market is segmented into oil & gas, energy & power, chemicals, food & beverages, automotive, semiconductors, healthcare & pharmaceuticals, metal & mining and others.

The increased regulation of the food and beverage sector

Food and beverages are predicted to grow rapidly during the forecast period. Regarding food quality and safety, the food supply chain uses two systems. The first is based on rules and legislation that employ obligatory criteria that government organizations examine. The second relies on voluntary norms established by international organizations or market legislation.

Food employee health concerns, personal cleanliness, wearing protective gear including gloves & helmets, sanitizing work areas & surfaces, safe handling, preparation & delivery of food and maintaining social distance are all safety precautions to guarantee the continuity of food flow at each stage. It can be accomplished using Industry 4.0 technology for innovative automation technology in the food and beverage sector to offer additional benefits and automate jobs that employees previously did. Safety systems increase operational transparency across production lines and lower compliance costs through timely corrective actions.

Geographical Analysis

Asia-Pacific’s vast labor and end-use industries

The market for industrial safety is expected to be led by Asia-Pacific owning to its large manufacturing base and number of laborers. In Asia-Pacific, around 1.1 million people die yearly from occupational diseases or accidents. Women, kids, workers with disabilities, migrant laborers and members of ethnic minorities are frequently involved. Workplace accidents affect not just the well-being of individual employees but also their businesses' productivity and financial success. Governments, employees and employers across Asia-Pacific are working harder to prevent workplace accidents and illnesses. Along with labor audits, workplace injury reporting, information & training and national OSH campaigns, the ILO collaborates with them to develop national occupational safety and health (OSH) systems.

Additionally, between 2018 and 2050, the number of refineries in Asia-Pacific will rise by 60%, according to the International Energy Outlook 2019 report. By 2040, the regional oil demand is expected to rise from its current level of 6.5 million barrels per day to 9 million barrels per day, according to the IEA. The advancement of electric cars and automation equipment and the advancement of Chinese safety standards and regulations are likely to provide lucrative chances for the region's overall expansion of the Industrial Safety industry.

Competitive Landscape

The market's top companies are implementing new expansion plans in light of the requirement for industrial safety measures. The players are investing in mergers & acquisitions, joint ventures and partnerships to broaden their influence. The operations may provide the industrial safety industry with some favorable growth prospects.

Major global industrial safety market companies include ABB Ltd, Emerson Electric Co., Yokogawa Electric Corp., Rockwell Automation Inc., Siemens AG, Hima Paul Hildebrandt GmbH, Omron Corporation, Schneider Electric, Proserv Ingenious Simplicity and Johnson Controls.

Siemens AG

Overview: Siemens is a German multinational company and Europe's largest industrial manufacturing firm, headquartered in Munich and having subsidiaries globally. The company's key segments include industry, energy, healthcare, infrastructure and cities, which emphasize the company's core activities. The company is well-known for producing medical diagnostic equipment. Following the industrial automation sector, the medical healthcare division is the company's second-most profitable division, accounting for around 12% of total revenues.

The company's stock is included in the Euro Stoxx 50 stock market index. Siemens and its subsidiaries employ 293,000 people worldwide. In fiscal 2020, the Siemens Group generated US$60.2 billion in sales and US$4.57 billion in net earnings.

Product Portfolio: The company offers integrated safety solutions for industrial safety. It offers consistent manufacturing and process automation solutions that reliably protect people, machines, processes and the environment from meeting current & future efficiency and flexibility demands.

Key Development: Siemens announced the addition of two additional edge devices to its Industrial Edge solution for machine tools on September 30, 2021. In addition to the IPC227E, the IPC127E, an entry-level device and the IPC427E, the most powerful edge device for machine tools, are also in the company’s portfolio. The IPC127E is a low-cost solution that provides connectivity and performance for basic use cases. Siemens introduces the IPC427E, a device with the computational power to satisfy the demands of AI-based edge applications and complex data analytics. The new Simatic ET200 adapter allows for connecting additional external sensors and data acquisition at sampling rates of up to 10kHz.

Why Purchase the Report?
• Visualize the composition of the industrial safety market segmentation by type, component, industry, system and region, highlighting the critical commercial assets and players.
• Identify commercial opportunities in the industrial safety market by analyzing trends and co-development deals.
• Excel data sheet with thousands of industrial safety market-level 4/5 segmentation points.
• Pdf report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
• Product mapping in excel for the key product of all major market players

The global industrial safety market report would provide access to an approx. 61 market data table, 74 figures and 221 pages.

Target Audience 2022
• Industrial Safety Software Providers/ Buyers
• Industry Investors/Investment Bankers
• Fire & Gas Monitoring System & Research Institutes
• Emerging Companies
• Critical Infrastructure Software Manufacturers