According to the new market research report “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”, published by MarketsandMarkets™, the Industrial Safety Market is projected to grow from USD 5.6 billion in 2020 to USD 7.7 billion by 2025; it is expected to grow at a CAGR of 6.7% from 2020 to 2025. The key factors fueling the growth of the market includes the demand for industrial safety include strict mandates for safety regulations and high requirements for reliable safety systems to ensure personnel and asset protection. Moreover, growing acceptance of workplace safety standards in emerging economies and increasing usage of the Industrial Internet of Things (IIoT) are expected to create opportunities for the market in the next 5 years.
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Machine safety market to lead industrial safety market during the forecasted period
Currently, machine safety systems provide increased safety for process industries. Machine safety demands continue to rise. The major driving factors of the machine safety market are stringent mandates for safety regulations, high demand for safety systems in the oil & gas, energy & power, and food & beverages industries, and rising need for reliable safety systems for machine protection. However, several industrial units across the world have suspended their operations owing to the outbreak of the COVID-19. This is expected to create a temporary slag in the growth of the machine safety market in 2020.
Market for the programmable safety system to grow at fastest CAGR from 2020 to 2025
Programmable safety systems are highly reliable logic solvers, which provide both fail-safe and fault-tolerant operations. The market for programmable safety systems is anticipated to grow at a fast rate in the coming years as manufacturers are replacing the existing systems to comply with strict industrial safety regulatory standards. Programmable safety systems are an integral part of safety instrumented systems. These systems must be designed or selected in accordance with the IEC 61508 standard and are required to achieve the SIL 3 and SIL 4 performance.
Automotive industry to hold a larger market share for industrial safety in 2020
Automation plays a vital role in the automotive manufacturing industry owing to functions such as inventory management, performance analysis, design process, and supply chain management, which require a lot of time if done manually. Automation enables companies to save time during assembling, thereby increasing productivity. Automotive companies focus on automation to address the fast-changing consumer needs in various markets worldwide. However, during the period of economic depression due to COVID-19 pandemic, the difficulties that industrial safety equipment manufacturers and their customers face in accessing credits strongly affect the sector as credits are critical for investments.
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North America to be largest market for industrial safety during the forecast period
North America is expected to dominate the global industrial safety market during the forecast period owing to the stringent industrial safety regulations in the US and Canada that are strictly followed across various process industries. Safety standards developed by OSHA, ANSI, and CSA Group have forced various industries to implement industrial safety at their workplace. In addition, a rising focus on workplace safety in the oil & gas, refining, food & beverages, healthcare & pharmaceutical, and chemical industries has promoted an encouraging investment environment in the industrial safety market in North America.
Major players in the industrial safety market are ABB Ltd. (Switzerland), Emerson Electric Co. (US), General Electric Co. (US), Honeywell International Inc. (US), HIMA Paul Hildebrandt GmbH (Germany), Schneider Electric SE (France), Rockwell Automation, Inc. (US), Siemens AG (Germany), Yokogawa Electric Corp. (Japan), and Omron Corporation (Japan).
High-Integrity Pressure Protection System (HIPPS) Market by Component (Field Initiator, Logic Solver, Valve, Actuator), Service (Maintenance, Testing, Inspection, & Certification, Training & Consulting), Industry, and Region – Global Forecast to 2024
Safety Light Curtain Market by Safety Level (Type 2, Type 4), Component (LEDs, Photoelectric Cells, Control Units, Display Units), Resolution (9mm–24mm, 25mm–90mm, More Than 90mm), Application, Industry, and Geography – Global Forecast to 2025