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.
Increasing emphasis on ensuring workplace safety in oil & gas, power generation, food & beverages, automotive, and chemical industries is expected to increase the demand for industrial safety systems.
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.
4 Premium Insights 4.1 Attractive Growth Opportunities in Industrial Safety Market 4.2 Industrial Safety Market, by Component 4.3 Industrial Safety Market, by System 4.4 Industrial Safety Market, by Industry 4.5 Industrial Safety Market, by Region
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 184.108.40.206 Fiscal Policy Steps Taken by Regional Financial Institutions to Sustain Manufacturing Facilities Amid COVID-19 Crisis 220.127.116.11 High Requirement for Reliable Safety Systems to Ensure Personnel and Asset Protection 18.104.22.168 Strict Mandates for Safety Regulations 5.2.2 Restraints 22.214.171.124 High Investments Required for Automation and Installing Industrial Safety Systems 126.96.36.199 Lack of Awareness and Complexity of Standards 5.2.3 Opportunities 188.8.131.52 Growing Acceptance of Workplace Safety Standards in Emerging Economies 184.108.40.206 Increasing Usage of Industrial Internet of Things 5.2.4 Challenges 220.127.116.11 Supply Chain Disruptions Due to Lockdown and Social Distancing Norms 18.104.22.168 Failure to Access All Machinery-Related Risks 5.2.5 Adoption of Different Technologies in Industrial Safety Systems
6 Industry Trends 6.1 Introduction 6.2 Value Chain Analysis 6.3 Machine Safety Standards 6.4 Safety Integrity Level (Sil) 6.5 Functional Safety Standards 6.5.1 Process Industry 22.214.171.124 I EC 61508 126.96.36.199 I EC 61511 6.5.2 Machinery 188.8.131.52 IEC 62061
7 Industrial Safety Market, by Type 7.1 Introduction 7.2 Machine Safety 7.2.1 COVID-19 Impact on Machine Safety 7.3 Worker Safety 7.3.1 COVID-19 Impact on Worker Safety
8 Industrial Safety Market, by Component 8.1 Introduction 8.2 Presence Sensing Safety Sensors 8.2.1 Safety Sensors Hold Largest Share of Industrial Safety Market 8.3 Programmable Safety Systems 8.3.1 Market for Programmable Safety Systems to Grow at Highest Rate during Forecast Period 8.4 Safety Controllers/Modules/Relays 8.4.1 High Requirement for Safety Components in Industrial Safety Systems 8.5 Safety Interlock Switches 8.5.1 Industrial Safety Interlock Switches Used to Protect Equipment and Users during Hazardous Situations 8.6 Emergency Stop Controls 8.6.1 Emergency Stop Controls have Wide Range of Safety Applications in Industries 8.7 Two-Hand Safety Control 8.7.1 Demand for Two-Hand Safety for Power Generation Industries to Continue to Rise in Future 8.8 Others
9 Industrial Safety Market, by System 9.1 Introduction 9.2 Emergency Shutdown Systems 9.2.1 Emergency Shutdown Systems Held Largest Size of Industrial Safety Market in 2019 9.2.2 Impact of COVID-19 on Emergency Shutdown Systems 9.3 High-Integrity Pressure Protection Systems 9.3.1 Rising Demand for Reliable Safety Solutions for Personnel and Asset Protection in High-Pressure Environments Spurs Market Growth 9.3.2 Impact of COVID-19 on Market for High-Integrity Pressure Protection Systems 9.4 Burner Management Systems 9.4.1 BMS Helps in Reliable Monitoring, Operations, and Maintenance of All Assets in Plants 9.4.2 Impact of COVID-19 on Market for Burner Management Systems 9.5 Fire & Gas Monitoring System 9.5.1 Fire & Gas Monitoring Systems Mainly Used to Prevent and Lower After-Effects of Fire Accidents 9.5.2 Impact of COVID-19 on Fire & Gas Monitoring System 9.6 Turbomachinery Control System 9.6.1 Tmc Provides Tight Control Over Speed of Steam, Hydro, and Gas Turbines 9.6.2 Impact of COVID-19 on Market for Turbomachinery Control System
10 Industrial Safety Market, by Industry 10.1 Introduction 10.2 Oil & Gas 10.2.1 Industrial Safety Equipment in Oil & Gas Industry Reduces Risk of Emergency Shutdowns 10.3 Energy & Power 10.3.1 Power Industry Uses Industrial Safety to Protect Plants from Hazards 10.4 Chemical 10.4.1 Demand for Safety and Reliability in Chemical Industry Propel Market Growth 10.5 Food & Beverages 10.5.1 Food & Beverages Industry Employs Industrial Safety Due to Regulatory Issues 10.6 Aerospace & Defense 10.6.1 Aerospace & Defense Industry Adopted Industrial Safety to Increase Production 10.7 Automotive 10.7.1 Automotive Industry Employs Industrial Safety Due to Regulatory Issues 10.8 Semiconductor 10.8.1 Semiconductor Industry Uses Industrial Safety Equipment to Ensure Worker and Asset Protection 10.9 Healthcare & Pharmaceutical 10.9.1 Pharmaceutical Companies Implement Industrial Safety to Prevent Potential Hazards 10.10 Metal & Mining 10.10.1 Industrial Safety Systems help Ensure Efficient and Safe Production in Metal & Mining Industry 10.10.2 Impact of COVID-19 on Metal & Mining Industry