Industrial safety Market Size Value Estimated to be Worth USD 10.63 Billion By 2030, at a CAGR of 6.7%: Polaris Market Research

NEW YORK, Nov. 4, 2022 /PRNewswire/ -- Polaris Market Research recently published [115+ Pages] research report on "Industrial Safety Market Share, Size, Trends, Industry Analysis Report, By Offering; By Type; By End-Use (Oil & Gas, Power, Chemical, Water & Wastewater Treatment, Pharmaceuticals, Paper & Pulp, Mining & Metals, Food & Beverage); By Region; Segment Forecast, 2022 - 2030" in its research database.

According to the research report, the global industrial safety market size was valued at USD 5.98 billion in 2021 and is expected to reach USD 10.63 Billion by 2030, growing at a CAGR of 6.7% during the forecast period.

How Big is Industrial Safety Market Size?

• Overview

Industrial safety refers to a management activity within an industry sector that protects its workers, workplace, and work resources by reducing hazards. It's a corrective measure reviewed and approved by safety experts for workplace and business operations. In today's business environment, industry hazards can certainly cause serious harm or extensive property damage to the overall workplace. Therefore, industrial safety has become essential in preventing work-related fatalities and improving productivity in the industrial sector.

Industrial safety is also important to achieve better morale among employees, eliminate production loss, and prevent accidents in the industry. The key factors enhancing the demand for the industrial safety market include stringent standards for workplace health and safety and increasing adoption of industrial safety systems across different industries.

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Our Free Sample Report Includes

• Report introduction, overview, and in-depth industry analysis
• Competitive landscape and leading competitor market shares
• 175+ pages research report
• Offer chapter-wise instruction on request
• Includes market presence across different geographies with share, size, and trends
• Updated list of tables and figures
• The report offers top market players with their sales volume, business strategy, and revenue analysis
• Factors and fact research methodology

Some of Top Market Players Are:

• Siemens
• Yokogawa
• Hima Paul
• Rockwell
• Emerson
• OMRON Corp
• Honeywell
• Johnson Controls
• ABB
• Balluff GmbH

To Know More About Addition Information on Key Players, Download a Report PDF Brochure

Growth Driving Factors

• Rising use of advanced technologies flourishes the market growth

The requirement for industrial safety solutions is the major factor expected to grow because the surveillance sector is showing remarkable growth in developed nations, including North America and Europe. Also, the rising use of real-time location monitoring equipment (RTLMS), safety and environmental systems (EHS), and monitoring and surveillance solutions to protect workplace assets by several firms is further expected to boost the industrial safety market sales.

Moreover, intelligent clothing, smart safety, smart personal protective equipment, and autonomous are some of the industrial safety market trends that are likely to provide favorable prospects for the market to expand. In addition, an increase in application of advanced technologies such as IoT, AI, and cloud-based services is fueling the industry's growth. Workplace safety system is also utilized in oil and gas industry for hazardous environment, which is boosting industry development. 

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Recent Developments

• In Dec 2021, Honeywell announced acquisition of US Digital Designs, Inc. to expand public safety communications capabilities.
• In November 2021, Compressor Controls LLC and Yokogawa Electric Corporation announced that they had agreed to sell a jointly developed solution that integrates Yokogawa's process control technology and CCC's turbomachinery control technology.

Segmental Analysis

• Emergency shutdown type witnessed the largest market share in 2021

Based on type, emergency shutdown segment held the major industrial safety market share due to the emergency shutdown system (ESD) in 2022. Rising safety requirements by governments coupled with increasing demand for ESD process sectors like oil & gas. In addition, use of these systems in petrochemical, industrial, pharmaceutical, healthcare, and power sectors is further expected to propel segmental growth.

• Hardware sector is anticipated to lead the market

Based on offering industrial safety market segmentation, the hardware sector is expected to account for the greatest market share in 2022. This growth can be attributed to the stringent workplace safety guidelines and the rising requirement for safety tools in the oil and gas, electricity and power, & food & beverage industries. Further, the software segment is projected to record the highest CAGR. In addition, rising formation of technology, including cutting-edge technologies like IoT, AI, & cloud-based services, is supporting the progress of this market.

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Industrial safety Market: Report Scope

Geographic Overview

• The industrial safety market in Asia Pacific will witness significant growth

Based on geography, the Asia-Pacific region is expected to account for the major revenue share for market in 2022 owing to the growing industrialization in countries like China and India. Also, increasing implementation of safety and health regulations across several industries in China and India is further accelerating the industry growth in the region. Besides, rapid adoption of industrial safety systems is boosting regional market expansion.

Browse the Detail Report "Industrial Safety Market Share, Size, Trends, Industry Analysis Report, By Offering; By Type; By End-Use (Oil & Gas, Power, Chemical, Water & Wastewater Treatment, Pharmaceuticals, Paper & Pulp, Mining & Metals, Food & Beverage); By Region; Segment Forecast, 2022 - 2030" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/industrial-safety-market

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Polaris Market Research has segmented the Industrial safety market report based on, type, offering, end-use, and region:

By Type Outlook

• Emergency shutdown (ESD)
• Monitoring Fire and Gas Systems
• High Integrity Pressure Safety (HIPPS)
• Burner Control Systems (BMS)
• Turbomachinery Control
• Intrusion detection and control systems
• Override & Bypass Management Systems

By Offering Outlook

• Hardware
• Software

By End-Use Outlook

• Oil & Gas
• Chemical
• Water & Wastewater Treatment
• Power
• Pharmaceuticals
• Paper & Pulp
• Mining & Metals
• Food & Beverage
• Others

By Region Outlook

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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About Polaris Market Research

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

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SOURCE Polaris Market Research