Market Highlights
Industrial safety is one of the major concerns of the factory owners and safety system providers. With the advancements in technology and proliferation of industrial IoT by plants and facilities, the demand for electrical safety products has increased to ensure the efficiency, operations, and safety of electrical components. The safety equipment industry has witnessed a major surge owing to the demand for safety solutions by facility owners. Government regulations and policies that concern the safety of workers and plant operators have further contributed to the growth of the industrial safety sensors market. However, the investments incurred in the maintenance of the equipment are significantly high, which might hamper the market growth in the near future. Also, the market has a limited number of safety certified personnel, which acts as a challenge to plant and facility owners.
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Global Industrial Safety Market - Segments
The report is segmented into five dynamics;
By Type : Emergency Shutdown Systems (ESD), Fire & Gas Monitoring Systems, High Integrity Pressure Protection Systems (HIPPS), Burner Management Systems (BMS), Turbomachinery Control (TMC), and others.
By Component : safety sensors, programmable safety systems, safety controllers/module/relays, safety switches, emergency stop devices, safety valves, and others.
By Industry Vertical: Chemicals, Refining, Oil & Gas, Pharmaceutical, Paper & Pulp, Metal & Mining, Water & Wastewater, Energy & Power, Manufacturing, and others.
By Regions: Asia Pacific, Americas, Europe, and the Rest-of-the-World.
Industrial Safety Market - Regional Analysis
North America dominates the global industrial safety sensors market. The largest market share attributes to government regulations for industrial safety and security. Besides, the emergence of Industry 4.0 contributes to the adoption of industrial safety systems in this region. Moreover, ongoing industrial developments, alongside the rapid commercialization and rise in security systems implementations across the commercial spaces, drive the market growth.
The strong presence of notable players and well-established development centers & manufacturing facilities in the region fosters market growth, allowing early adoption of advanced technologies. Growing government spending to enhance security systems in the region boosts the growth of the market. The North America industrial safety market is projected to retain its dominance throughout the estimated period.
Europe stands second in the global industrial safety market. The market growth is driven by the increasing uptake of advanced safety technologies across end-user industry-verticals. Rapid urbanization and industrialization act as a major growth driver for regional market growth. The European industrial safety market is expected to create a substantial revenue pocket over the forecasted period.
The Asia Pacific industrial safety market is growing rapidly. Factors such as the presence of the leading manufacturers and technological advances in the region foster the growth of the market. The early adoption of futuristic safety devices and technologies in various industries and enterprises across the region propel market growth. The APAC industrial safety market is estimated to register the highest CAGR during the forecast period.
Global Industrial Safety Market - Competitive Analysis
Highly competitive, the industrial safety market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, mergers & acquisitions, collaboration, brand reinforcement, and innovation remain key industry players' key trends. Players make a substantial investment in research and development of innovative technologies and to upgrade their product portfolio.
Major Players:
Players leading the global industrial safety market include Honeywell International, Inc. (US), Eaton PLC (Ireland), Ceasefire (India), Emerson Electric Co. (US), Tusker Industrial Safety (UK), Rockwell Automation, Inc. (US), 3M (US), Schneider Electric SE (France), W.W. Grainger, Inc. (US), ABB Ltd (Switzerland), General Electric (US), Hima Paul Hildebrandt GmbH (US), Yokogawa Electric Corp. (Japan), Panduit (US), Omron Corporation (Japan), Proserv Ingenious Simplicity (UK), DuPont (US)Siemens AG (Germany), Johnson Controls (Ireland), Euchner (Germany), Balluff (US), and Fortress Interlocks (UK).
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