Market Highlights
The global industrial safety market is growing continually. The market growth attributes to stringent industrial safety regulations and the rising adoption of industrial safety products. Besides, increasing product developments that can be customized to meet specific requirements and OSHA and ANSI fall protection standards drive the market growth. Moreover, growing safety concerns across the industries, alongside the increasing demand for real-time monitoring safety equipment, escalates the market growth.
According to Market Research Future (MRFR), the global Industrial Safety Market is projected to create a valuation of approximately USD 5,290.1 MN by 2024, growing at 8.2% CAGR during the forecasted period (2019–2024). Over the past decade, the market has been continually witnessing several developments, resulting in the adoption of industrial safety solutions in various verticals. Furthermore, the proliferation of Industry 4.0 and industrial IoT (IIoT) solutions favor the growth of the industrial safety market.
Additionally, increasing regulations and policies supporting the safety of workers and plant machinery foster the adoption of safety solutions. On the flip side, high costs involved in the maintenance and automation of safety equipment are a significant factor estimated to impede market growth. Also, a limited number of certified safety personnel in facilities creates a major challenge for factory operators to implement industrial safety solutions. Nevertheless, the growing demand for industrial safety in heavy industries would support market growth throughout the review period.
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Regional Analysis
The market for industrial safety is projected to witness significant growth during the forecast period from 2019 to 2024. The geographic analysis of the industrial safety market has been conducted for North America, Europe, Asia-Pacific, and the rest of the world (including the Middle East & Africa, and South America). According to MRFR analysis, North America is expected to dominate the industrial safety market in terms of revenue generation during the forecast period. Also, the region has witnessed a major concentration of manufacturing facilities in the US and Canada. This has resulted in the adoption of industrial safety solutions by these facilities, therefore, contributing to the growth of the market in North America. On the other hand, the market in Asia-Pacific is expected to register the highest CAGR during the forecast period. Increasing adoption of automation, industrial IoT, and similar technologies in manufacturing plants has increased the demand for industrial safety in the region. Moreover, government regulations leveraging the safety of employees in developing countries, including Taiwan, India, and South Korea, is projected to fuel market growth.
Key Players
The key players in the industrial safety market size are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. Some of them are ABB Ltd (Switzerland), Schneider Electric SE (France), GENERAL ELECTRIC (US), Yokogawa Electric Corp. (Japan), Hima Paul Hildebrandt GmbH (US), Emerson Electric Co. (US), Euchner (Germany), Rockwell Automation, Inc. (US), Omron Corporation (Japan), Siemens AG (Germany), Balluff (US), Proserv Ingenious Simplicity (UK), Johnson Controls (Ireland), Honeywell International, Inc. (US), and Fortress Interlocks (UK). The companies are focused on upgrading their existing product portfolios as well as innovating products by investing in research and development to analyze the changing market trends.
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