Global Industrial Safety Market expected to reach USD 5.41 billion by 2025, at a CAGR of 8.6% between 2019 and 2025
NEW YORK, NEW YORK, UNITED STATES, February 19, 2020 /EINPresswire.com/ — Zion Market Research has published a new report titled “Industrial Safety Market by Product (Burner Management Systems, Fire and Gas Monitoring and Control, High Integrity Pressure Protection Systems, Turbomachinery Control, and Emergency Shutdown Systems), by Component (Safety Sensors, Emergency Stop Devices, Safety Controllers/Module/Relays, Programmable Safety Systems, Safety Valves, Safety Switches, and Others), and by End-Use Industry (Oil and Gas, Food & Beverages, Water and Wastewater, Pharmaceuticals, Power Generation, Chemicals, Mining, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global industrial safety market was USD 3.04 billion in 2018 and is expected to reach USD 5.41 billion by 2025, at a CAGR of 8.6% between 2019 and 2025.
Industrial safety refers to the management of various events and operations within an industry/factory, to ensure employee safety and asset protection by minimizing accidents, risks, hazards, and losses. Rapid technological developments, increasing demand for safety systems in the oil and gas sector, rising number of obligations for safety regulations, growing demand for reliable safety systems, accelerating use of automation in hazardous industrial areas and industrial revolution 4.0 are the prime factors fueling the global industrial safety market growth. The implementation of industrial safety measures by numerous governments across the world is another factor supporting the global industrial safety market. However, the huge initial investments for industrial safety systems installation may restrict the global industrial safety market development. Conversely, the increasing acceptance of workplace safety standards, particularly in developing countries, is likely to open new growth avenues for the major market players.
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The global industrial safety market is fragmented based on product, component, and end-use industry. On the basis of product, the global industrial safety market includes burner management systems, fire and gas monitoring, and control, high integrity pressure protection systems, turbomachinery control, and emergency shutdown systems. Emergency shutdown systems are anticipated to grow rapidly over the estimated time period. By component, the global market is categorized into safety sensors, emergency stop devices, safety controllers/module/relays, programmable safety systems, safety valves, safety switches, and others. Programmable safety systems were the fastest growing segment and accounted for a significant share in 2018. By end-use industry, the global industrial safety market includes oil and gas, food and beverages, water and wastewater, pharmaceuticals, power generation, chemicals, mining, and others. In 2018, the power generation segment dominated the global industrial safety market.
In 2018, Europe dominated the global industrial safety market. This growth can be attributed to the stringent regulatory standards and safety directives implemented by the governments across the region. North America held the second spot in the industrial safety market globally in 2018. The Asia Pacific region is anticipated to register the fastest CAGR in the global industrial safety market over the next few years, owing to the rising urbanization and growing industrialization across the region, particularly in the emerging economies of India and China.
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Some major players of the global industrial safety market are Honeywell, ABB, Schneider, Rockwell, Emerson, Yokogawa, Hima Paul, GE, Siemens, Omron, Johnson Controls, Proserv Ingenious Simplicity, Euchner, Balluff, and Fortress Interlocks.
This report segments the global industrial safety market into:
Global Industrial Safety Market: Product Analysis
Burner Management Systems (BMS)
Fire and Gas Monitoring and Control (F&GM)
High Integrity Pressure Protection Systems (HIPPS)
Turbomachinery Control (TMC)
Emergency Shutdown Systems (ESD)
Global Industrial Safety Market: Component Analysis
Emergency Stop Devices
Programmable Safety Systems
Global Industrial Safety Market: End-Use Industry Analysis
Oil and Gas
Food and Beverages
Water and Wastewater
Global Industrial Safety Market: Regional Analysis
The Middle East and Africa
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Source: EIN Presswire