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.
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?
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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Some of Top Market Players Are:
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Growth Driving Factors
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
Segmental Analysis
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.
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
|
Report Attribute |
Details |
|
Revenue forecast in 2030 |
USD 10.63 Billion |
|
Market size value in 2022 |
USD 6.32 Billion |
|
Expected CAGR Growth |
6.7% from 2022 – 2030 |
|
Base Year |
2021 |
|
Forecast Year |
2022 - 2030 |
|
Top Market Players |
Siemens, Yokogawa, Hima Paul, Rockwell, Emerson, OMRON Corp, Honeywell, Johnson Controls, ABB, and Balluff GmbH |
|
Segments Covered |
By Type, By Offering, By End-use, By Region |
|
Customization Options |
Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographic Overview
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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Dec 07, 2022
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