Industrial Safety Market Global Trends, Market Share, Industry Size, Growth, Opportunities, and Mark
Global Industrial Safety Market forecasted to value over US$ 5.5 Million by 2026 end and register a CAGR of over 8% from 2019 to 2026. Industrial safety plays a huge role in ensuring occupational sa...
Global Industrial Safety Market forecasted to value over US$ 5.5 Million by 2026 end and register a CAGR of over 8% from 2019 to 2026.
Industrial safety plays a huge role in ensuring occupational safety in multiple industries. It is used in providing safety against various occupational safety and assures safety to industrial assets and the industrial environment.
The market is segmented on the basis of product type, component, and industry. On the basis of product, the market is bifurcated into F&GM, ESD, BMS, TMC, HIPPS. Emergency shutdown systems are expected to drive the growth of the market in the forecast period. ESD is essential as it’s capable of shutting down an entire plant. It uses its sensors to detect unwanted conditions and responds through logic solvers. ESD systems are cost effective and are vastly used by the Oil & Gas and pharmaceutical industry. HIPPS are also widely used and are expected to boost the growth of the market. They provide protection to pipelines and vessels.
Oil & Gas industry is the biggest end users of the industrial safety market. Oil and gas plants are prone to accidents and incidents that can affect the environment and the people. The increasing need for industrial safety in the oil & gas industry has boosted the growth of the market. Industrial safety is also vastly used by chemicals, metal & mining, pharmaceuticals, and food & beverages industries as well.
On the basis of component, the market is divided into programmable safety systems, safety valves, safety systems, safety switches, safety sensors, and emergency stop devices. Programmable safety systems are easy to operate and are expected to spur the size of the market. By deploying programmable safety systems many industries can fulfil their critical infrastructure.
The gradual increase in the need for reliable safety systems for the protection of personnel and asset protection has boosted the growth of the market. The growing automation in industrial areas especially in hazardous industrial areas is fueling the growth of the market. The strict government regulations and protocols regarding the creation of a safer work culture have propelled the growth of the market.
However, the lack of awareness regarding workplace safety in many industries has crippled the growth of the market. Lack of awareness regarding occupational hazard is also limiting the growth of the market.
Some of the major players of the market are Siemens, Fortress Interlocks, Balluff, General Electric, Rockwell, Hima Paul, Rockwell, Euchner, and Emerson.
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