Industrial safety market worth $3bn in 2018, over $5.4bn by 2025
31 January 2020
A new report released by Zion Market Research says the global industrial safety market was worth around $3.04 billion in 2018 and will rise to around $5.41 billion by 2025, with a compound annual growth rate (CAGR) of 8.6% in the period 2019-2025.
Representative image: Shutterstock
The report suggests that increasing demand for safety systems, stringent requirements for the energy and oil & gas sectors, the rising number of regulatory obligations, accelerating use of automation in hazardous industrial areas, and technological acceleration due to Industry 4.0 are all contributors to the market’s continued growth. Industrial safety refers to the management of various events and operations within an industry/factory, to ensure employee safety and asset protection by minimising accidents, risks, hazards, and losses.
A further key factor in the market’s development is the growing use of industrial safety systems by governments wordlwide. The increased acceptance of safety standards around the world, especially in developing countries, is also opening new growth avenues for the market’s key companies, which includes Honeywell, ABB, Schneider, Rockwell, Emerson, Yokogawa, HIMA, GE, Siemens, Omron, Johnson Controls, Proserv Ingenious Simplicity, Euchner, Balluff, and Fortress Interlocks.
On the other hand, the significant initial investment required to install industrial safety systems may restrict market growth.
The report took into consideration five types of safety systems, including Burner Management Systems (BMS), Fire & Gas Monitoring and Control systems, High Integrity Pressure Protection Systems (HIPPS), Turbomachinery Control (TMC), and Emergency Shutdown (ESD) systems.
In terms of components that were considered, the report looked at safety sensors, emergency devices, safety relays/modules/controllers, programmable safety systems, safety valves, safety switches, and other accessory devices. Programmable safety systems accounted for a significant share of the market in 2018 and was also the fastest growing segment.
The report examined end-use industries including oil and gas, food and beverage, water and wastewater, pharmaceuticals, power generation, chemicals, mining, and others. In 2018, power generation was the largest segment in the global industrial safety market.
In geographic terms, Europe dominated the market in 2018. This is most likely due to stringent regulatory standards and safety directives that are adopted by European governments. North America was the second largest global market in 2018.
The Asia-Pacific region is expected to be the fastest growing market in the coming years, mainly due to the growth of urbanisation and industrialisation in the emerging economies of India and China, two countries which are already key producers and consumers of industrial safety technology.